As Restaurants Endure Economic Losses, Others Feel Pain, Too

July 22, 2020 As restaurants endure economic losses, others feel pain, too

WASHINGTON (AP) — Restaurants helped revive the U.S. economy after the Great Recession of 2007-2009.

Associated Press

Sarah Trubnick, owner of The Barrel Room, poses for photos while interviewed at the restaurant during the coronavirus pandemic in San Francisco, Tuesday, July 14, 2020. The Barrel Room, a San Francisco wine bar and restaurant, cautiously reopened this month, hoping to salvage as much of 2020 as possible. But as infections climb, Trubnick isn’t taking anything for granted. “We are prepared at any minute to close again,’’ she said. “It’s a very stressful situation.’’ (AP Photo/Jeff Chiu)

This time? Don't count on it. As the nation struggles to rebound from a now-resurgent coronavirus, restaurants seem much less likely to deliver an economic boost. They’ve suffered a heavy blow from lockdowns and occupancy restrictions, and it’s unclear how readily Americans will return en masse to dining out.

Consider the Barrel Room, a San Francisco wine bar and restaurant whose owner cautiously reopened this month, hoping to salvage as much of 2020 as possible. To stay afloat after a lockdown took effect in March, the restaurant tried selling groceries and delivering alcoholic drinks to customers. Owner Sarah Trubnick also fought through red tape to obtain federal aid — a process she likened to living in a Kafka novel. As confirmed infections climb, Trubnick is bracing for the worst.

“We are prepared at any minute to close again,’’ she said. “It’s a very stressful situation.’’

Across the nation, millions of restaurant jobs have vanished in the face of lockdowns. Just when eateries of all categories and price levels had been anticipating a summertime comeback, new viral cases are upending everything.

The damage extends beyond darkened kitchens and dining rooms to the farms and wineries that supply them and the shopping centers that have grown to depend on restaurants as anchors to replace now-vanished stores that couldn’t compete with Amazon and Walmart.

Chris Shepherd, owner and executive chef of Underbelly Hospitality in Houston, said in an online essay that he might have to close his four restaurants because his company’s revenue is just 30% of what it was a year ago.

“I employ 200 people in this community," Shepherd wrote. "When I shut down, they lose their jobs. I’m no longer able to pay my farmers, cleaning companies, valet companies, linen companies, wineries, distilleries. Our reach is long.’’

Before the pandemic, restaurants had employed 11 million workers nationwide — more than the number who work in construction or in factories that produce high-priced manufactured goods. They generated more revenue than grocery stores. From 1990 through February this year, restaurant jobs grew more than twice as fast (91%) as overall jobs (40%).

“The restaurant industry’s role in the economy is outsized compared to its share of overall GDP,” said Mark Zandi, chief economist at Moody’s Analytics. “As it is often among the first jobs for many workers, it is critical to the training of the American workforce. It is also a vital source of jobs and incomes for lesser-skilled and educated workers.’’

The struggles in the restaurant industry also disproportionately hurt Black and Hispanic workers. Together, they account for more than 40% of restaurant jobs, versus 30% of overall U.S. jobs. Sarah Trubnick, owner of The Barrel Room, wears a mask while interviewed at the restaurant in San Francisco, Tuesday, July 14, 2020. The Barrel Room, a San Francisco wine bar and restaurant, cautiously reopened this month, hoping to salvage as much of 2020 as possible from the coronavirus pandemic and the lockdowns meant to contain it. (AP Photo/Jeff Chiu)

As restaurants and bars reluctantly closed their dining rooms, their sales sank from $66 billion in February to $30 billion by April — the lowest such total, adjusted since inflation, since 1983. In June, boosted by delivery and takeout customers, sales rebounded to $47 billion. But many restaurants desperately need to reopen their dining rooms.

“You cannot profitably run a takeover-delivery model if you also have 60 dark tables in the front of the house,” said Sean Kennedy of the National Restaurant Association.

Restaurants had cut nearly 5.4 million jobs in March and April before restoring 1.4 million of them as states began to reopen in May. But the bounce-back is in jeopardy. Confirmed cases have surged across the South and West, forcing states to slow or reverse plans to reopen. Zandi said he worries that restaurant jobs won’t return to pre-pandemic levels until the mid-2020s.

The data firm Womply reports that restaurant closures began rising in late June, especially in Texas, Arkansas and Arizona after having fallen steadily from late April into June.

“People are not out eating,’’ said Genell Pridgen, whose family runs a restaurant, butchery and three farms in North Carolina. “I’m not sure how long it will take for normal to get back.’’

Analysts say it's unclear when Americans will feel comfortable enough to pile into diner booths or raise toasts at bars or how long state and local governments will require them to operate at reduced occupancy.

