Mission Shore Management has sold Fairmont Preston Plaza, a neighborhood retail center located along Pasadena’s leading retail corridor in southeast Houston. The center totals 105,869 square feet and serves as a community-oriented retail destination within the broader Houston market. The transaction marks a change of ownership for a mature asset that has undergone updates and continues to draw consistent customer traffic.
JLL represented Mission Shore Management in the sale. The buyer, JKZ Fairmont Preston, was represented by Matt Moake of HighStreet Net Lease Group. JLL’s Capital Markets team working on behalf of the seller included Ryan West, John Indelli, Zamar Salas and Max Myers, who led the disposition assignment for the property.
Originally constructed in 1974, Fairmont Preston Plaza was renovated in 2016, reflecting a repositioning effort to keep the center competitive in its trade area. The property is currently 89% leased and features a diverse tenant roster, demonstrating ongoing demand for retail uses at the site and within the surrounding corridor.
The center is anchored by two major tenants that support consistent traffic. Cosmic Air, a recently added trampoline and entertainment concept, occupies approximately 24,000 square feet and enhances the property’s experiential and family-oriented appeal. Planet Fitness occupies roughly 26,000 square feet and serves as another key traffic driver for the center.
According to the article, the Planet Fitness location at Fairmont Preston Plaza ranks third in foot traffic among Houston-area Planet Fitness locations and 11th statewide over the past 12 months. This performance highlights the property’s established role within the regional retail landscape and underscores the strength of its anchor tenancy.
JLL notes that Fairmont Preston Plaza presents significant value-add potential for the new owner. Rents at the property are reported to be approximately 20% below market levels, providing room for revenue growth over time. In addition, 46% of the tenants have leases expiring within the next three years and do not have fixed renewal options, creating opportunities for the buyer to re-lease space, reset rents closer to market, and potentially remerchandise portions of the center as leases roll.
With a mix of established anchors, strong recorded foot traffic, and embedded rent and lease-up upside, the Fairmont Preston Plaza transaction illustrates continued investor interest in well-located, value-add neighborhood retail assets within the Houston area.
