2017 N Frazier St
Conroe, TX 77301
Woodcreek Shopping Center · Retail Property For Sale

Woodcreek Shopping Center is a Hispanic oriented 129,791 square foot shopping center located on North Frazier (Highway 75) south of Loop 336 and east of Interstate 45 (North Freeway) in Conroe, Texas. North Frazier is the predecessor to Interstate 45 and runs parallel to it. Conroe is a northern suburb of Houston and is 15 miles north of the 28,000 acre The Woodlands master planned community which itself is just north of Springwood, another Conroe growth master planned community that has the new 358 acre Exxon campus which will have 12,000 employees soon. In addition, Johnson Development’s 2,046 wooded acre Grand Central Park master planned community is underway in Conroe on the southwest corner of Interstate 45 and Loop 336. With a population of more than 70,000, Conroe is the largest city and county seat of Montgomery County that has a population of over 556,000. Conroe falls within the Houston, The Woodlands, Sugar Land, Metropolitan Statistical Area. It is 40 miles north of Houston and 200 miles south of Dallas. Just north of the property is a very busy freestanding H-E-B grocery store which draws a significant number of customers. Businesses like these serve to rejuvenate North Frazier which was the major highway through the heart of Conroe and still serves as an important commercial and professional hub for the surrounding neighborhoods. Woodcreek is just south of the important Loop 336 which circumnavigates Conroe. Woodcreek Shopping Center was originally a grocery anchored center, but it is now destination oriented. The land area is over 11 acres and the property has a sizeable parking lot. It has been the location for the Texas Department of Family Protective Services since 1995 and Dollar General opened in 2006. Texas Protective Services (26,852 square feet), Johnny B. Dalton’s, a country western club (11,500 square feet), Dollar General (12,280 square feet), Maverick’s Saloon, a pool hall (10,000 square feet), and the new Ruben Reception Hall (12,000 square feet) which replaces a vacant movie theater space are the center’s largest tenants. They account for 72,632 square feet or 56 percent of the leasable area. Smaller tenants in the property are mainly Hispanic oriented and consist of a mix that includes restaurants, a reception hall, social service users, a dental office, churches, a finance company, insurance, and hair salon among others. The property consists of four multi-tenant buildings. It is 96 percent leased. There are 32 tenant spaces ranging in size from 500 square feet to 26,852 square feet with the majority being 1,200 square feet of less. Twenty nine spaces are occupied leaving three vacancies. All are under 1,765 square feet. Each is second generation, except one that is currently used for storage. Signage is not uniform, but there are many that are logoed and there is a large pylon that enhances tenant visibility. Leases are gross with larger spaces renting from $4.80 to $14.35 per square foot, while smaller tenants mainly pay $12.00 to $15.00. Woodcreek fronts on North Frazier and has excellent access to it as well. It is also on Holly Drive which is on its north side and Hillcrest to the south. Both of the side streets lead to residential neighborhoods and Hillcrest goes all the way to Interstate 45. Conroe was once an agricultural town with oil and economic mainstays. This is not true today. It now hosts a wealth of manufacturing, retail, healthcare, construction, education and tourism companies and has a highly skilled and educated workforce. There are more than 700,000 potential employees within a 30 mile radius of Conroe and more than two million workers in Houston’s Harris County just to the south. Conroe’s Lone Star Executive Airport has expanded rapidly to accommodate the burgeoning private jet market that finds it too busy at Bush Intercontinental Airport. The City of Conroe is just seven miles southwest of the most popular lake in Texas, Lake Conroe. Known for its pristine clean water, this 22,000 acre lake is the center of multiple year round water and cultural events. The lake is home to some of the finest residential communities, many with superior golf courses and tennis facilities enjoyed by people in Houston. The 2016 Woodcreek demographics show approximately 9,600 people in a one-mile radius and 50,000 in three miles. Average household income of $56,255 and $64,697 in a one and three mile radius respectively. Traffic counts by the property are 17,000 cars per day according to a 2012 TXDOT report. The Woodcreek Shopping Center is suitable for an investor who recognizes the value in purchasing an asset in a growth marker with a reasonable priced set of economics. Though its vacancy is low, there are many small spaces that are on leases that are renewed annually. Incremental income can also be achieved by renting on a net basis instead of gross. The property produces a 9.35 percent CAP rate on actual numbers with a potential to increase. Beyond that there can be redevelopment potential with Conroe’s rapid growth profile.