Marcus & Millichap is pleased to present the opportunity to acquire a 115,885-square-foot, grocery-anchored, multi-tenant, neighborhood retail center located in Houston, Texas. Forest West Shopping Center is currently 97 percent occupied, and 45 percent of the gross leasable area has triple-net leases. The tenant base is a complementary mix of service-oriented businesses. The center is anchored by Food Town grocery store, and other tenants include Family Dollar, Subway, Domino’s Pizza, Don Jose Mexican Restaurant, Texas Chills, Susan Nails, Forest West Animal Clinic, Galaxy Insurance, Jackson Hewitt Tax Service, IORA-Humana, Houston Barber School, Antoine Hair Salon, Fantastic Hair Salon, Dental Defenders, Roma Discount Liquor, Texas Cellular, Emmason Pediatric and Family Clinic, Washateria Lounge, and Bless Beauty. The center was constructed in 1974 and situated on a large 8.528-acre parcel with ample paved parking.
Forest West Shopping Center is located at the signalized, hard corner intersection of Antoine Drive and Pinemont Drive. Cumulative traffic counts in front of the property exceed 44,500 vehicles per day. The subject property is located near many national and regional retailers including Discount Tire, AutoZone, CVS Pharmacy, NAPA Auto Parts, Jack in the Box, Advance Auto Parts, Valero, Denny’s, Cinemark, Dunkin’ Donuts, Wendy’s, Shipley Donuts, and more. The surrounding area is densely populated with 20,745 residents within one-mile of the property, 136,742 residents within three-miles, and 348,584 residents within five miles.
- 115,885-Square-Foot, Grocery-Anchored Multi-Tenant Retail Center | Comprised of Two Multi-Tenant Buildings
- 96% Occupied | 45% of the Gross Leasable Area has Triple-Net Leases | Current Average Rents are Below Market | Upside Potential
- Anchored by Food Town and Family Dollar | Tenant Base is a Complementary Mix of National and Local Businesses
- Long-Term Tenants | Approximately 60% of the Gross Leasable Area has Lease Terms of 20 or More Years
- Priced at $98 per Square Foot | Well Below Replacement Cost
- Located at the Signalized, Hard Corner of Antoine Drive and Pinemont Drive | Cumulative Traffic Counts Exceed 44,500 Vehicles per Day
- Property is Easily Accessible from Multiple Ingress and Egress Points and Features Two Large Pylon Signs, One Facing Antoine Drive and One Facing Pinemont Drive
- One Mile East of Northwest Freeway (U.S. 290)
- Well Positioned to Serve an Extremely Dense Residential Population of More Than 348,580 People Within a Five-Mile Radius | Average Household Income is $83,093
- Located Approximately 20 Miles from George Bush Intercontinental Airport and 22 Miles from William P. Hobby Airport
- Houston is the Most Populous City in Texas and the Fifth Most Populous City in the United States | One of the Largest International Trading Hubs in the Americas