Investment Overview

The subject property is a 23,040 square foot multi-tenant shopping center located in Richmond Texas. The center fronts on FM 723 at the intersection with Bellaire Boulevard and just one mile south of Westpark Toll way. The Shops at Fulshear Gaston are 100% occupied with NNN leases with the majority of the rent roll having scheduled rent increases in the current term. The subject property benefits from being in close proximity to many desirable master planned communities and school districts. This combination has resulted in the county being one of the fastest growing counties in the United States. More growth is on the way with Tri-Point Homes developing 950 acres (1,600 homes) for single family development just two miles south of the subject. Another 3,500 acres (7,000 homes) is being developed by Hines just two miles west of the subject. Population and average household income within three miles are 79,700 and $183,900 respectively. Traffic counts on fm 723 are over 15,000 and over 10,000 on Bellaire Boulevard. These demographics support the demand for the tenant base at the center with 25% medical tenants and 43% restaurant tenants as well as a specialty grocery store.