Investment Overview

Marcus & Millichap has been exclusively retained to offer for sale a 100 percent leased stabilized fee simple interest in Prosperity Point Offices along North Eldridge Parkway in Cypress, Texas. Located in the far Northwest area of the Houston, Texas MSA, Cypress is one of the most rapidly growing areas in Harris County. Cypress is home to Bridgeland (https://www.bridgeland.com), a Howard Hughes Master-Planned Community and Towne Lake, (https://townelaketexas.com) an adjacent Master-Planned Community developed by Caldwell Companies, a premier residential and commercial developer based in Cypress, Texas. This 100 percent leased, newly completed office investment opportunity is located on North Eldridge Parkway (a major North/South artery). The property, only five minutes from Highway 249, provides direct access to not only the Grand Parkway (Highway 99) to the north, but also the N. Sam Houston Parkway aka Beltway 8 to the south. Both Highway 99 (not 100% completed) and Beltway 8 are outer rings that circle the greater Houston MSA and allow the population to move more easily around the Houston area. Nestled in the Northwest quadrant of Houston, the population of the area, fondly known as Cy-Fair, is one of the largest communities in Northwest Houston. Cy-Fair encompasses 186 square miles and includes Cypress and the city of Jersey Village. The population of the area has increased over 50 percent (since 2000) to nearly three quarters of a million people. To put that in perspective, if the Cy-Fair area were a city, it would be in the top 20 largest cities in the United States. Only 24 miles from the heart of downtown Houston, the property’s surrounding areas are expanding rapidly and include a population of over 190,000 within a 5-mile radius. Area shopping amenities include Vintage Park, Houston Premium Outlets, Traders Village and Willowbrook Mall. Cy-Fair is a dynamic area with a population of approximately 800,000. Business-friendly regulations and attitude make this area prime for business start-ups and relocations. The region offers a pro-business culture with a diversified work force and educational institutions to influence industries of tomorrow. Along with a business friendly environment, the Cy–Fair area offers a low cost of living and an abundance of land and space. The region has attracted a vast array of businesses which include small to medium size organizations to Fortune 500 Corporations. Major industries in the area include manufacturing, construction, oil & gas, education, health services, and professional. Prosperity Point Offices tenant base includes a diversified tenant base. The investment allows an investor a reasonable price point entry opportunity to invest in a newly completed stabilized office condominium complex in the greater Houston MSA. Undoubtedly, an ideal investment for a 1031 buyer in today’s market.