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Mission Shore Offloads 105K-SF Houston Retail Center
Mission Shore Management sold Fairmont Preston Plaza, a 105,869-square-foot neighborhood retail center in Pasadena’s leading retail corridor in southeast Houston.
JLL represented Mission Shore Management. The buyer was JKZ Fairmont Preston, represented by Matt Moake with HighStreet Net Lease Group.
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.
JLL says 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 team representing the seller was led by Ryan West, John Indelli, Zamar Salas and Max Myers.
- ◦Sale/Acquisition
