Investment Highlights
Dominant Grocery Anchor Location.
Tomball Town Center is shadow anchored by a high-performing 74,000 square foot Kroger Signature store that provides tremendous customer drawing power to the shopping center. Kroger maintains a fuel center which creates additional traffic to the center. Kroger’s strategic location at Tomball Town Center out-positions a nearby HEB store, and there are no other traditional grocery stores within a 3-mile radius of the intersection. In 2017, Kroger completed a $5 million interior renovation of its store and recently signed a new long term lease at this location showing its continued commitment to Tomball Town Center.
Cash Flow Stability with High Occupancy.
With 67,244 square feet and 94% occupied, Tomball Town Center is a well-established retail center that has maintained a consistently high historical occupancy rate since opening in 2005. Competing retail centers surrounding Tomball Town Center are on average at least 95% occupied which provides an opportunity to create value through continued rental growth and lease-up of the center.
Strong Population Growth and Incomes.
Average household incomes surrounding Tomball Town Center exceed $99,630 within a 3-mile radius and exceed $104,540 within a 5-mile radius. In 2020, Tomball’s population jumped more than 61% from 2010 with more than 94,998 people within a 5-mile radius.
Compelling Annual Rent Growth.
Approximately 88% of the 26 existing tenants have annual rent escalations in their leases with most tenants having no renewal options. Over a 10 year hold period, the compound annual growth rate exceeds 2.3% based on organic rent growth and using conservative market lease rate assumptions. Annual base rents average $28.23 per square foot and are considered below-market for retail and restaurant space located within the immediate Tomball submarket.
Exceptional Visibility and Excellent Access.
Tomball Town Center is bound by 3 major thoroughfares creating convenient access throughout the property with 14 points of ingress and egress throughout the shopping center. More than 135,277 cars pass by the center each day. There are seven (7) large multi-tenant pylon signs around the perimeter of the shopping center providing maximum tenant exposure and convenient tenant identification for shoppers.
Unencumbered Asset.
Tomball Town Center is being offered free and clear of any existing debt.
Site Plan
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Demographics
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