Closed $5,700,000 Asking Price - Multi-Tenant
Red Oak Corners is a 45,793 square foot multi-tenant shopping center, located at 850 Cypress Creek Parkway (F.M. 1960
West) in North Houston, Texas. The property is on the northeast corner of the signalized intersection of Red Oak Drive and
F.M. 1960 West between Red Oak Drive and St. Edwards Lane. The center, built in 1981, has excellent access with multiple
points of ingress and egress: three on F.M. 1960 West and three on Red Oak Drive.
The property is situated in a vast retail area on F.M. 1960, one of the most traveled thoroughfares in the Houston M.S.A.
Many notable national and regional retailers are in the immediate area in both freestanding buildings and multi-tenant
shopping centers. On the opposite side is a freestanding Starbucks Coffee and Comerica Bank. Other retailers near the
property include Dunkin’ Donuts, Ace Cash Express, Pappas Bar-B-Q, Raising Cane’s, Luby’s, Chase Bank, Sprint Store and
Chili’s Grill & Bar among many others. Just east of the property, there is the 288,000 square foot, Weingarten owned,
Cypress Pointe Shopping Center, co-anchored by Kroger and Babies”R”Us. Adjacent to this shopping center is Cypress
Station Square, a 140,924 square foot multi-tenant shopping center at the intersection of 1960 West and Interstate 45 North.
The immediate area features extensive medical and office developments. The Northwest Medical Center Hospital is adjacent
to the property. The hospital opened in 1973 and has a medical staff of over 600 as well as 400 beds. In addition, there is a
150,000 square foot office building and an emergency room along with medical office spaces adjacent to the Starbucks Coffee.
Red Oak Corners has a complementary mix of both national and regional tenants. Among the notable national tenants are
Papa John’s Pizza, Smoothie King, Subway and MetroPCS. All tenants are on NNN leases. The largest tenant in the center is
Beauty Galaxy, which leases a 10,000 square foot space (21.84 percent of the GLA). The Red Oak store is the newest location
for this successful beauty supply retailer. Other larger tenants include Red Oak Uniform & Medical Supply with 4,021 square
feet (8.78 percent of the GLA) and Thai Select Restaurant with 3,900 square feet (8.52 percent of the GLA). The property is
77 percent leased and has 192 parking spaces.
Red Oak Corners consists of three separate buildings, two are multi-tenant along with one pad on the hard corner of Red Oak
Drive and F.M. 1960. The pad building consists of 2,787 square feet and has A-Z Insurance and Smoothie King. Smoothie
King has an attached drive-through. The first multi-tenant building, the largest of the three, runs parallel to F.M. 1960 West
and contains national tenants MetroPCS, Subway and Papa John’s.
The second multi-tenant building primarily runs parallel to Red Oak Drive, but has one storefront containing Red Oak Cleaners,
which faces F.M. 1960 West. This building has Azteca Jewelry, Red Oak Uniforms and Medical Supply and Red Oak Pharmacy.
- CAP Rate: 8.12%