Fairmont Preston Plaza_Property for Sale

4802 Fairmont Pkwy, Pasadena, TX, 77505-3722, US

Fairmont Preston Plaza

Description

Jones Lang Lasalle ("JLL") is pleased to present Fairmont Preston Plaza ("The Property") a 105,869 sq ft neighborhood center in the leading retail submarket of Pasadena, TX (Houston MSA). Located in a top performing retail corridor - this Pasadena retail corridor has emerged as a powerhouse by serving a dense Hispanic population in southeast Houston that previously had limited access to quality shopping centers. The area capitalized on a significant retail void, where residents were forced to travel long distances for their shopping needs, creating substantial pent-up market demand. The intersection of high population density and inadequate retail supply created an exceptional development opportunity. As a result, this center has become the premier retail destination for the underserved community, achieving the 2nd highest performance ranking among retail nodes within a 15-mile radius.

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Attributes

Building area gross

9,836 sm

Occupancy

89%

Year built

1974

Year renovated

2016

Land area gross

4.11 ha

Media

Investment highlights

Significant mark-to-market opportunity 46% of GLA expiring without fixed options with 21% mark to market opportunity
High performing tenancy with credited anchors
Planet Fitness: 93rd Percentile in U.S.
Dollar Tree: 93rd Percentile in U.S.
Located in a top performing retail corridor Submarket ranked in 93rd percentile in HTX attracting 9.4 million visitors per year
Diversity of income mitigating turnover risk Inline tenants account for 56.4% of gross revenue
Densely packed submarket with consumer spending power
1-Mile AHHI: $98,958
5-Mile Population: 290,960