Closed $3,754,000 Asking Price - Featured, Multi-Tenant
The Cleveland Retail Center is a 17,070 square foot multi-tenant shopping center in the middle of the Cleveland, Texas regional shopping area. It is located on Highway 105, west of Business Highway 59. The property is a shadow-anchored center to the city’s 158,575 square foot 24-hour Walmart Supercenter and its major entry road. Cleveland is approximately 44 miles north of Houston’s central business district on Interstate 69 (Highway 59) North. It is a small town, however, its trade area extends at least 20 miles since the closest Walmart is over 20 miles away. The immediate area includes a new McDonald’s, Taco Bell, Whataburger, HEB Grocery, CVS, Walgreens, Holiday Inn Express, Chevron Gas Station, Valero, Shell Gas Station, Best Western Hotel, Burger King, Martin Chevrolet Buick GMC Dealership, Loves Travel Center, Popeyes Chicken, Dairy Queen and El Burrito Mexican Restaurant.
Built in 2000, the Cleveland Retail Center runs parallel to Interstate 69 (Highway 59) and has excellent visibility and curb appeal. The signage is uniform with individual channel letters and the property has a large pylon sign for further tenant identification. The exterior features an aluminum awning spanning the entire length of the building above each space and anodized aluminum frame storefronts with tinted glass. The property has multiple points of ingress and egress: one on Highway 105 and the other shared with Walmart’s access road.
The shopping center consists of a unique blend of both national and regional tenants. Among the national tenants are Subway, Sally Beauty Supply, Buddy’s Home Furnishings, Edward Jones Financial, Security Finance and Advance America Cash Advance. They account for 62 percent of the property’s gross leasable area (GLA). There are 10 tenant spaces in the property. Buddy’s Home Furnishings, which has 202 locations across the United States, is the largest tenant with 4,007 square feet or 23 percent of the GLA. Regional tenant Mann Eye Institute and Laser Center has 10 locations in both Houston and Austin and occupies 2,533 square feet, while the other eight tenants account for 10,530 square feet of the property.
- CAP Rate: 7.84%