Read King Commercial Sells 57612 Square Foot Retail Center In Conroe Texas Represented By Strive
Building Size
57,612 SF
Asset Type
Retail
Closing
Aug 12, 2024
AI
The transaction involved the sale of Teas Crossing, a retail shopping center located at Teas Road & I-45 in Conroe, Texas. The asset encompasses 57,612 square feet and was 70% leased to well-known tenants, including Verizon and Benihana.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not provided
- Address: Teas Road & I-45
- Market: Conroe
- Seller: Jeff Read & Ewing King - Read King Commercial
- Buyer's Representative: John Harry - John Harry Realty Advisors
- Seller's Representatives: Adam Gottschalk & Jake Dutson - Strive
STRIVE successfully arranged the sale of the property, with brokers Adam Gottschalk and Jake Dutson representing the seller. John Harry represented the buyer, who is identified as a Houston-based 1031 exchange investor, facilitating the transaction.
Players
Market Retail Market Snapshot
Boundary boundary · Retail · Sale 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