Marcus & Millichap is pleased to offer the opportunity to acquire Cypresswood Crossing – Phase II and III, a value-add, mixed use investment opportunity located in Spring, Texas. The offering includes two buildings situated on two land parcels. Phase II includes a 90,818-square-foot building that is 66 percent occupied with a diverse tenant mix, and featuring an in line multi-level office complex. Phase II is situated on a 4.52-acre parcel with ample parking and has some covered parking. Major tenants include Pet Supermarket, Double Dave’s Pizzaworks, Goldfish Swim School, PJ’s Coffee of New Orleans, and more. Phase III is a mostly vacant 16,367-square-foot, single story retail building with a pending lease for 31% of the gross leasable area, situated on approximately 1.05 acres. Both buildings provide significant upside potential in leasing the remaining vacancies.
The subject property is located on Stuebner Airline Road at the signalized intersection with Cypresswood Drive and is easily accessible from multiple ingress and egress points. Cumulative traffic counts exceed 45,585 vehicles per day. Nearby national and regional retailers include H-E-B, EōS Fitness, Whataburger, Verizon, CareNow Urgent Care – Klein, Daiso, McDonald’s, Taco Bell, La Michoacana, and many others. The subject property is also in close proximity to Collins Park Sports Facility, George H.W. Bush Community Center, and Meyer Soccer Complex, which all host hundreds of thousands of visitors annually. Cypresswood Crossing is located in a highly affluent area with an average household income of $112,859 within a one-mile radius; $105,522 within a three-mile radius; and $99,860 within a five-mile radius.
• Value-Add, Multi-Tenant Retail Center Portfolio | May be Purchased Together or Separately
• Comprised of Two Adjacent Centers Situated on Two Land Parcels Totaling 5.57 Acres
• Phase II is 66% Occupied | Current Tenants are a Complementary Mix of Service-Oriented Retailers and Restaurants, and an In Line Multi-Level Office Complex with Executive Suites | Covered Parking Available
• Phase III is 31% Leased (New Lease Pending) | Significant Upside Potential with a 10.50% Pro Forma Cap Rate
• Current Average Rents are Well Below Market
• Property is Easily Accessible from Multiple Ingress and Egress Points | Five Double-Sided Monument Signs Strategically Placed Near Entrances Provide Additional Exposure
• Signalized, Hard Corner Location at the Intersection of Stuebner Airline Road and Cypresswood Drive | Cumulative Traffic Counts Exceed 45,585 Vehicles per Day
• Close Proximity to Area Traffic Drivers Such as Collins Park, a 55-Acre Park with Multiple Sports Facilities (320K+ Annual Visitors), George H.W. Bush Community Center (300K+ Annual Visitors), Meyer Soccer Complex (800K+ Annual Visitors), and Klein High School (3,500+ Students)
• Well Positioned to Serve a Community of More Than 295,403 Residents Within a Five-Mile Radius
• Highly Affluent Surrounding Area | Average Household Income is $112,859 Within a One-Mile Radius; $105,522 Within a Three-Mile Radius; and $99,860 Within a Five-Mile Radius
• Spring is in Northern Harris County | Lies within the Houston-The Woodlands-Sugar Land Metropolitan Area | Home to Exxon Mobil’s Official Headquarters Housing Over 9,000 Employees
