Description de l'actif
Meyerland Plaza is Houston’s most iconic grocery-anchored urban shopping destination. Located among the city’s most established and recognized neighborhoods, the 54 acre property consists of nearly 1,000,000 square feet of retail and is anchored by H-E-B, Target (NAP), Ross, Marshalls, Dicks Sporting Goods, JCPenney, Five Below as well as a curated mix of best-in-class retailers, restaurants, and service tenants alike. In addition to Meyerland Plaza’s historically proven stable cash flow, upside opportunities exist through future densification of existing infrastructure but also through the development of two separate undeveloped tracts, consisting of 4.06 acres in total. Meyerland Plaza is the most visited open air retail center in the City of Houston and ranks among the top 5 most visited open air centers in Texas.
Caractéristiques de l'actif
Points clés d'investissement
- 16.5+ years of H-E-B lease-term remaining.
- Houston’s premier grocery-anchored center boasts an ever-improving mix of big box, shop, and F&B tenancy, with recent trade-out rents averaging 150%.
- 10-Year CAGR of 3.5% - achieved through mark-to-market opportunities, lease-up, and contractual rent bumps.
- Meyerland Plaza ranks #1 in population density across Texas (excluding malls), with a population of over 277,000 and nearly 119,000 households within a 10-minute drive.
- Meyerland Plaza has direct access to Houston’s primary inner loop, Loop 610, providing unmatched visibility to over 200,000 VPD and seamless connectivity to US-59 and the Westpark Tollway providing mobility across the metro and to all of Houston’s major employment hubs.
- Home to 26 Fortune 500 companies, Houston ranks 3rd in the country by concentration of Fortune 500 headquarters and #1 in Texas. Meyerland Plaza is a 15-minute drive to 11 of the city’s Fortune 500 corporate headquarters.