“They won’t be able to squeeze tables in like they used to,’’ said Barbara Denham, senior economist at the commercial real estate research firm Moody’s Analytics REIS. “A lot of those restaurants … can’t make a profit on a table setup that is half of what is used to be.’’

The pain isn't confined to the restaurants themselves. Also hurting are local farms that supply high-end restaurants with top-quality produce and meat through the popular farm- to-table movement. Though some farms have increased their sales to grocery stores or directly to consumers, shifting away from specialty restaurants tends to carry a cost — lower prices.

The data firm Cortera found that the proportion of restaurants that had fallen behind on their payments to suppliers as of late June — 36% — was the highest for any industry, Zandi said. “I would expect it to increase substantially in July," he said, "given the re-closings in states suffering from an intensification of coronavirus.”

The struggles of restaurants carry consequences for commercial real estate, too. Since the Great Recession, America’s shopping centers have rented space to restaurants, gyms and other so-called experiential tenants as an alternative to traditional shops, which have fallen vulnerable to competition from Amazon and other online mass sellers. Shopping center space occupied by restaurants surged 27% from the end of 2009 to early this year, compared with a 10% increase in overall retail space, according to the CoStar Group consultancy. © Provided by Associated Press Jose Peraza, sous chef at The Barrel Room, wears a mask while working at the restaurant in San Francisco, Tuesday, July 14, 2020. The Barrel Room, a San Francisco wine bar and restaurant, cautiously reopened this month, hoping to salvage as much of 2020 as possible from the coronavirus pandemic and the lockdowns meant to contain it. (AP Photo/Jeff Chiu) Sanford Sigal, CEO of NewMark Merrill, which owns 85 shopping centers in California, Colorado and Illinois, predicted that “well-run restaurants will come back stronger than ever.’’ Such restaurants have used the lockdown period to expand their takeout and delivery operations, he noted. © Provided by Associated Press Sarah Trubnick, owner of The Barrel Room, wears a mask while interviewed at the restaurant in San Francisco, Tuesday, July 14, 2020. The Barrel Room, a San Francisco wine bar and restaurant, cautiously reopened this month, hoping to salvage as much of 2020 as possible from the coronavirus pandemic and the lockdowns meant to contain it. (AP Photo/Jeff Chiu) After closing in March, for example, the Iron City Sports Bar in Bellefontaine, Ohio, built a takeout system from scratch. Owner Matt Brown invested in equipment to make it easier to process carryout orders, reconfigured the saloon’s layout to promote social distancing and installed cameras to monitor the parking lot so his staff could see customers arrive. © Provided by Associated Press Signs advising social distancing and wearing face masks are posted on a door of The Barrel Room restaurant during the coronavirus outbreak in San Francisco, Tuesday, July 14, 2020. The Barrel Room, a San Francisco wine bar and restaurant, cautiously reopened last week, hoping to salvage as much of 2020 as possible from the coronavirus pandemic and the lockdowns meant to contain it. (AP Photo/Jeff Chiu) “Our numbers are up from year to year,’’ said Brown, who employs 30 workers, about the same as before the pandemic. “That is due to the delivery and carryout.’’

Likewise, Sarah Trubnick’s Barrel Room got into the delivery business after receiving government approval to deliver wine, liquor and beer. She waited until July 6 to reopen the restaurant to outdoor dining. Twenty of her 30 employees are back. Others are staying home until the health crisis eases.

“The survival of the business is at stake,” Trubnick said. “All we can do is go day by day, make the best possible decisions and just cross our fingers.’’

MONTGOMERY CENTRAL APPRAISAL DISTRICT

FAST FOOD (PUC 325) CLASSIFICATION GUIDELINES Primary Valuation Method: COST

Fast Food (PUC 325) differs from Restaurant (PUC 321) because of the limited dining area in relation to the food preparation area. Fast Food buildings also include drive-up windows while Restaurant buildings usually do not. Fast Food buildings range in size from about 1,375 square feet to 4,300 square feet with a median of 3,150 square feet. The dining room space is usually less than 45% of the gross building area. Office space and restrooms are included in the cost. Kitchen equipment, fixtures and furniture are not included. Class B Fast Food Restaurant

Class B Fast Food buildings house franchised operations that must comply with strict standards of design, quality and appeal. They have good interior and exterior quality finish. They are typically located in premium locations with high traffic volume. They are generally recent construction but can also be older buildings that have been extensively updated. They are well maintained. The construction usually consists of wood or steel studs in bearing walls. The exterior walls can consist of brick, stone, stucco or tile masonry

Class C Fast Food restaurants are usually part of a limited or regional restaurant chain franchise operation. They have average interior and exterior quality finish and adequate maintenance. They are typically located in average to good locations with moderate traffic volume. They are sometimes older generation nationally-franchised operations that are nearing the end of their economic life and require major remodeling. The construction usually consists of wood or steel studs in bearing walls. The exterior walls can consist of brick, stucco or tile masonry.

