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The Market at Harper’s Preserve, Conroe, TX

The Market at Harper’s Preserve

Conroe, TX

Price Contact For Details
Cap Rate Contact For Details
NOI $2,567,333
Lease Term Weighted Average
Lease Type Various
Rental Increases Various
Year Built 2019 - 2021
Building Size 137,834 SF (Combined)
Lot Size 19.938 Acres (868,500 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

Newly Constructed Trophy Grocery Anchored Center with Low-Rent Outparcels in Houston MSA
» Exceedingly rare opportunity to acquire a newly constructed grocery-anchored center with limited shop space and low-rent ground leased outparcels.
» Newly constructed 102,000 SF H-E-B Flagship Store serving
the affluent Conroe and Woodlands communities. H-E-B offers a fueling center with car wash, drive-thru pharmacy, True Texas BBQ Restaurant and Texas Backyard Gardening. H-E-B operates more than 420 locations in Texas and Mexico with over $34B in annual revenue.
» Rare institutional quality grocery-anchored center which includes 25,987 SF of well-located shops and four absolute NNN Ground Lease outparcel pads to Regions Bank, McDonald’s, Valvoline and Taco Bell, all on new long-term leases providing excellent stabilized cash flow.
» Necessity based retailers providing an “Amazon-proof” tenant
mix. Over 84% of the center is comprised of food service/restaurants while the remaining tenants serve day-to-day service needs such as Bellacio Nails & Spa, Pacific Dental, Great Clips, and Valvoline.

Premier Location in one of the Fastest Growing Affluent Markets in the Country
» The H-E-B is the only grocery store in the Far North submarket of Houston east of I-45 for 16 miles serving the most vastly underserved and quickly growing residential submarket with 18,000 new homes in development.
» The center is located within Harper’s Preserve, a new 880-acre master-planned gated community with more than 2,000 homes and an affluent demographic with more than 92,000 residents in a 5-mile radius and an average household income over $144,000.
» The Market at Harper’s Reserve is Ideally positioned off Interstate 45 (179,160 AADT) along Texas State Route 242 (49,026 AADT) at Harper’s Trace with six different access points providing easy accessibility and visibility.
» Conroe, TX was recently identified as the fastest-growing city in U.S. with an annual growth rate of 7.8%, 11 times the national average.
» The Property is ideally positioned on TX-242, the submarket’s primary East/West arterial to I-45, to serve and capture future residential growth.

Extensive Workforce, Hospitals, and Schools Nearby
» Nearby major medical hospitals include St. Lukes Woodland Hospital, Houston Methodist Hospital, Texas Children’s Hospital, and Kelsey-Seybold Clinic establishing the community with a top-tier workforce and 24-hour demand for tenants within the center.
» Several Houston area schools and universities, including Lone Star College, contribute to the more than 100,000 students within the surrounding trade area, providing an excellent customer base for the many food and service-based tenants within the center.
» Conroe is an ideal location for companies in need of both regional air transportation and international air travel. Just 15 miles from Harper’s Preserve, Conroe-North Houston Regional Airport provides immediate access to the world through both private and corporate flights.. In addition, George Bush Intercontinental Airport Houston (IAH) is a short 30-minute drive from Conroe.
» Conroe attracts a wealth of manufacturing, retail, health care, life sciences, construction, and tourism companies. Top professions include office and administrative; sales; executive level; construction and extraction; and manufacturing. Within the city limits, 62% of the workforce is in white collar professions, while 38% is in blue collar jobs like manufacturing, construction, and distribution.
» Limited housing supply in The Woodlands is driving a significant push for housing growth east of Interstate 45.
» Houston ranks third among U.S. metro areas in Fortune 500 headquarters with 24 Fortune 500 companies headquartered in the Houston region with a total revenue of 399.6 billion in 2021.


Property Description

» Harper’s Preserve is strategically located in the heart of Conroe’s economic and communal hub, surrounded by world-class shopping, dining, and recreation. The master-planned community includes three villages: West Village (complete), East Village
(nearing completion), and South Village (now open).

» Harper’s Preserve features easy access to George Bush Intercontinental Airport and nearby Houston, featuring world-renowned museums, professional sports with the Astros, Texans, and Rockets, the downtown theater district, and much more.

» 92,606 residents live within a five-mile radius of the property, with an increase of 44% since 2010 and a projected increase
of 18% over the next five years, illustrating Conroe’s recent and explosive growth.

» The property is supported by an affluent customer base, with an average annual household income of $144,522 within five miles of the property.

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