Northpark Village
US - Lubbock, TX
IDR 153,030,119,000 | 6,548 m²
Retail
Shoppes at Kingsgate
1113-1387 Kingwood Dr, Kingwood, TX, 77339-3033, US
Gallery
Asset Description
JLL is pleased to offer the opportunity to acquire Shoppes at Kingsgate (the “Property”), a grocery anchored shopping center in the densely populated and affluent Kingwood, TX. The Property is home to a well balanced mix of national and local retailers including ALDI, Dollar Tree, Painted Tree and Tuesday Morning. The 95.2% leased property ideally sits along Kingwood Drive at the main entrance to the Kingwood Master Planned Community with excellent visibility to over 41,000 vehicles per day.
Attributes
Building area gross
14,525 m²
Occupancy
96.00%
Year built
1980
Land area Gross
0.06 km² (59,813 m²)
Investment Highlights
- Currently 95.2% leased, purchasers will have the opportunity to increase NOI via lease-up
- Grocery anchored by rapidly expanding global grocery brand ALDI which is on track to become the third largest grocer in the U.S. by store count in 2022
- Stable in-place cash flow with 6.6 years of remaining WALT
- The center has captured over 65,000 SF of new leases since the beginning of 2021
- In-Place Rents are an estimated 24.9% below today’s market rates
- Located at the gateway to Kingwood with excellent visibility to over 41,000 vehicles per day along Kingwood Drive, the most heavily trafficked thoroughfare in Kingwood
- Surrounded by the thriving Kingwood community with a 45,975 residents within a 3-mile radius and affluent demographics.
- Situated in a heavily underserved retail market.
Contact brokers
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Last updated
1 Dec 2022