Cap Rate: 7.61%
Size: 66,084 SF
Lot Size: 6.28 Acres
Marcus & Millichap has been selected to exclusively market for sale the 66,084 square foot Township Square in Missouri City (Houston MSA), Texas. Built in 1985, Township Square is located at the signalized intersection of Farm to Market 1092 and Township Lane, both connecting to Texas South Highway 6. The offering is 94.21 percent occupied by an appealing mix of medical uses and retail tenants, many of which are nationally recognized. Township Square’s major tenants include Century 21, Anytime Fitness, State Farm Insurance, Capone’s and Old Hickory Inn. Consisting of four separate buildings on 6.28 acres of land, the property shares common access drives and landscaped pedestrian walkways allowing consumers to fluidly cross shop with retailers throughout the project.
Township Square fronts on a five-lane domestic super street known as Farm to Market 1092, and is just north of the of high traffic Highway 6. Attracting over 58,000 cars per day in front of the property, FM 1092 is one of Houston’s main north/south thoroughfares connecting the highly acclaimed Riverstone community to Highway 6 and Highway 59 to the north. A couple of miles north of Township Square on Highway 6 is the famed city of Sugar Land, which has recorded the highest growth among Texas’ largest cities per the U.S. Census. As a result of this growth, the greater Sugar Land area saw increased demand for higher education facilities, and in 2002, the University of Houston – Fort Bend moved to its new 250-acre campus located off of the University Boulevard and Highway 59 intersection, only a few minutes from Township Square.
The appeal of the area is evident, with major retailers including Walmart, Lowe’s, Home Depot, Kroger, Target, and Petco recently entering the community. All are within minutes from Township Square. The tenants within the project are all on full pass through NNN leases that provide for reimbursement of the management fee. When coupled with the contractual rent increases set forth in Township Square’s leases, an investor can realize built-in upside as the area continues to rapidly expand.
- 66,084 Square Feet | Four Buildings
- Signalized Intersection | Frontage on Five-Lane Highway
- 94.21 Percent Occupancy | Medical and Retail Tenants
- Area Retailers: Walmart, Lowe’s, Kroger, Target, Home Depot
- Triple Net Leases with Increases in Primary Term and Renewals
- Average Household Income of $144,000 in One-Mile