Investment Offering
Pasadena, TX - The Market at Crenshaw
4589 E Sam Houston Pkwy S | Pasadena, TX 77505
$25,555,000
Price7.75%
Cap Rate85,000 SF
± SF Building SizeDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in The Market at Crenshaw, a 99% occupied, big box retail anchored shopping center located in Pasadena, Texas (Houston MSA). The center consists of a diverse, ecommerce resistant tenant lineup comprised of retail, service, and restaurant tenants, creating a stabilized income stream for a future investor. All the tenants operate under leases which are NNN in nature, minimizing expense leakage for a future investor in an income tax free state. Burlington and Party City collectively occupy almost 70% of the GLA, and Burlington ranks in the top 89th percentile nationwide according to Placer.ai data. The offering includes an assumable loan with a vastly below market interest rate of 5.08% (see page 20 for more details).
Location
The Market at Crenshaw is strategically located along East Sam Houston Parkway which supports over 24,000 vehicles per day. Furthermore, the asset benefits from nearby on/off ramp access to Sam Houston Tollway, which boasts more than 85,000 vehicles per day, making this an ideal, centralized location with easy commutes. Located in a dense retail corridor, the site is situated on an expansive lot, providing significant street frontage along East Sam Houston Parkway and offers over 600 parking stalls for customers. The subject property is adjacent to Fairway Plaza, a 410,000 SF power center that’s home to Ross, HomeGoods, Marshalls, Best Buy, Michaels, and more. Other nearby national/credit tenants include Target, Lowes, Walmart, Home Depot, Kohl’s, Nike, PetSmart, Ulta Beauty, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. In addition, the site is situated near multiple apartment complexes including Broadwater (248 units), Crenshaw Grand (264 units), Hawthorne at Crenshaw (294 units), and more, providing a direct residential consumer base from which to draw. Moreover, the asset is within walking distance from Pasadena Memorial High School, which currently enrolls 3,000 students and employs over 200 faculty/staff, further increasing consumer traffic to the immediate area. The dense, 5-mile subject trade area is supported by more than 273,000 residents and over 95,000 daytime employees. Residents within a 1-mile radius boast an affluent average household income of more than $115,000.
Documents & Links
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 Offering Memorandum |  |  |