Houston, TX - Highland Village Shops

Description:

SRS Investment Properties Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in the Highland Village Shops, a newly-remodeled, 100% occupied, 6,500 SF, 2-tenant investment opportunity in Houston, Texas. The current tenants, Lasting Designs LLC (dba Maida’s) and Kirsten Ochsner (dba The Pilates Loft), currently have 4.5 and 3 years remaining on their current leases, respectively. Both tenants have an option to extend their lease for an additional 5 years. This offering provides an investor the rare opportunity to acquire a stabilized asset within a boutique retail corridor and a bustling, affluent neighborhood of the Houston MSA.

Highland Village Shops is strategically located along Westheimer Road, which averages 28,300 vehicles passing by daily. In addition, the site benefits from nearby direct on/off ramp access to Interstate 610 (307,100 VPD) and Interstate 69 (318,000 VPD), two major commuter thoroughfares traveling throughout Hoston. Furthermore, the property is located in the heart of a dense, high-end retail corridor within the River Oaks / Highland Village neighborhood, one of the wealthiest communities in Texas. Numerous nearby shopping centers including the Galleria Mall (2,400,000 SF), Highland Village (568,000 SF), and Greenway Commons (245,825 SF) play home to national/credit tenants including Target, Saks Fifth Avenue, Lululemon, Costco, Kroger, Ross Dress for Less, the Home Depot, Walmart Supercenter, Trader Joe’s, and more. Strong tenant synergy significantly increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Moreover, the subject property is ideally situated within a booming luxury apartment and hotel cluster, with several new developments including Alexan River Oaks (Built 2021, 383 units), Novel River Oaks (Built 2021, 326 units), and 2929 Weslayan, the tallest residential high-rise in Houston featuring 254 units. The site is located near several 5-star hotels including the St. Regis Houston (232 rooms), Post Oak Hotel (250 rooms), and Hotel Granduca (122 rooms). Luxury apartment buildings and hotels within walking distance of the subject property provide a direct, affluent consumer base from which to draw. The 5-mile trade area is supported by an extremely dense population of more than 527,000 residents and 746,000 employees. Residents within 3 miles of the subject property boast an impressive average household income in excess of $163,000.

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Listing ID: a288X0000066EXtQAM