Investment Offering
Houston, TX - Midtown Crossing
510 Gray St | Houston, TX 77002
Description
SRS Capital Markets is pleased to present the opportunity to acquire the leasehold interest (building ownership) in Midtown Crossing, a 14,788-square-foot, NNN-leased multi-tenant retail investment located in Houston, Texas. The property sits on a ground lease that has been in place for 22 years with nine years remaining on the current term and four additional five-year extension options. Midtown Crossing is 100% leased, featuring a strong tenant mix with long-term leases, including Gyu-Kaku Japanese BBQ (3,500 SF) and Zalat Pizza (1,687 SF), both with over five years of remaining lease term. Additionally, a new 10-year lease has been signed with Umiya Sushi & Hibachi for the 5,951 SF corner space, with occupancy expected later this year.
Location
Strategically located at the intersection of W Gray Street and Smith Street in the heart of Houston’s Midtown District, the property benefits from high visibility and access, with 34,500 vehicles passing daily and a direct link from Interstate 45 via Brazos Street, which sees 7,500 vehicle trips per day. Surrounded by demand drivers such as the Toyota Center, Rice University, and Houston Methodist Hospital, Midtown Crossing is well-positioned for continued success. The property is also adjacent to a CVS Pharmacy and Starbucks, supporting strong cross-shopping traffic. Popular with young professionals, the Midtown area is home to several upscale residential communities like Camden City Centre (647 units) and Metro Midtown (419 units), with local demographics showing a median age of 36.4 years, a 3-mile population of 219,000, and an average household income of $151,000.