Cap Rate: Confidential
Size: 11,634 SF
Lot Size: 1.81 Acres
Marcus & Millichap is pleased to offer Shops at Northpark (“Property”) for your consideration. Built in 2019, the property consists of an 11,634 square foot shopping center on an 1.81 acre parcel in Houston’s acclaimed Kingwood, Texas. Shops at Northpark is 87 percent occupied with mostly NNN leases that provide for full pass through of the property’s expenses including a management fee. The Texas Military Department is currently on a month-to-month gross lease, which could easily be re-tenanted with a higher paying NNN tenant.
The Property’s tenants are a desirable mix of retailers that cater to the strong demographics in the submarket. They include Marco’s Pizza, Texas Military Department, Smallcakes, Pinspiration, and The Bomb Wings & Puffy Tacos. Additional prominent retailers in the area include Kroger, H-E-B, Panera Bread, Chick-fil-a, Public Storage, Dairy Queen, and Christian Brothers Automotive among others. The Shops at Northpark offers achievable upside for the savvy investor by way of re-tenanting the Texas Military Department space and also leasing up the remaining vacancy.
Moreover, the Property’s highly-accessible location is a tremendous asset. Located less than one mile from Highway 69, and fronting on high traffic Northpark Drive, the Property benefits from the exposure afforded by over 36,000 vehicles passing by the property each day. Second only to Kingwood Drive, Northpark Drive is the main east west artery that provides freeway access to the Kingwood community of over 71,000 residents.
It is no surprise there has been so much retail interest along this attractive corridor.
- Recent 2019 Construction | 87 Percent Occupied
- 11,634 Square Foot Shopping Center | 1.81 Acre Parcel
- NNN Leases | Upside thru Lease Up | Attractive Retail Corridor
- Fronts on High Traffic Northpark Drive | 36,000+ Vehicles Passing Each Day
- Located in Houston’s Highly Desirable Kingwood Community