Shops at Young Ranch
$6,922,000
29711 Kingsland Blvd, Katy, TX 77494
Cap Rate
6.54%
Square Feet
14784
Year Built/Renovated
2019
INVESTMENT HIGHLIGHTS
• Long-Term Upside By Raising Below Market Rents
• Average Weighted Base Rental Rate of $30.60 Per Square Foot
• Nearby Retail Centers Off of Texas Heritage Parkway With Rents of $37 to $42 Per Square Foot
• Excellent High Growth Location Off Texas Heritage Parkway
• Primary North-South Thoroughfare Off of Interstate 10 to Access Jordan Ranch Master Planned Community (3,000 Planned Homes)
• Surrounded by Additional Residential Communities Young Ranch (1,000 Planned Homes) and Firethorne (3,000+ Homes)
• Centrally Located in Prime Retail Corridor
• 0.5 Miles from Texas Heritage Marketplace (Coming Soon) Including: Target, Sam’s Club, Lowe’s, EOS Fitness, and more
• 0.8 Miles from Jordan Ranch Market: H-E-B Anchored Development
• Stable, Internet Resistant Tenancy With Multiple National Chains
• 3.6 Years of Weighted Average Lease Term Remaining (WALT)
• Average Tenure of Tenancy of Five or More Years
• Tenants on Triple-Net Leases With Staggered Lease Expirations
PROPERTY DESCRIPTION
Marcus & Millichap is pleased to exclusively list for sale Shops at Young Ranch, a 14,784-square-foot, 100 percent occupied multi-tenant retail center built in 2019 and located at 29711 Kingsland Boulevard in Katy, Texas. The center sits directly off Texas Heritage Parkway — the primary north-south thoroughfare off Interstate 10 — and is surrounded by three master-planned communities totaling over 7,000 homes: Jordan Ranch (3,000 planned), Young Ranch (1,000 planned), and Firethorne (3,000+).
The property offers meaningful long-term upside by raising rents, with base rents currently averaging $30.60/SF. Similar nearby retail centers are achieving rents up-to twenty percent higher.
The asset is centrally located within a rapidly growing area of Katy. 0.5 Miles north of the property is the forthcoming Texas Heritage Marketplace, a $400M Target-anchored development also bringing Sam’s Club, Lowe’s, and EOS Fitness. The H-E-B-anchored Jordan Ranch Market is located 0.8 miles south of the property.
Shops at Young Ranch is offered at $6,922,000 ($468/SF), representing a 6.54 percent cap rate on in place NOI of $452,353.
Gus N. Lagos
SENIOR MANAGING DIRECTOR INVESTMENTS
713-452-4257
Alex Wolansky, CCIM
MANAGING DIRECTOR INVESTMENTS
713-452-4292
