NewQuest Properties Secures 10-Year Lease With Game Time For 69,105 SF In Willowbrook Pavilion
Building Size
69,105 SF
Asset Type
Retail
Closing
Feb 5, 2024
AI
NewQuest Properties has secured a 10-year lease with Game Time, Florida's largest amusement vending operator, for 69,105 square feet in Willowbrook Pavilion, located at 18355 TX-249 in Houston. This lease marks Game Time's entry into Texas, following its acquisition of iT'Z Entertainment's space. Game Time plans to enhance the gaming experience and food offerings during a year-long transition period. Additionally, after renovations, EoS Fitness will open in the former theater space.
Summary of transaction details:
- Property Type: Retail
- Square Footage: 69,105
- Address: 18355 TX-249, Houston
The brokers involved in this lease transaction are Kevin Sims and Nick Ramsey from NewQuest Properties, representing both the tenant, Game Time, and the landlord, Willowbrook Pavilion. Game Time is making its debut in Texas with this lease, while NewQuest Properties continues to expand its portfolio in the Houston market.
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Market Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93