Closed $8,075,000 Asking Price - Multi-Tenant
Pasadena Park Shopping Center is a 163,992 square foot regional shopping center in Pasadena, Texas. Located at the
southwest corner of Spencer Highway and Red Bluff Road, it is directly across from the Kroger anchored 134,006 square
foot Crossroads Centre. No other intersection in this trade area has as many national big box retailers as this one. Over
the years, major retail shopping has moved south from the older part of town on Center Street toward and on Spencer
The property, built in 1980, has five junior anchor tenants in the center: Surplus Warehouse, Dollar Tree, Big Lots,
Harbor Freight and ValueMart. These tenant amount to 120,229 square feet or 73.30 percent of the gross leasable area
Pasadena Park has extensive frontage on Spencer Highway, a major east to west highway, which is a six lane concrete
road. It runs through Pasadena, Deer Park and La Porte, the major cities in the area. The property is 1.9 miles west of
the Deer Park Walmart Supercenter, also situated on Spencer Highway.
The property benefits from a traffic count of 63,400 vehicles per day on Spencer Highway. Red Bluff traverses through
Pasadena on a northwest to southeast course and connects many residential and commercial areas.
The City of Deer Park has become an important magnet for better quality housing and its population provides the core
of retail traffic for Pasadena Park Shopping Center. Deer Park has a population of over 33,000 today and is highly
zoned. Schools are very desirable and new home prices are $150,000 and up.
Pasadena Park’s 163,992 square feet of rentable area is broken down into three multi-tenant buildings along with a
Watermill Express unit in the parking lot, a purified drinking water dispensary. The main building in the rear of the site
is 144,044 square feet. The two smaller multi-tenant pad buildings which front Spencer Highway are perpendicular to
the main building. They consist of 10,909 square feet and 8,814 square feet, respectively. In all, there are 21 leasable
spaces in the property, not including the Watermill Express. There are eight vacant spaces accounting for 16,360 square
feet or 9.98 percent of the GLA. Lease rates range from $4.37 to $7.31 per square foot for big box spaces and from
$6.22 to $15.08 per square foot for smaller spaces. There is a mix of gross and NNN leases.
- CAP Rate: 8.09%