Colliers is pleased to announce the sale of Stone Gate Center, a 11,625 square foot five-unit retail property located at 11700 Barker Cypress Road in Cypress, Texas. The buyer, Tomball Best Food, was represented by Dawn Askew of Republic Central Realty. Todd Moore of Colliers represented the seller, Swingstar Corporation in the transaction.
“Stone Gate Center is a well-located shopping center with great visibility along Barker Cypress. The submarket is expanding rapidly, and we are seeing investor demand for assets in the market rise concurrently,” said Todd Moore of Colliers. “We received multiple offers and are pleased to have closed the transaction at full asking price.”
Stone Gate Center is situated on 1.15 acres in the heart of multiple new master planned communities in close proximity to Highway 290. The five-unit property was built in 2007 and features two entrances along Barker Cypress Road with a dedicated turning lane from the southbound lanes.
The property is located in Houston's Bridgeland retail submarket. The submarket contains 4.6 million square feet of retail space which is currently 95 percent occupied. The average asking rate in the submarket is $25.38 per square foot; however, rental rates can range anywhere between $20.00 to $80.00 per square foot depending on the age, size and location of the space.