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Teas Rd Conroe, TX 77303

Read King Commercial Sells 57612 Square Foot Retail Center In Conroe Texas Represented By Strive
SOLDRetail

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:

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

Jake Dutson

Strive

Broker

8 deals

Broker

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