Closed $8,000,000 Asking Price - All Retail Properties, Featured, Single Tenant
The Urban Outfitters building is a 15,273-square-foot single-tenant retail property in Rice Village, located in Houston, Texas. Rice Village is one of Houston’s premier retail districts and is adjacent to West University Place and the world famous Rice University.
The subject property is ideally situated across from the intersection of University Boulevard and Kelvin Drive, between Kirby and Morningside, the major north/south thoroughfares in the shopping district. Urban Outfitters’ neighbors include well-known national retailers including Kate Spade Saturday, J. Hampton, Elaine Turner, and Jos. A. Bank. Directly across University Boulevard from the Urban Outfitters store is the prestigious Village Arcade Shopping Center, a 164,211-square-foot multi-level retail property with extensive parking that includes a garage and many more great names in the retail industry as tenants.
From its origins in the 1930s as an ad hoc cluster of retail stores, Rice Village has grown to become one of Houston’s foremost shopping destinations. Host to over 300 shops in a 16-block area, Rice Village is known for its many small and eclectic shops and boutiques. Recent expansion in the area has also brought in high-end clothing stores and nation-wide retail venues. Residential real estate has recently re-entered the area with the opening of the 379-unit Hanover Rice Village Apartments, which are 85% leased and offer a service retail component.
Built in 1950, the store was previously a family owned retail women’s clothing establishment. In 1995 Urban Outfitters signed a lease and, after fully gutting the building, created their signature look. Their space consists of 15,273 total square feet, with 11,503 square feet on the first floor and 3,770 square feet on the mezzanine area.
- CAP Rate: 5.00%