Join First National Realty Partners' Founders & Chairmen Anthony Grosso & Chris Palermo as they unveil our most recent acquisition, Champions Village.
Champions Village is a 383,346 sq ft Randalls-anchored shopping center located in Houston, Texas, featuring an excellent mix of national, regional, and local tenants.
The property will provide investors with the opportunity to earn long-term cash distributions with exciting potential for upside through the execution of several value-add tactics.
Champions Village is anchored by a 61,604 SF Randalls grocery store. Randalls has been a strong tenant at this location for 50 years. Randalls attracts over 550,000 visitors per year and our industry-leading in-house leasing team is confident in their ability to execute a market rate renewal with Randalls during our holding period. Additionally, Randalls is a subsidiary of Albertsons, the 2nd largest supermarket chain in the US, and benefits from the strength of Albertson’s fortress balance sheet.
Champions Village features many other high-quality, national tenants including, TJ Maxx, Barnes and Noble, Kirkland’s, and Painted Tree – a new experimental concept that features hundreds of local and regional vendors selling everything from home décor and jewelry to furnishings and art. The remaining 120,212 SF of vacant space in the center gives the FNRP leasing team the green light to dramatically increase cash flow and create meaningful upside by renting to additional top national brand tenants.
FINANCIAL PROJECTIONS
+ 15.1% Targeted Annual Return
+ 7% Targeted Avg. Annual Cash Distribution
+ 1.9x Targeted Equity Multiple
+ $45mm Purchase Price
+ 5-Year Targeted Hold
WHY WE LOVE THIS DEAL
+ Champions Village is anchored by a strong-performing 61,604 SF Randalls
+ Randalls has been a tenant since 1974 with strong annual sales of $19.4mm ($315/SF)
+ Tenants include TJ Maxx, Barnes & Noble, Kirkland’s, UPS Store, Bank of America, and more.
+ Located 17 miles northeast of Downtown Houston
+ Population density within a 3-mile radius is 106,000+ people which is projected to grow by almost 2% in the next 5 years
+ Several opportunities for value-add potential