Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Westheimer Lakes II, a 52,332 square foot shopping center located at the northeast corner of FM 1093 (Westheimer Road) and Westheimer Lakes North Drive in Richmond/Katy, Texas. The retail center sits on 5.90 acres with approximately 750 feet of frontage on Westheimer Road, which currently sees 23,000 vehicles per day. The Westpark Tollway is approved for expansion to 5.3 miles west of the current end of the tollway. Westheimer Lakes II will be positioned with frontage to the Westpark Tollway, effectively on its feeder road. The project commenced in fall 2024 and is likely to be completed by fall 2026. Westheimer Lakes II is currently 84 percent occupied. A buyer will benefit from an attractive day one cash flow, while still having room to add value by leasing vacancies totaling 8,127 square feet. Additional upside includes built-in scheduled rent increases for some tenants in the current lease term and renewal terms. Rents at Westheimer Lakes II are below-market averages, which is beneficial in retaining current tenants, attracting new tenants, and growing rents over the ownership period. Nearby retail centers are marketing base rents of thirty dollars per square foot plus triple-nets, while the subject property’s rents range average approximately twenty dollars per square foot plus triple-nets. Westheimer Lakes II features an attractive mix of internet-resistant tenants including medical practices, professional services, restaurants, adolescent recreation/entertainment, and more.