Class D and E Fast Food Restaurants are neighborhood or locally-owned buildings that do not have to conform to strict franchise standards. These buildings are usually of very simple construction. They are sometimes older buildings and can be former residential structures that have been converted to restaurant use, or former franchised buildings that have been repurposed. Sometimes there is no dining room area and service is done as take-out food. The construction of the building usually consists of wood studs. The exterior walls can consist of frame, brick, concrete block or various types of faux siding. Class E fast food restaurants can be differentiated from Class D due to inferior location, quality of construction and/or extensive deferred maintenance.

This document was prepared for use by the Montgomery Central Appraisal District only. MCAD does not guarantee or warrant the accuracy of the document/data. THERE IS NO WARRANTY OF ANY KIND, EXPRESSED OR IMPLIED, AND SPECIFICALLY THERE IS NO WARRANTY OF MERCHANTABILITY OR OF FITNESS. 3/25/2021 PUC 325 FAST FOOD 321 EQUITY EVIDENCE State % Eff Value Imps PSF Land Total Land Total R# PUC NBHD DBA Situs Address Class NRA Total Value Land Value Code Comp Year Method (Cost) PSF Size Acres R107715 325 F1 5163.C CULVERS 331 NORTHPARK DR, KINGWOOD, TX 77339 2017 COST B 4,088 $1,653,930 $152 $12.00 86157.32 1.98 $1,033,890 R120663 325 F1 5151.C MCDONALDS 24610 FM 1314 RD, PORTER, TX 77365 2017 COST B 4,594 $1,253,120 $161 $10.00 51487.92 1.18 $514,870 R123847 325 F1 7100.C CULVERS 1426 N LOOP 336 W, CONROE, TX 77301 2020 COST B 4,042 $983,460 $154 $16.02 22433.40 0.52 $359,330 R143401 325 F1 8162.C KFC 630 SAWDUST RD, THE WOODLANDS, TX 773802015 COST B 2,651 $643,750 $142 $10.00 26789.40 0.62 $267,890 R185525 325 F1 4104.C HARTZ FRIED CHICKEN 106 N DANVILLE ST, WILLIS, TX 77378 2018 COST B 2,829 $427,920 $140 $3.00 10799.00 0.25 $32,400 R195426 325 F1 8136.C MCDONALDS 4600 WOODLANDS PKWY, THE WOODLANDS, 2016 TX 77380COST B 3,955 $1,399,310 $162 $12.00 63249.12 1.45 $758,990 R195612 325 F1 8132.C DAIRY QUEEN 2300 BUCKTHORNE PL, THE WOODLANDS, TX2016 77380 COST B 3,318 $878,960 $145 $10.00 39639.60 0.91 $396,390 R212189 325 F1 8162.C STARBUCKS 25111 GROGANS MILL RD, SPRING, TX 773802016 COST B 2,773 $781,640 $151 $10.00 36285.48 0.83 $362,850 R216598 325 F1 4107.C WENDYS 1109 LEAGUE LINE RD, CONROE, TX 77303 2016 COST B 3,050 $798,340 $156 $6.00 53883.72 1.24 $323,300 R218988 325 F1 7108.C JACK IN THE BOX 14640 HIGHWAY 105 W, CONROE, TX 77304 2012 COST B 2,960 $1,522,800 $148 $14.00 77576.00 1.78 $1,086,060 R219228 325 F1 8162.C TACO BELL 650 SAWDUST RD, SPRING, TX 77380 2016 COST B 1,976 $569,720 $155 $10.00 26266.68 0.60 $262,670 R220682 325 F1 4103.C JACK IN THE BOX 910 W MONTGOMERY ST, WILLIS, TX 77378 2013 COST B 2,793 $1,112,620 $150 $11.00 63118.44 1.45 $694,300 R230756 325 4105.C MCDONALDS-IMP ONLY 1002 N INTERSTATE 