5120 Fairmont Pky
Pasadena, TX 77505
Fairmont Shopping Center · Retail Property For Sale
Investment Highlights
- 165,351-Square Foot Regional Shopping Center Located in a Dense Retail Corridor
- Anchored by JCPenney Ground Lease | 59% of the Gross Leasable Area
- Strong Occupancy History | Majority of the Tenants have been in the Center Since Development | Historical Occupancy has been Above 98% Since 2006
- 98% Occupied | Leases are Triple-Net
- Current Rent on JCPenney Ground Lease is $2 per Square Foot for the Building, Well Below Market Rents
- Shadow-Anchored by Walmart
Property Facts
Amenities
- Pylon Sign
About 5120 FAIRMONT PKY , PASADENA, TX 77505
Marcus & Millichap is pleased to present an opportunity to acquire a fully stabilized, multi-tenant neighborhood shopping center in the prime retail corridor of Pasadena, Texas, a rapidly growing suburb of Houston. Anchored by JCPenney, Fairmont Shopping Center is currently 98 percent occupied, with 96 percent of the gross leasable area having national or regional credit tenants. Tenants include Ashley Furniture, Guitar Center, Bright Now! Dental, Starbucks, Check Into Cash, PCP Pharmacy, Gulf Coast Regional Blood Center, and Fairmont Nails and Spa. In addition to the ground lease with JCPenney, the remaining tenants have triple-net leases, and most have renewal options. The building is newer 2006 construction, with the majority of the leases in place since the center opened. Situated on 13.38 acres, the center has ample parking on a concrete lot.
Property Taxes
| Parcel Numbers | Improvements Assessment | $9,788,115 | |
| Land Assessment | $5,367,965 | Total Assessment | $15,156,080 |
Property Taxes
