Under Contract
Cap Rate: Confidential
Size: 28,056 SF
Lot Size: 2.46 Acres
_____________________________
Marcus & Millichap is pleased to exclusively offer Ella Oaks (“Property”) for sale to qualified investors. This 100 percent occupied, legacy asset in Houston, Texas was thoughtfully assembled and revived in 2021.
Ella Oaks consists of 28,056 square feet of leasable building area across five buildings at the hard corner of Ella Boulevard and 34th Street in the sought-after Oak Forest neighborhood. This large, hard-corner property totals 106,945 square feet of land and features six points of access for customers’ convenience.
The Property’s leases are NNN and many of them have structured rent increases in their primary terms providing an important hedge against inflation. Tenants’ primary lease terms range from 5 to 10 years and lease roll is staggered minimizing an investor’s exposure in any given year. In addition, the tenants’ renewal options call for rent increases which are structured or at prevailing market rates; an appealing feature in a high-demand market such as this.
The Garden Oaks-Oak Forest area is comprised of two high-demand neighborhoods heralded as being among the “25 Hottest Neighborhoods in Houston”. The area’s ease of access to all corners of Houston and close-in location have attracted recent new residential and commercial development to serve the community and add residential density.
Hines’ new 1005 West 34th multi-family development, for example, has broken ground on 383 units less than ¾ of a mile directly east of Ella Oaks, highlighting the opportunity and ongoing appeal of the immediate area. Across the street from the Property, Waltrip High School recently underwent an over $30,000,000 renovation to accommodate 2,000 students and keep up with the area’s impressive growth.
Ella Oaks is ideally positioned at the primary retail intersection of this exciting area and primed to capitalize on its irreplaceable location for years to come.
Investment Highlights
- Legacy Asset at Major Intersection in Houston’s Premium Garden Oaks-Oak Forest Area
- 28,056 Square Foot Shopping Center | Reimagining and Revival Completed in 2021
- Large Corner Location at Signalized Intersection of Ella Blvd. & 34th St. | 106,945 Square Feet
- Staggered Lease Roll | NNN Leases | 100% Leased
- High-End Demographics | Average Household Income Exceeds $131,000 within 1-Mile
