The Opportunity


Sage is please to present an opportunity to invest alongside Jay Williams and Property Commerce in the Shops at Tomball Parkway (“T-Parkway”), a 100% occupied, 5,281 sf, 3-tenant retail shopping center. T-Parkway is a shadow anchored by a top performing Target with exposure to over 280k cars per day. Current tenants are Castle Dental (national), Sally Beauty (national), and Pho Trang restaurant.

Key Highlights

Stable Cash Flow: This is a fully leased, 100% occupied, shopping center located in an established retail corridor in Tomball, Texas. Current tenants are Castle Dental (national), Sally Beauty (national), and Pho Trang restaurant (local).

Great Real Estate: The asset is located in an established retail corridor with immediate highway access to Highway 290 and is shadow anchored by a Target. The overall area is a primary retail node, serving an affluent area. Additionally, this is a newer asset, built in 2017, which means minimal future capex.

Great Management Team: Jay Williams and Property commerce will manage day to day operations of the asset. PC is one of the leading retail developers in Houston with extensive experience and a proven track record of success. Property Commerce currently owns the asset and plans to stay on as GP, contributing 10% of equity, which is a great sign of their commitment to the shopping center .

Exit Strategy: The buyer pool for small, shadow anchored strip retail centers is robust with significant amounts of capital chasing the space which bodes well for the future exit. Also, Property Commerce is a preferred developer for Target and therefore has unique insight into store operating metrics to help drive up sales price of our center.

Project Summary

Year Built: 2002

Land Area: 0.64 acres

Acquisition Price: $2,181,000

Net Rentable Area: 5,281 sf

Occupancy: 100%

Year 1 NOI: $161,924

Business Plan

Sage Equity Partners anticipates maintaining the asset for a traditional hold period of 5-7 years. With three service tenants, being a relatively new build, and accretive financing, T-Parkway offers a unique cash flow play. The upside scenario assumes that small, shadow anchored shopping center space remains highly sought after by a large pool of buyers. If that’s the case and coupled with lease extensions the exit cap rate could compress into the 6% cap rate range which would also deliver solid exit proceeds. Property Commerce will place new bank financing with five years of term, 65% leverage, an approximately 3.75% interest rate, with FCCU – a local credit union.

The Asset

Market Demographics

Tenant & Lease Overview


Offering size


Timing of Funds:

April 25th, 2022

Timing of Close:

May 6th, 2022

Management Team