Pearland Commons
Long-Term WALT | Newer Construction Retail Center | High-Income Pearland Trade Area
Marketing description
Secure Net Lease, as the Exclusive Marketing Advisor, is pleased to present the Offering of Pearland Commons, a 27,460 SF stabilized Shopping Center consisting of 9 tenants. The Property features newer construction and is positioned on the SE Corner of the heavily trafficked Main Street and Magnolia Parkway intersection, a rapidly growing subdivision with high spending power in Pearland.
Pearland Commons was built in 2020 and benefits from multiple points of access along with excess parking for existing and prospective tenants.
With the property currently enjoying full NNN leases, built-in rent escalations, below market rents in several suites, staggard lease rollover, and a complimentary host of tenants catered to the local demographics, the Offering of Pearland Commons presents an ideal opportunity for investors seeking capital preservation coupled with longer-term appreciation.
Investment highlights
Strong WALT - With over 37% of the center having over 6 years remaining in their initial terms, the Property benefits from a strong weighted average lease term.
Built-In Rent Bumps - All of the Tenants occupying Pearland Commons have built-in step rents in their existing terms, allowing for easy built-in upside for an investor.
Below Market Rents - The lowest base rental rate in the center is only ~$18.96 psf, while similar suites in the shopping center are commanding upwards of $26 PSF, which is more in-line with the market asking rate.
High Spending Power Trade Area - The average household incomes within a 1, 2, and 5- mile radius are $118,621, $123,784, and $116,348 (respectively). The retailers cater well to the local residents and benefit from their proximity to a high-income demographic.
High-Growth Submarket - Pearland has experienced exponential growth over the past years, with a 2024-2029 projected growth rate of ~10.56% per annum.
Highly Visible Location/Multiple Access Points - The Property and its retailers benefit highly from its highly visible positioning coupled with multiple access points.
Proximity to Pearland High School - The Asset caters well to robust traffic activity due to its location near Pearland High School.
*Seller will Guarantee up to 2-yrs Rent and NNN's for Suite 142
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