Summary

College Park Plaza is Class-A shopping center, located on College Park Drive in The Woodlands, a nationally renowned master planned community located 27 miles north of downtown Houston. The construction of the shopping center was completed in 2004.  The Woodlands is Houston’s largest master-planned community and has been the best-selling community, in terms of home sales in Texas, for 12 consecutive years. The intersection of State Highway 242 (also known as College Park Drive) and Interstate Highway 45 reportedly generates over $250 million worth of retail sales per year. This location is approximately ¼ mile west of Interstate 45. The trade area is characterized by an affluent population comprising 130,000 people and a highly occupied set of major retailers. The location also benefits from the significant sales volume generated by a Wal-Mart Supercenter, Kohl’s, Lowe’s Home Improvement and the other retailers in this intersection.  The property is also located adjacent to the St. Luke’s Hospital and shares a common drive with the Sadler Clinic (a two-story, 41,000 sf medical facility).

At the time of acquisition, the property was 65.5% leased to twenty-one tenants. The upside potential is rooted in an attractive purchase price and the near-term strategy of significantly increasing the NOI by leasing the remaining space. Upon stabilization, College Park Plaza is projected to have thirty-three tenants providing for a diversified income stream.