45, WILLIS, TX 77378 2012 COST B 4,598 $752,090 $164 0.00 0.00 $0 R231410 325 F1 5155.C WHATABURGER 23607 US HIGHWAY 59, PORTER, TX 77365 2013 COST B 2,594 $828,870 $152 $12.00 36154.80 0.83 $433,850 R231411 325 F1 5151.C POPEYES 24895 FM 1314 RD, PORTER, TX 77365 2014 COST B 2,240 $628,210 $156 $9.00 31046.00 0.71 $279,410 R232406 325 F1 8133.C JACK IN THE BOX 1250 LAKE WOODLANDS DR, THE WOODLANDS, 2016 TX 77380COST B 2,630 $1,384,620 $149 $20.02 49658.40 1.14 $993,950 R236117 325 F1 8132.C BURGER KING 9120 GOSLING RD, THE WOODLANDS, TX 773812016 COST B 3,682 $1,122,130 $155 $12.00 45868.68 1.05 $550,430 R238100 325 F1 5151.C TACO BELL 24891 FM 1314 RD, PORTER, TX 77365 2016 COST B 1,974 $589,950 $158 $9.00 30928.00 0.71 $278,360 R241856 325 F1 7108.C POPEYES 14631 HIGHWAY 105 HWY W, CONROE, TX 773562013 COST B 2,376 $1,069,010 $163 $10.00 68241.10 1.57 $682,410 R242067 325 F1 8132.C POPEYES 4510 PANTHER CREEK PINES, THE WOODLANDS, 2017 TX COST B 2,475 $853,580 $152 $10.00 47698.20 1.10 $476,980 R242068 325 F1 8132.C TACO BELL 4490 PANTHER CREEK PINES, THE WOODLANDS, 2015 TX COST B 2,012 $838,600 $155 $10.00 52576.92 1.21 $525,770 R242573 325 F1 8132.C MCDONALDS 9110 GOSLING RD, THE WOODLANDS, TX 773812018 COST B 3,402 $1,139,750 $165 $12.00 48220.92 1.11 $578,650 R243293 325 F1 5155.C JACK IN THE BOX 20130 US HIGHWAY 59, NEW CANEY, TX 773572013 COST B 2,454 $791,020 $146 $8.14 53051.72 1.22 $431,720 R251172 325 F1 4103.C SONIC DRIVE-IN 815 MONTGOMERY ST, WILLIS, TX 77378 2010 OVR B 1,504 $415,780 $141 $6.00 33976.80 0.78 $203,860 R260432 325 F1 7107.C CHIPOTLE / VERO ITALIAN KITCHEN1312 W DAVIS ST, CONROE, TX 77304 2017 COST B 6,348 $1,855,200 $156 $17.99 48220.92 1.11 $867,260 R260556 325 F1 8135.C JACK IN THE BOX 7940 RESEARCH FOREST DR, THE WOODLANDS, 2015 TX 77382COST B 2,808 $1,213,860 $148 $16.00 49919.76 1.15 $798,720 R261819 325 F1 4105.C CHICK-FIL-A 12310 OLD MONTGOMERY RD, WILLIS, TX 773182016 COST B 4,618 $1,415,820 $167 $10.00 64251.00 1.48 $642,510 R262398 325 F1 2101.C MCDONALDS 18630 FM 1488 RD, MAGNOLIA, TX 77354 2016 COST B 3,380 $921,180 $157 $7.42 52672.75 1.21 $390,780 R265449 325 F1 7113.C JACK IN THE BOX 3595 LOOP 336 W, CONROE, TX 77303 2012 COST B 2,340 $844,510 $151 $10.00 49205.38 1.13 $492,050 R269849 325 F1 8135.C CHICK-FIL-A 8020 RESEARCH FOREST DR, THE WOODLANDS, 2020 TX 77382COST B 4,084 $1,719,450 $160 $16.00 66646.80 1.53 $1,066,350 R272516 325 F1 5156.C PATS DONUTS 23920 US HIGHWAY 59, NEW CANEY, TX 773652014 COST B 1,692 $299,730 $138 $6.00 11142.65 0.26 $66,850 R273745 325 8163.C JAMES CONEY ISLAND-IMP ONLY521 SAWDUST RD, SPRING, TX 77380 2012 COST B 3,519 $492,420 $140 0.00 0.00 $0 R276319 325 F1 8137.C WENDYS 3032 COLLEGE PARK DR, THE WOODLANDS, TX2014 COST B 2,988 $2,137,400 $160 $20.00 82938.24 1.90 $1,658,760 R280236 325 F1 8136.C SPU2020 - WENDYS 6670 WOODLANDS PKWY, THE WOODLANDS, 2015 TX 77382COST B 3,112 $1,465,660 $137 $16.00 