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7910 WESTVIEWNWC WESTVIEW & WIRTHOUSTON, TEXAS 77055
OFFERING MEMORANDUM
FULLY OCCUPIED RETAIL CENTER IN SPRING BRANCH EAST
TABLE OF CONTENTS
PROPERTY OVERVIEW1
BRUCE WALLACE713.304.0751
BWALLACE@JOLINKWALLACE.COM
RADKEY JOLINK713.825.1962
RJOLINK@JOLINKWALLACE.COM
6 TRADE AREA AERIALS
10 MARKET OVERVIEW
CONTACT INFORMATIONExecutive Summary
Location Map Site Plan
7910 WESTVIEWWESTVIEW & WIRTHOUSTON, TX 77055
GLA
LAND
PRICE
CAP RATE
3,200 SF
OVERVIEW » PRIME LOCATION Adjacent to Kroger anchored The Shops at Hilshire Village in the heart of the Spring Valley trade area at the northwest corner of Wirt Rd. and Westview Dr., exposed to 25,000 CPD. Entry access along Westview Rd.
» STRONG DAYTIME POPULATION Daytime Population within 3 miles of property is greater than 163,000. Adjacent kroger’s sales are $33.3 mil/yr.
» TENANT MIX The fully leased center has a mix of National and Local Tenants that attract visitors at all times of the day.
» RENOVATED CENTER Current ownership spent approximately $200,000 in 2016 to fully redevelop the center. The redevelopment included a new façade, re-painting the center, landscaping and improved drainage, new pylon sign, sealing and strip-ing the parking lot, new dumpster enclosure and renovated the interior consisting of new mechanical, electrical, plumping and demising walls.
0.31 AC
$1,500,000
6.3%
EXECUTIVE SUMMARY
GLA
PRICE
CAP RATE
3,200 SF
LAND
OCCUPANCY 100%
13,504 SF
LAND AREA 0.31 Acres
YEAR BUILT/REMODELED 1953/2016
INVESTMENT OPPORTUNITY7910 Westview is a 3,200 SF building investment opporutnity located adjacent to a Kroger anchored shopping center at the signalized intersection of Westview and Wirt. The property has excellent access and visibilty along Westview Dr. with more than 24,500 cars per day at the intersection of Westview and Wirt. The retail center is currently 100% leased and is comprised of two national tenants - State Farm and Baskin Robbins - and a local donut and breakast shop. LOCATION7910 Westview is ideally located at one of the busiest intersections in the Spring Branch East submarket and is 0.7 miles from the Katy Freeway. It is located in close proximity to affluent neighborhoods such as Spring Valley and Hilshire Village. Spring Branch East is uniquely and conve-niently located just outside the 610 Loop and is minutes from Downtown, Memorial Park, The Galleria, The Heights, Memorial Villages and Memorial City Mall. Spring Branch East enjoys ample access to US 290 and the newly widened and improved I-10. New home construction is occurring at an ever-increasing pace in many of the single-family deed restricted subdivisions especially near Wirt Road and in several gated subdivisions replacing deteriorated apartment complexes.
PARKING SPACES 15 spaces
Occupancy is very tight at 97.6% leaving little available retail space to foster more robust absorption. Only 96,000 sq. ft. is current-ly vacant in the Spring Branch trade area. Additionally, asking rates are about $2.00 higher than two years ago.
MARKET ACCESSSeveral major traffic arteries converge in Spring Branch adding to the area’s mobility including Interstate 10, Highway 290, and Interstate 610. Infrastructure improvements to Highway 290 are almost complete and will upgrade mobility as well as improve the Highway 290/Interstate 610 interchange.
RETAIL MARKETThe available retail space in Spring Branch is located along Interstate 10, Highway 290, and main arteries of Long Point Road and Wirt Road, and consists of community and neighborhood centers totaling 4.0 million sq. ft.
$1,500,000
6.3%
DETAILS
DEMOGRAPHIC PROFILE 1 MILE 3 MILES 5 MILES Place of Work2017 Businesses 937 8,075 26,6172017 Employees 7,086 84,266 353,852 Population2017 Population - Current Year Estimate 22,687 137,147 407,1542022 Population - Five Year Projection 24,792 148,687 443,9022017-2022 Annual Population Growth Rate
1.79% 1.63% 1.74%
Household Income2017 Households 7,857 50,812 170,2302017 Average Household Income $99,227 $104,753 $108,1582022 Average Household Income $110,471 $116,231 $121,156 Housing Value2017 Median Value of Owner Occ.Housing Units
$371,643 $296,018 $314,828
2017 Average Value of Owner Occ.Housing Units
$431,506 $464,014 $428,857
FINANCIAL SUMMARY
Current NOI $93,700
Average In Place Rent $27.67
Average Remaining Lease 5.5 Years
LOCATION MAP
SIT
E
SITE PLAN
10
360,765 VPD
1-10 FRONTAGE RD
13,8
78 V
PD
Sam’s DeliAvailable4,000 SF
Available2,363 SF
Cha
rlotte
’sSa
ddle
ry
La F
iest
aM
exic
anRe
stau
rant
SUMMIT DONUTS
24,595 VPD
NOT A PART
TRADE AREA AERIAL
PROPERTY AERIAL
MARKET OVERVIEW
HOUSTON’S GDP IS EXPECTED TO
DOUBLE BY 2040
Source: Greater Houston Partnership, Perryman Group. Summer 2016
IN 2015$492.7BCURRENT GDP
Source: Bureau of Labor Statistics, April 2017.
