Summary

Woodpark Plaza is a ‘big box” shopping center built in 3 Phases with land available to construct Phase 4. The property contains 11.249 acres of land and is located adjacent to The Woodlands with direct frontage on Interstate 45. 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.  I-45 has a traffic count of 145,000 vehicles per day.  The property also benefits from a major billboard along I-45 and with visibility from both directions which currently advertises the anchor tenant, The RoomStore and the location of the center. The center’s niche is a destination for consumers desiring home furnishings. Six of the eight current tenants (and two pending tenants) sell products in the home furnishing retail segment. 

The property contains 144,039 sf built in three Phases along with land to develop another 20,700 sf to the extent this last Phase can be pre-leased prior to construction. The overall strategy is to add value through leasing the remaining vacant space with the option of developing Phase 4. Woodpark Plaza is projected to be approximately 76% leased at the time of acquisition. The majority of vacant space is in Phase 3 which is a shell building that the current owner just completed. Upon completion of the lease-up, the exit strategy is to sell the stabilized center to an institutional owner.