Closed $4,725,000 Asking Price - Multi-Tenant
Parkview East Shopping Center is a 39,186 square foot retail center at the northwest corner of Spencer Highway and Bayshore Boulevard in Pasadena, Texas. Pasadena is in the southeast portion of the Houston Metro Area (MSA) with a population of over 150,000 residents. It is the second largest city in Harris County.
The property is located across from the Kroger-anchored 194,512 square foot Spencer Square Shopping Center, which is in an extensive retail cluster. Other retailers, here, include many free-standing restaurants, such as Golden Corral, Denny’s, Red Lopster and Casa Ole’. Dollar Tree, AutoZone, Petco, CVS and Walgreens are also among notable
retailers in the immediate area.
Built in 1968 and renovated in 2002, Parkview East Shopping Center has four buildings, two of which are pad sites built on the front of property on Spencer Highway. One pad building of 4,480 square feet is leased to Jason’s Deli and the other, a 5,400 square foot site, on the hard corner of Bayshore Boulevard has two tenants, Shipley’s Do-Nuts and Ryan’s Dry Cleaners. The remaining two buildings are multi-tenant. One is 15,306 square feet that has a Pipeline Pizza, tax service and a six-year lease with Humana for 12,000 square feet that the tenant has not occupied, but is paying rent per its lease agreement. The other is a 13,000 square foot building that Discovery Kidz Day Care occupies along with new
tenant There’s No Place Like Home (TNPLH).
- CAP Rate: 9.28%