JLL Capital Markets arranged the sale of Fairmont Preston Plaza, a 105,869-square-foot neighborhood retail center in Pasadena’s leading retail corridor in southeast Houston.
JLL represented the seller, Mission Shore Management. The buyer was JKZ Fairmont Preston, LLC represented by Matt Moake with HighStreet Net Lease Group.
Fairmont Preston Plaza is located at 4802-4930 Fairmont Pkwy. at the intersection of Fairmont Parkway and Preston Avenue, a high-traffic retail node that ranks second among retail corridors within a 15-mile radius. The property benefits from exceptional visibility with 30,345 vehicles per day on Fairmont Parkway and serves a densely populated Hispanic community that previously had limited access to quality shopping centers.
Built in 1974 and renovated in 2016, Fairmont Preston Plaza is currently 89% leased with a diverse tenant roster. The center is anchored by Cosmic Air, a newly added 24,000-square-foot trampoline and entertainment facility, and Planet Fitness, which occupies 26,000 square feet. The Planet Fitness location ranks third in foot traffic among Houston locations and 11th statewide over the past 12 months. National tenants also include Dollar Tree and a recently opened 7Brew Coffee drive-thru on an outparcel under a long-term ground lease through 2035.
The property offers significant value-add potential with 20% below-market rents and 46% of tenants expiring within three years without fixed renewal options.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analysts Zamar Salas and Max Myers.
