Retail Development
Cypress Land
- Location
- Cypress, TX
- Size
- 63,162 Sqf
- Deal Type
- New development
- Strategy
- Opportunistic
- Year
- 2020
- Net Investor Return
- 50%
- Net Annual Return
- 12.5%
- Hold Period
- 4.0 Yrs.
- Equity Multiple
- 1.50x
The 2.99-acre site is located just north of the intersection of N. Fry Rd and Rustic lake ln, across from Cypress Springs High School. There is a new Starbucks and Take5 at the intersection. Land acquired at a “single-digit” price. Previous land owner was a Senior Citizen and wanted to exit the land after holding it for 15 years.
The land purchase gave SGRE an option to develop an additional 11,750 sqf center or will be sold as a pad-site for a premium.