Closed $5,450,000 Asking Price - Multi-Tenant
Terramont Village Shopping Center is a 24,794 square foot retail property located at 30340 FM 2978 Road in The
Woodlands, Texas (population of 109,679 residents). Developed in 2007, this center has ingress and egress to Woodlands
Parkway and FM 2978 via an extensive interior roadway system that also links it to one of the three Walmart Supercenters in
The Woodlands market. The property is in a line of freestanding buildings on FM 2978 that include a Capital One Bank,
Whataburger and Murphy USA gas station that extends to the Woodlands Parkway and FM 2978 intersection.
Other uses in the immediate neighborhood are shopping strip centers, an ExxonMobil gas station and Chase bank as well as
extensive clusters of well appointed apartments and single family homes. The property lies within the Sterling Ridge Village,
which is a fully developed section of the 28,000 acres Woodlands master-planned community and home to over 15,000
The Terramont Village Shopping Center has a reverse L-shape, which conforms well to its lot. Entering from the Walmart
Supercenter, the end cap (containing Anytime Fitness) and the Mei Wei restaurant are highly visible. When navigating the
main parking area, the balance of the property lays out well. The tenants consist of national and local retailers or service
providers. Among national tenants are Subway, Anytime Fitness and a State Farm agent office. There are three restaurants
that include Subway, Mei Wei and the soon to open The Republic Grille. The Republic Grille, in fact, will generate
substantial traffic for the property as it will be an upscale, but casual full service restaurant. There is already another
Woodlands location six miles away in the Village of Panther Creek.
Rental rates range from $18.00 per square foot to $27.00 per square foot plus NNN and new leases are being signed from
$22.00 to $27.00 per square foot plus NNN. Anytime Fitness has a gross lease rate of $21.93 per square foot.
There are nine spaces in the property, two that will be created from the former rug business location and one existing space.
There will be a 4,677 square foot vacant space there, which is shown on the rent roll as one space, but contemplated to be
subdivided for two small tenants. Both of these vacant spaces will provide upside to a buyer. Pro formas for these vacancies
have been developed and demonstrate the future potential for an entrepreneurial investor.
- CAP Rate: 6.55%