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Shopping Strip

The Egyptian Shopping Center

5615 Farm to Market Rd 1488, Magnolia, TX 77354

Listing Price: $7,150,000

Cap Rate
6.25%
Gross SF
14,395
Rentable SF
14,395
Price/Gross SF
$496.70
Lot Size
1.97 acres
Year Built
2017

Investment Overview

Marcus & Millichap is pleased to offer the Egyptian Shopping Center for sale. Magnolia, Texas is a rapidly-growing northwest Houston suburb and one of the fastest growing cities in the United States. The subject property consists of approximately 14,395 square feet located in Magnolia, Texas. The subject property is situated on the south side of FM 1488 with 300 feet of frontage on the hard corner of Cole Lane and just east of FM 2978 a half-mile from Home Depot and near national retailers such as Target, Kroger, Petsmart, T.J. Max, Chick-fil-A, Starbucks, McDonald's, Aldi, and many others. Subdivisions in the immediate area include Alden Ridge and Sterling Ridge to the south with easy access to Houston via Interstate 45 five miles to the East and 2.8 miles to the Woodlands via FM 242. Magnolia ISD is one of the top public school districts in Texas. The median price of homes sold in the Magnolia area increased 34.7 percent year over year from January 2020 to January 2021. The areas growth has also been buoyed by the Aggie Expressway that is connecting Houston to FM 1488 to the West of the subject property. This new freeway is making traveling to Bryan/College Station or commuting into Houston along the State Highway 249 corridor vastly more convenient.

The center was recently built in 2017 and is fully-stabilized at 100 percent occupancy. Tenants reimburse for all triple net expenses including management fee. Three out of the four tenants have base rental increases in their primary lease terms with staggered expirations. The tenants comprise a complimentary mix of e-commerce resistant medical, and destination-oriented, service tenants including successful restaurants such as the The Draft Sports Bar & Grill with locations in Kingwood and Magnolia, TX. In addition, the Kolache Factory and Select Physical Therapy have Corporate Guarantee leases. There is more than ample parking with 76 parking spaces.

Access to the Woodlands is only minutes away, and nearby Tomball is 11 miles away making this a great location for families to live and with a short commute. Average household incomes are over $171,000 within three miles of the subject property and traffic counts along FM 1488 are over 45,000 cars per day.

Investment Highlights

  • Newly Constructed Shopping Center I 100% Occupied
  • Tenants Reimburse for All NNN Charges and Management Fee
  • Average household incomes are over $171,000 within three miles
  • Rapidly Growing Submarket With Over 13% Population Growth in the Next Three Years
  • Located on FM 1488 Along the Main Retail Artery in Magnolia, TX (Houston MSA)
  • Complimentary Mix Of Restaurant, Medical, and E-Commerce Resistant Tenants

Exclusively Listed By

Financing By

Shopping Strip

The Egyptian Shopping Center

Listing Price: $7,150,000

Cap Rate
6.25%
Gross SF
14,395
Rentable SF
14,395
Price/Gross SF
$496.70
Lot Size
1.97 acres
Year Built
2017

Investment Highlights

  • Newly Constructed Shopping Center I 100% Occupied
  • Tenants Reimburse for All NNN Charges and Management Fee
  • Average household incomes are over $171,000 within three miles
  • Rapidly Growing Submarket With Over 13% Population Growth in the Next Three Years
  • Located on FM 1488 Along the Main Retail Artery in Magnolia, TX (Houston MSA)
  • Complimentary Mix Of Restaurant, Medical, and E-Commerce Resistant Tenants

Investment Overview

Marcus & Millichap is pleased to offer the Egyptian Shopping Center for sale. Magnolia, Texas is a rapidly-growing northwest Houston suburb and one of the fastest growing cities in the United States. The subject property consists of approximately 14,395 square feet located in Magnolia, Texas. The subject property is situated on the south side of FM 1488 with 300 feet of frontage on the hard corner of Cole Lane and just east of FM 2978 a half-mile from Home Depot and near national retailers such as Target, Kroger, Petsmart, T.J. Max, Chick-fil-A, Starbucks, McDonald's, Aldi, and many others. Subdivisions in the immediate area include Alden Ridge and Sterling Ridge to the south with easy access to Houston via Interstate 45 five miles to the East and 2.8 miles to the Woodlands via FM 242. Magnolia ISD is one of the top public school districts in Texas. The median price of homes sold in the Magnolia area increased 34.7 percent year over year from January 2020 to January 2021. The areas growth has also been buoyed by the Aggie Expressway that is connecting Houston to FM 1488 to the West of the subject property. This new freeway is making traveling to Bryan/College Station or commuting into Houston along the State Highway 249 corridor vastly more convenient.

The center was recently built in 2017 and is fully-stabilized at 100 percent occupancy. Tenants reimburse for all triple net expenses including management fee. Three out of the four tenants have base rental increases in their primary lease terms with staggered expirations. The tenants comprise a complimentary mix of e-commerce resistant medical, and destination-oriented, service tenants including successful restaurants such as the The Draft Sports Bar & Grill with locations in Kingwood and Magnolia, TX. In addition, the Kolache Factory and Select Physical Therapy have Corporate Guarantee leases. There is more than ample parking with 76 parking spaces.

Access to the Woodlands is only minutes away, and nearby Tomball is 11 miles away making this a great location for families to live and with a short commute. Average household incomes are over $171,000 within three miles of the subject property and traffic counts along FM 1488 are over 45,000 cars per day.

Exclusively Listed By

Financing By

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