64860.84 1.49 $1,037,780 R280321 325 F1 8136.C MCDONALDS 6730 WOODLANDS PKWY, THE WOODLANDS, 2020 TX 77382COST B 4,696 $1,740,090 $160 $16.00 61811.64 1.42 $988,990 R281056 325 F1 8137.C BURGER KING 3020 COLLEGE PARK DR, THE WOODLANDS, TX2017 77382COST B 4,062 $2,399,560 $157 $20.00 88121.88 2.02 $1,762,440 R292155 325 F1 8134.C POPEYES 16826 INTERSTATE 45, CONROE, TX 77384 2016 COST B 2,425 $1,394,150 $151 $20.00 51365.95 1.18 $1,027,300 R292320 325 F1 5151.C JACK IN THE BOX 23183 FM 1314 RD, PORTER, TX 77365 2016 COST B 2,937 $600,210 $148 $3.23 51095.88 1.17 $164,860 R292327 325 F1 2151.C RAISING CANES 6730 FM 1488 RD, MAGNOLIA, TX 77354 2020 COST B 2,783 $1,176,340 $176 $20.00 34259.00 0.79 $685,180 R292328 325 F1 2151.C SPU2020 - JACK IN THE BOX 6734 W FM 1488 RD, MAGNOLIA, TX 77354 2012 COST B 2,857 $799,230 $140 $11.07 36076.39 0.83 $399,260 R295858 325 F1 5164.C WENDYS 590 KINGWOOD DR, KINGWOOD, TX 77339 2020 COST B 3,353 $1,255,520 $154 $20.00 36982.44 0.85 $739,640 R297543 325 F1 2151.C MCDONALDS 6745 W FM 1488 RD, MAGNOLIA, TX 77354 2020 COST B 4,718 $1,134,920 $155 $12.00 33593.47 0.77 $403,120 R297580 325 7107.C CHICK-FIL-A 1321 W DAVIS ST, CONROE, TX 77301 2020 COST B 4,176 $558,360 $134 0.00 0.00 $0 R298578 325 F1 1101.C MCDONALDS 20943 EVA ST, MONTGOMERY, TX 77356 2019 COST B 4,502 $1,133,650 $159 $10.00 41991.84 0.96 $419,920 R30285 325 F1 7107.C TACO BELL 3207 W DAVIS ST, CONROE, TX 77304 2019 COST B 2,322 $680,020 $155 $8.00 39989.00 0.92 $319,900 R308057 325 F1 7126.C ARBYS 16630 INTERSTATE 45 N, CONROE, TX 773012016 COST B 3,512 $1,572,370 $148 $20.00 52637.90 1.21 $1,052,760 R311677 325 F1 8137.C WHATABURGER 3073 COLLEGE PARK DR, THE WOODLANDS, TX2019 77382COST B 3,352 $1,549,870 $155 $18.00 57194.28 1.31 $1,029,490 R311678 325 F1 8137.C TACO CABANA 3079 COLLEGE PARK DR, THE WOODLANDS, TX2015 COST B 3,685 $1,406,110 $141 $15.37 57586.32 1.32 $885,080 R311701 325 F1 8133.C SPU2020 - KFC/ A&W 9945 SIX PINES DR, THE WOODLANDS, TX 773802016 COST B 2,800 $1,524,120 $134 $20.00 57499.20 1.32 $1,149,980 R313866 325 F1 8137.C SPU2020 - TACO BELL/ LONG JOHN3103 SILVER COLLEGE PARK DR, THE WOODLANDS, TX2018 77382COST B 3,006 $1,764,450 $151 $18.00 72788.76 1.67 $1,310,180 R338584 325 F1 7107.C RAISING CANES 2127 W DAVIS ST, CONROE, TX 77301 2016 COST B 3,620 $1,014,190 $152 $12.00 38768.40 0.89 $465,220 R338636 325 F1 2152.C WHATABURGER 6203 FM 1488, MAGNOLIA, TX 77354 2015 COST B 3,210 $983,170 $139 $14.00 38332.80 0.88 $536,650 R338946 325 F1 8139.C RAISING CANES 1501 RESEARCH FOREST DR, SHENANDOAH, TX2016 77381COST B 3,208 $1,320,850 $152 $15.00 55495.44 1.27 $832,430 R338947 325 F1 8139.C SPU2020 - KILLENS BBQ 8800 SIX PINES, SHENANDOAH, TX 77381 2020 COST B 4,590 $1,582,290 $147 $15.00 60417.72 1.39 $906,260 R343093 325 F1 6100.C JACK IN THE BOX 14699 US HIGHWAY 59, SPLENDORA, TX 773722017 COST B 2,509 $478,800 $146 $4.00 27860.98 0.64 $111,440 