Closed $8,220,000 Asking Price - Featured, Multi-Tenant
The Copper Grove Shopping Center is located on the northwest corner of the signalized intersection of Highway 6 North and Huffmeister Road in Northwest Houston, TX. This offering consists of 36,645 square feet of retail and medical space. The pad site was sold for the purpose of developing a Popeye’s Chicken fast food restaurant.
Highway 6 North is a part of an outer loop that includes FM 1960 and Highway 6 South. It connects many important residential and commercial developments. It is the major north and south thoroughfare for the 1,800 acre master planned Copperfield subdivision that has been built out and is the focal point for this part of Houston. The Copper Grove Shopping Center and subdivision are a part of what is known as the Copperfield area.
The Huffmeister and Highway 6 North intersection has a CVS Pharmacy on the northeast corner and a Shell station on the southeast corner. The property is adjacent to a Fresenius Dialysis / Health Care Rehab Clinic building. The immediate neighborhood includes single family residential housing and upscale apartments. Among the numerous commercial properties in the area are medical developments along Huffmeister to the north of Copper Grove which lead to the major Cypress hospital complex along Highway 290.
There are 127,965 people within three miles that have an average household income of $91,787. Traffic counts at the site average 45,000 cars per day on Highway 6 and 13,250 cars per day on Huffmeister.
There is a Kroger Signature anchored shopping center about half a mile to the south of Copper Grove and a significant retail cluster that begins at Highway 290 one mile and three quarters to the north that includes Wal-Mart Supercenter, Super Target, and another Signature Kroger.
The Copper Grove Shopping Center was constructed in phases. It consists of two buildings built parallel to Highway 6 North. The building closest to Huffmeister, built in 2002, consists of approximately 14,185 square feet and is fully occupied with medical/professional tenants. With the exception of the Reflexology space, the tenants have been in the property more than seven years and all have renewed their leases during that time. The second building adjacent to the first fronting on Highway 6 was built in 2005 and has about 22,400 total square feet. Spec’s Wine & Spirits, Houston’s premier liquor store chain, occupies 7,520 square feet of the center. The most recent lease in the property was made to Pinch A Penny a national Outdoor Pool Complany based in Florida. It has a Pediatric Dental Clinic, Compounding Pharmacy, and a Boost Mobile store among other tenants.
The Copper Grove buildings are slab construction with brick veneer. Storefronts are anodized aluminum with tinted glass. The roofs are built-up asphalt and tar. Drives and the parking lot are concrete. Signage is uniform consisting of individual letters and in the case of Spec’s a portion that has the logo but fits with other signs. There are two multi-paned monument pylon signs along Highway 6 North that enhance the tenant identification. The property has two access points from Highway 6 and two from Huffmeister which has a curb cut from the north lane allowing access from the light at Highway 6.
The Copper Grove Shopping Center provides an investor the opportunity to purchase a stabilized asset with a solid tenant base. It is close to Highway 290, the Copperfield master planned community, and Cypress Hospital/Medical Center. The location and favorable tenant mix makes it a well positioned long term investment.
- CAP Rate: 7.83%