Spencer Square 7 biens | Local commercial | Pasadena, TX

Cushman & Wakefield’s Retail Investment Advisors is pleased to exclusively present the opportunity to acquire Spencer Square (the “Property”), a high-traffic, grocery-anchored, community center located in Pasadena (Houston MSA), Texas. Situated at the signalized southwest corner of Spencer Highway and Burke Road (~50,000 VPD), the Property is 95.1% leased to a diverse tenant mix with 65% of the GLA comprised of E-commerce resistant tenants. Anchored by a well-established and strong performing Kroger grocery store with fuel pad, the community center commands a dominant position in the dense urban in-fill market. Spencer Square enjoys limited competition as the only Tier 1 grocer in a 2 mile radius. And Kroger boast over 27 years tenure at this location with excellent sales and with a health ratio of 2.2%. In addition, the Property is further activated by Kroger’s 1.16 million annual visitors and its co-tenancy with leading national jr. anchors, Bealls, Petco, Retro Fitness and Hibbett Sports.

While Spencer Square is already 95.1% leased, there remains significant upside from filling the remaining vacancies and pushing rents to market levels across much of the shop space, including Beall’s which presently pays low single digit rent. This supports an attractive 10-year projected CAGR of 4.84%.