R362218 325 F1 2150.C SPU2020 - % COMP - POPEYES 32310 STATE HIGHWAY 249 70 2020 COST B 1,862 $374,770 $121 $4.00 37365.77 0.86 $149,460 R363643 325 F1 8137.C CHICK-FIL-A 3425 COLLEGE PARK, THE WOODLANDS, TX 773842016 COST B 4,943 $2,407,710 $162 $18.00 89342.00 2.05 $1,608,140 R363680 325 F1 8132.C WHATABURGER 30330 FM 2978 RD, MAGNOLIA, TX 77354 2016 COST B 3,551 $1,424,720 $158 $12.00 72004.68 1.65 $864,060 R363869 325 F1 7160.C JACK IN THE BOX 9300 HIGHWAY 242, CONROE, TX 77385 2015 COST B 1,816 $795,260 $148 $16.00 32940.07 0.76 $527,040 R368666 325 F1 7107.C THE CATCH 2121 W DAVIS ST, CONROE, TX 77304 2018 COST B 2,513 $629,540 $149 $16.00 15986.52 0.37 $255,780 R370986 325 F1 2101.C JACK IN THE BOX 17607 FM 1488, MAGNOLIA, TX 77355 2013 COST B 1,848 $499,650 $150 $5.00 44561.00 1.02 $222,810 R380911 325 F1 2153.C PANDA EXPRESS 33010 FM 2978 RD, MAGNOLIA, TX 77354 2014 COST B 2,436 $1,135,780 $162 $16.00 46269.43 1.06 $740,300 R380912 325 F1 2153.C CHICK-FIL-A 6543 FM 1488 RD, MAGNOLIA, TX 77354 2020 COST B 3,861 $1,141,040 $157 $16.00 33366.96 0.77 $533,870 R380913 325 F1 2153.C TACO BELL 32902 FM 2978 RD, MAGNOLIA, TX 77354 2017 COST B 2,808 $1,311,940 $161 $16.00 53735.62 1.23 $859,760 R380930 325 F1 2101.C KFC/TACO BELL 17725 FM 1488, MAGNOLIA, TX 77354 2016 COST B 2,901 $588,990 $146 $4.00 41382.00 0.95 $165,530 R382283 325 F1 1150.C TACO BELL 15255 HIGHWAY 105 W, MONTGOMERY, TX 201977356 COST B 2,890 $766,590 $153 $8.00 40728.60 0.94 $325,820 R382346 325 F1 4103.C TACO BELL 803 W MONTGOMERY ST #26047, WILLIS, TX 2018 77378 COST B 2,652 $679,490 $162 $6.00 41817.60 0.96 $250,910 R382669 325 F1 8161.C JACK IN THE BOX 2685 RAYFORD RD, SPRING, TX 77386 2013 COST B 2,456 $587,070 $150 $5.00 43647.12 1.00 $218,240 R38428 325 F1 6100.C SPU2019 - KFC 14709 US HIGHWAY 59, SPLENDORA, TX 773722019 COST B 2,664 $704,170 $158 $8.00 35258.00 0.81 $282,060 R387667 325 F1 8137.C PANDA EXPRESS 3375 COLLEGE PARK DR THE WOODLANDS TX2018 77832 COST B 2,386 $1,498,210 $165 $18.00 61419.60 1.41 $1,105,550 R392706 325 F1 8161.C STARBUCKS 530 RAYFORD RD, SPRING, TX 77386 2020 COST B 1,728 $489,560 $184 $8.00 21475.08 0.49 $171,800 R398905 325 F1 8162.C BURGER KING 740 SAWDUST RD, SPRING, TX 77380 2018 COST B 3,158 $805,430 $154 $10.00 31798.80 0.73 $317,980 R401641 325 F1 5157.C TACO BELL 24300 US HIGHWAY 59, KINGWOOD, TX 773392016 COST B 2,730 $1,218,440 $168 $12.00 63249.12 1.45 $758,990 R401643 325 F1 5159.C WHATABURGER 320 NORTHPARK DR, KINGWOOD, TX 77339 2014 COST B 3,224 $948,370 $139 $12.00 41730.48 0.96 $500,770 R401645 325 F1 5160.C SLIM CHICKENS 30255 LOOP 494, KINGWOOD, TX 77339 2017 OVR B 2,754 $1,000,000 $145 $12.00 50006.88 1.15 $600,080 R402034 325 F1 8162.C CHICK-FIL-A 720 SAWDUST RD, THE WOODLANDS, TX 773802019 COST B 4,032 $1,065,700 $165 $10.00 39900.96 0.92 $399,000 R403115 325 F1 2153.C PIZZA HUT 32826 FM 2978, SPRING, TX 77354 2015 COST B 3,328 $1,383,330 $160 $16.00 53143.20 1.22 $850,290 R404970 325 F1 7107.C WHATABURGER 2123 W DAVIS W, CONROE, TX 77301 2016 COST B 3,276 $899,750 $141 $16.00 27442.80 0.63 $439,070 R406717 325 F1 8166.C SPU2021 - POPEYES 3157 RILEY FUZZELL RD, SPRING, TX 77386 2016 COST B 2,150 $871,170 $169 $15.00 33802.56 0.78 $507,040 R407469 325 F1 8161.C BURGER KING 2331 RAYFORD RD, SPRING, TX 77386 2016 COST B 3,300 $949,590 $153 $12.00 37156.68 0.85 $445,870 R409149 325 F1 8161.C TACO BELL 2661 RAYFORD RD, SPRING, TX 77386 2020 COST B 2,695 $866,530 $155 $7.50 59938.56 1.38 $449,540 R41037 325 F1 8166.C MCDONALDS 25222 N INTERSTATE 45, SPRING, TX 77386 2020 COST B 5,628 $1,736,380 $158 $20.00 42253.20 0.97 $845,060 R41055 325 F1 8162.C WHATABURGER 316 SAWDUST RD, THE WOODLANDS, TX 773862012 COST B 2,496 $605,370 $139 $10.00 25787.52 0.59 $257,870 R41093 325 F1 8168.C JACK IN THE BOX 25060 N INTERSTATE 45, SPRING, TX 77381 2016 COST B 2,685 $1,073,210 $147 $25.00 27181.44 0.62 $679,530 R415306 325 F1 2101.C PIZZA HUT 18005 FM 1488, MAGNOLIA, TX 77354 2016 COST B 2,100 $479,230 $163 $4.00 34063.92 0.78 $136,260 R417063 325 F1 8132.C BURGER KING 3595 FM 1488 RD, THE WOODLANDS, TX 2017 COST B 3,045 $1,534,130 $159 $20.00 52489.80 1.21 $1,049,780 R417903 325 F1 8137.C PANERA BREAD 3113 COLLEGE PARK, THE WOODLANDS, TX 773842018 COST B 3,993 $1,652,440 $158 $18.00 56802.24 1.30 $1,022,440 R424131 325 F1 4105.C SHIPLEY DONUTS 12339 INTERSTATE 45 N, WILLIS, TX 77318 2014 COST B 2,080 $707,050 $141 $10.00 41382.00 0.95 $413,820 R426182 325 F1 4102.C BURGER KING 9614 FM 1097 W, WILLIS, TX 77378 2017 COST B 2,832 $922,890 $157 $12.00 39787.70 0.91 $477,440 R426977 325 F1 1150.C WHATABURGER 18950 HWY 105, MONTGOMERY, TX 77356 2015 COST B 2,788 $646,100 $141 $6.00 42340.32 0.97 $254,040 R428761 325 F1 5166.C vacant 25635 US HIGHWAY 59 N, KINGWOOD, TX 773392015 COST B 3,670 $1,260,560 $150 $12.00 59202.40 1.36 $710,420 R433167 325 F1 5156.C POPEYES 25764 LOOP 494, KINGWOOD, TX 77339 2014 COST B 2,819 $943,530 $156 $12.00 42017.98 0.96 $504,200 R433808 325 F1 5163.C MCDONALDS 25669 US HIGHWAY 59 N, KINGWOOD, TX 773392020 COST B 4,320 $1,221,370 $174 $12.00 39247.56 0.90 $470,970 R433809 325 F1 5163.C CHICK-FIL-A 195 NORTHPARK DR, KINGWOOD, TX 77339 2017 COST B 4,628 $1,584,750 $160 $12.00 70480.08 1.62 $845,760 R437854 325 F1 7108.C SPU2018 / WINGS AND MORE EXPRESS5145 W DAVIS ST, CONROE, TX 77304 2019 COST B 3,793 $1,079,470 $172 $6.00 71002.80 1.63 $426,020 R438878 325 F1 8161.C RAISING CANES 520 RAYFORD RD, SPRING, TX 77386 2015 COST B 3,615 $826,100 $154 $8.00 33772.07 0.78 $270,180 R440104 325 F1 5166.C FUJI STEAK HOUSE 25661 US HIGHWAY 59 N, KINGWOOD, TX 773392016 COST B 2,916 $803,890 $153 $12.00 29799.40 0.68 $357,590 R446480 325 F1 5156.C PANDA EXPRESS 25631 HIGHWAY 59, KINGWOOD, TX 77339 2016 COST B 2,800 $1,026,250 $175 $12.00 44623.00 1.02 $535,470 R447276 325 F1 8166.C SONIC DRIVE-IN 3531 RAYFORD