Closed $2,650,000 Asking Price - Featured, Multi-Tenant
Cornerstone Shopping Center is a 55,819 square foot shopping center located at 3351-3403 Cypress Creek Parkway (F.M. 1960). The property is located on the southwest corner of T.C. Jester Boulevard and F.M. 1960 between Kuykendahl Road and Steubner-Airline Road in North Houston. Developed in 1984, the center has ingress and egress from both T.C. Jester and F.M. 1960.
The property is situated in a growing retail area since F.M. 1960 is one of the most traveled thoroughfares in the Houston M.S.A. The center is directly across from Corner Market Shopping Center on the opposite side of T.C. Jester Boulevard. It is also across from a Walmart Supercenter on the opposite side of F.M. 1960. A Home Depot is approximately a mile away from the property. A new Chick-fil-A was built approximately .1 mile southwest of the center on F.M. 1960. A large retail project is under construction adjacent to the property that will feature a Treasures of the Heart and Sun’s Club, a grocery wholesale membership club. In addition, there is a development project behind the property that is likely apartments. Other uses in the immediate area include strip shopping centers, a Shell gas station, Chase Bank, Walgreens and Aldi.
Cornerstone Shopping Center is L-shaped, and although part of the center does not connect, it conforms well to its lot. The subject also features a pad building on the corner of F.M. 1960 and T.C. Jester Boulevard. The pad site houses Loan Star Title Loans (4,035 square feet) and has excellent visibility from F.M. 1960. The center also has a large pylon sign on F.M. 1960, which provides excellent tenant identification for the property as the sign is directly in drivers’ lines of sight as they pass the property. It has 11 spaces, four of which are vacant and is currently 69.42 percent occupied. Recently, Saigon Billiard executed a lease for a 4,218 square foot space.
The property has traffic counts of over 60,400 vehicles per day (VPD) on F.M. 1960 and 6,300 VPD on T.C. Jester. The demographics surrounding the property are also impressive. The one-, three- and five-mile radius reflect a population of 14,829, 110,906 and 299,718, respectively, with average household incomes of $77,914, $82,709 and $83,717.
- CAP Rate: 8.29%