Highlights

• 31,021 Square Foot Shopping Center | 2.42 Acre Parcel
• 2 Corners | Access from 3 Streets
• 100% Occupied | High Historical Occupancy

• Gross Leases | Below Market Rents
• Existing Non Recourse Debt
• $2,250,000 | $72.53 per Square Foot | 9.92% CAP Rate

Description

Marcus & Millichap is pleased to offer Coventry Square Shopping Center ('Coventry Square') for your consideration. Consisting of 31,021 square feet of leasable area on a 2.42 acre parcel, this concrete constructed property fronts on high-traffic Bissonnet Street and benefits from its location on two corners. The western boundary of Coventry Square is Cook Road, a north / south residential and commercial thoroughfare that has a signalized intersection at Bissonnet Street. This hard corner enables easy access to the Property irrespective of which direction the customer is coming from.

Occupancy at Coventry Square has been historically high (in excess of 95% for the last twenty years) and is currently at 100%. Its fifteen tenants are all on gross leases with an average rental rate of $10.73 per square foot annually. Comparable properties in the area primarily have NNN leases at a higher base rent than Coventry Square (see the 'Rent Comparables' section of the package for details). This provides a new owner the opportunity to substantially increase the income derived from the Property while maintaining the ability to be the cost leader in the submarket.

The eastern boundary of Coventry Square is Coventry Square Drive, a north / south residential thoroughfare providing access to Bissonnet Street for the 300 apartment units behind the Property. There is a curb cut in the median on Bissonnet Street providing access to the Property from both east-bound and west-bound traffic.