HOUSTON’S ECONOMY HAS INCREASINGLY DIVERSIFIED
29,700 - 69,149 JOBS
HOUSTON 2017JOB FORECAST
(IRF: 37,900, GHP: 29,700, Moody’s: 69,149)
MORE THAN OIL
& GAS
TRADE, TRANSPORTATION & UTILITIES
PROFESSIONAL & BUSINESS SERVICES
GOVERNMENT
EDUCATION & HEALTH SERVICES
LEISURE & HOSPITALITY
MANUFACTURING
CONSTRUCTION
FINANCIAL ACTIVITIES
MINING & LOGGING
INFORMATION
OTHER
6.7MRESIDENTS
159,000
HOUSTON WAS THE FASTEST GROWING METRO IN THE
NATION IN 2015
RESIDENTS ADDED FROM JULY 2014 - 2015
Source: U.S. Census Bureau, March 2017
RETAIL SALES
$124BRETAIL SALES 2016
Source: Texas Comptroller, April 2017.
SALES TAX REVENUE
Spending in growing suburban counties is stronger than in the urban core.
HOUSTON HAS A STRONG
CONSUMER BASE
RETAIL DEVELOPMENT
467,000 SFDELIVERED IN 2017 YTD
90.4%
OCCUPIED
OPEN FORBUSINESS
MARKET OVERVIEW
HOUSTON MARKET OVERVIEWHouston is the fourth most populous city in the nation (trailing only New York, Los Angeles and Chicago), and is the largest in the southern U.S. and Texas. Houston is also home to the larg-est medical complex in the world—the Texas Medical Center— and provides clinical healthcare, research, and education at its 54 institutions at the TMC. As the Energy Capital of the World, Houston continues to grow in both traditional and renewable forms of energy technology. The Houston MSA was the sec-ond fastest growing city nation in 2016 adding approximately 125,000 new residents and securing Houston as the top U-Haul destination for the eighth year in a row. The metro popula-tion is anticipated to break 7 million by 2018, and according to Moody’s Analytics, the Houston metro area population will reach 10.9 million by 2045 setting the stage for a larger consum-er base. Since 2000 the city grew by two million residents, and retail sales have doubled resulting the consumer confidence needed to impact Houston’s retail market significantly.
GROWTHTo accommodate the historic population growth in the Houston metro population gains were strongest in the far suburban sub-markets. Simultaneously, Houston’s urban core has increasingly densified—a trend now impacting neighborhoods just outside of the Interstate 610 Loop. Thus, Spring Branch is increasingly becoming a target for businesses and homebuyers alike due to the convenient location and short commute times. Just minutes from The Galleria, Downtown, and Energy Corridor, Spring Branch is strategically located between the three largest office districts in Houston. Surrounding office product presents a strong value position for headquarters with large blocks of space in Class A product, with value pricing.
Population in Spring Branch increased 15% since 2010 due to a dynamic residential market and households seeing simi-lar growth patterns. The same level of growth is forecasted throughout the next five years in Spring Branch both in pop-ulation and households. Demographics in Spring Branch are shifting as it densifies. Typically, higher incomes clustered to the
west near the Sam Houston Tollway, however, older homes constructed in the 1950s and 1970s are being razed and replaced with new single family and urban patio home com-munities; about 200 new homes were delivered in 2016 alone and there are an additional 195 future lots awaiting develop-ment. As a result, home prices have doubled in some subdi-visions since 2010, and now range from $280,000 for older product to $1.2 million sq. ft. for new construction. Current-ly, residents of Spring Branch have a combined purchasing power of $1.1 billion annually and as incomes are projected to increase by 11% by 2020, consumer expenditures and discre-tionary spending are expected to be at an all-time high.
CONTACT INFORMATION
BRUCE WALLACE713.304.0751
BWALLACE@JOLINKWALLACE.COM
RADKEY JOLINK713.825.1962
RJOLINK@JOLINKWALLACE.COM
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