Champions Shopping Center

Marcus & Millichap is pleased to exclusively offer for sale Champions Shopping Center, an IHOP-anchored retail center located at 5710 FM 1960 Road West in Houston, Texas. The subject property features 29,470 square feet of leasable area. Champions Shopping Center features over 700 feet of frontage on FM 1960 Road West (also known as Cypress Creek Parkway), benefitting from approximately 50,000 vehicles per day traffic counts.

Champions Shopping Center is available for $7,350,000 ($250/SF), which represents a 7.40 percent day one cap rate. The rent roll has a broad range of rents, with many leases significantly below market in the $15/SF base rent range. When removing outlier data, average rents in the center are $16.65/SF gross, which is 38 percent below-market (average rents in the submarket are approximately $20/SF plus $7/SF triple-nets). By increasing rents at the property to market rents, a buyer may achieve a pro forma cap rate of greater than 9 percent.

The subject property is in the Champions submarket of North Houston, which features approximately 115,000 residents within three miles and an average household income of approximately $100,000. The nearest intersection of FM 1960 Road West and Champion Forest Drive is a primary intersection of Champions, with tenancy including: Wells Fargo, CVS, Starbucks, Lowes, Randalls, Barnes & Noble, J. Crew, and more.