Closed $5,690,000 Asking Price - Featured, Multi-Tenant
Inwood Forest Shopping Center is a 77,553 square foot retail center located at the northeast intersection of Antoine and Victory Drive in the northwest quadrant of Houston, Texas. The property is situated in a dense residential cluster in the Inwood Forest subdivision of Greater Inwood.
Inwood Forest, the subdivision where the subject is located, is the most recognizable neighborhood in Greater Inwood due to its location surrounding Antoine Drive and green space. It is one of Houston’s most diverse and densely populated areas with 1,170 single family homes in the subdivision. In fact, home prices per square foot were higher in 2014 than the previous 10 years. Younger professionals, in particular, are moving into the community after getting priced out of neighborhoods closer to the Loop (Interstate 610).
Developed in 1985, the property has multiple points of ingress and egress from both Antoine and Victory Drive. Opposite of the subject on the southeast side of Antoine and Victory Drive is a TitleMax Title Loans and Domino’s Pizza. Adjacent to the Domino’s Pizza, off Antoine Drive, is a local favorite, Shipley Do-Nuts. Many other national retailers, service businesses and restaurants are within close proximity to Inwood Forest Shopping Center as well. Walgreens, O’Reilly Auto Parts, La Michoacana, Subway, Firestone Complete Auto Care, Sherwin-Williams Paint Store and U-Haul are among those in the area. The subject is also approximately a half of a mile from Lone Star College – Victory Center, a satellite campus of Lone Star College – North Harris. The satellite campus has over 1,300 students.
Inwood Forest Shopping Center is L-shaped, which conforms to its lot. When traveling north on Antoine and arriving at Victory Drive, the 55,530 square foot Foodarama store is unmistakable. Its prominent pylon and storefront sign give it excellent identification. Foodarama is a regional grocery store chain with 10 stores, which has been in Houston since 1973. It has been a tenant in the center since 2006, succeeding a Randalls which was there from 1985 when Inwood was built.
The property consists of one building. The first section, the larger of the two, runs parallel to Victory Drive. It has the Foodarama as well as City Gear and Wingstop. In addition, there is a Liquor Store, Cash Advance, Eye Care and a Dentist. The other segment consists of 8,625 square feet and runs parallel to Antoine Drive. It is where UT Physicians will be located and has the property’s only vacancy (1,500 square feet) and a small pharmacy. Occupancy is currently 98.07 percent. There are 10 tenant spaces of which nine are occupied. To be leasable, the vacant space will need to be totally redeveloped. Leases are NNN, except for Foodarama, which is Gross. Tenants on NNN leases pay management fees. There are also administrative fees that vary from tenant to tenant. The variety of uses in the property typify the draw that grocery anchored properties have.
- CAP Rate: 7.76%