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The Market at Crenshaw, Pasadena, TX

The Market at Crenshaw, Pasadena, TX


Investment Summary

Price $3,461,000
Cap Rate 7.00%
NOI $242,245
Lease Term Various
Lease Type Various
Rental Increases Various
Year Built 2018
Building Size 8,050 SF
Lot Size 2.09 acres (91,040 SF)
Status Under Contract
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

100% LEASED MULTI-TENANT RETAIL ASSET WITH AMAZON-PROOF RETAILERS
» Multi-tenant retail asset leased to a strong mix of national, regional, and local tenants
» Scheduled rental increases (including annual increases) for all tenants, providing a hedge against inflation
» Below market rents with strong scheduled rental increases
» In 2021 when many brands struggled, Chicken Salad Chick saw a nearly 50% increase in sales and added 30 restaurants. Specifically, it reported $255 million in systemwide sales, a 46% increase over 2020
» Texas has no corporate franchise tax, no state personal income tax, no taxes on inventories, and no taxes on foreign income

INFILL LOCATION WITH PRIME ACCESSIBILITY TO MAJOR TEXAS THOROUGHFARES
» High-visibility and easily accessible location near the signalized intersection of Sam Houston Tollway and Crenshaw Road (combined 96,186 AADT)
» Population of 276,560 within a five-mile radius of the location, creating an ideal customer base for the site
» Surrounded by high-density single-family housing developments and large townhouse complexes
» Exceptional average annual household income of $117,621 within one mile of the location
» Projected 15 percent average annual household income increase within a five-mile radius of the site in the next five years, poising The Market at Crenshaw and Pasadena for significant concurrent growth

IRREPLACEABLE LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Irreplaceable infill location outparcel to a Academy Sports + Outdoors-anchored shopping center
» Ideal co-tenancy for a multi-tenant retail center with excellent cross-access
» Site features a new dedicated exit ramp for Crenshaw Road, allowing the property to capture maximum traffic
» Three miles from HCA Houston Healthcare Southeast (345 beds, 1,750 employees)
» Central location near multiple Texas community hubs, including Bay Oaks Country Club, The Lone Star Flight Museum, William P. Hobby Airport, and Trinity Bay
» Gateway to Downtown Houston, the fourth-most populous city in the U.S. (population 2,320,268)

Property Description

» The Market at Crenshaw has a high-visibility and easily accessible location near the signalized intersection of Sam Houston Tollway and Crenshaw Road (combined 96,186 AADT)
» Ideally set in a large retail corridor, the property is an irreplaceable infill location outparcel to a Academy Sports + Outdoors-anchored shopping center
» The site greatly benefits from its proximity three miles from HCA Houston Healthcare Southeast (345 beds, 1,750 employees), one of Pasadena’s largest employers
» 276,560 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise The Market at Crenshaw and Pasadena for steady concurrent growth
» The property is surrounded by high-density single-family housing developments and large townhouse complexes

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