RD, SPRING, TX 77386 2015 OVR B 1,803 $693,700 $150 $10.00 42253.20 0.97 $422,530 R447477 325 7144.C MCDONALDS 2640 N LOOP 336 W, CONROE, TX 77301 2017 COST B 4,312 $702,180 $163 0.00 0.00 $0 R447531 325 F1 5166.C TACO CABANA 25657 US HIGHWAY 59 N, KINGWOOD, TX 773392020 COST B 3,679 $1,045,750 $160 $12.00 38154.20 0.88 $457,850 R447709 325 F1 8161.C SPU2020 - WHATABURGER - RAYFORD3447 RAYFORD ROAD CROSSING RD, SPRING, TX 77386 2020 COST B 3,218 $1,086,900 $179 $14.00 36590.40 0.84 $512,270 R447711 325 F1 8166.C EL POLLO LOCO 2825 RILEY FUZZELL RD, SPRING, TX 77386 2018 COST B 3,036 $935,570 $147 $14.00 34935.12 0.80 $489,090 R450774 325 7111.C vacant - IMP ONLY 2026 N INTERSTATE 45, CONROE, TX 77303 2015 COST B 3,372 $493,090 $146 0.00 0.00 $0 R45091 325 F1 5153.C SHIPLEY DONUTS 20132 FM 1485 RD, NEW CANEY, TX 77306 2015 COST B 2,204 $466,140 $133 $4.00 43124.40 0.99 $172,500 R457941 325 F1 1101.C BURGER KING 20180 EVA, MONTGOMERY, TX 77316 2017 COST B 4,343 $1,197,790 $154 $12.00 43995.60 1.01 $527,950 R463059 325 F1 5156.C EL POLLO LOCO 25806 LOOP 494, KINGWOOD, TX 77339 2016 COST B 3,108 $1,043,800 $166 $9.25 56932.92 1.31 $526,400 R463658 325 F1 7100.C CHICKEN EXPRESS 2021 N LOOP 336 W, CONROE, TX 77304 2019 COST B 2,880 $705,910 $169 $5.00 43908.48 1.01 $219,540 R463660 325 F1 8166.C PANERA BREAD 3548 RAYFORD RD, SPRING, TX 77386 2018 COST B 4,400 $1,220,970 $162 $10.00 50965.20 1.17 $509,650 R465905 325 F1 8166.C CHICK-FIL-A 3195 RILEY FUZZELL RD, SPRING, TX 77386 2017 COST B 4,761 $1,381,580 $159 $12.00 52054.20 1.20 $624,650 R470373 325 F1 7100.C KFC 1424 N 336 LOOP W, CONROE, TX 77301 2014 COST B 2,771 $682,160 $134 $16.00 19427.76 0.45 $310,840 R470384 325 F1 2152.C POPEYES 5615 FM 1488, MAGNOLIA, TX 77354 2018 COST B 2,818 $887,180 $166 $10.00 41861.00 0.96 $418,610 R470431 325 F1 5159.C DAIRY QUEEN 1314 NORTHPARK DR, KINGWOOD, TX 773392017 COST B 3,000 $813,600 $164 $6.00 53361.00 1.23 $320,170 R472769 325 F1 7105.C BUSH CHICKEN 2016 N FRAZIER ST, CONROE, TX 77303 2017 COST B 2,207 $592,620 $170 $5.00 43560.00 1.00 $217,800 R474055 325 F1 5150.C SPU2018 - SONIC DRIVE-IN 24076 FM 1314 RD, PORTER, TX 77365 2017 OVR B 1,779 $462,000 $155 $6.00 31014.72 0.71 $186,090 R474324 325 F1 5155.C CHICK-FIL-A 11877 N GRAND PKWY E, NEW CANEY, TX 773572019 COST B 4,895 $1,413,000 $158 $12.00 53143.20 1.22 $637,720 R474768 325 F1 8166.C TACO BELL 28785 BIRNHAM WOODS DR, SPRING, TX 773862017 COST B 2,031 $653,410 $169 $10.00 30931.00 0.71 $309,310 R474928 325 F1 8140.C SPU2019 - STARBUCKS 18358 INTERSTATE 45 S, THE WOODLANDS, TX2020 77384 OVR B 1,979 $1,078,680 $152 $20.00 38929.00 0.89 $778,580 R475568 325 F1 4105.C WHATABURGER 12721 INTERSTATE 45 N, WILLIS, TX 77318 2014 COST B 3,250 $946,790 $142 $14.00 34582.28 0.79 $484,150 R476257 325 F1 7160.C STARBUCKS 10117 FM 242 RD, CONROE, TX 77385 2020 COST B 2,137 $780,700 $173 $16.00 25643.00 0.59 $410,290 R476263 325 F1 5153.C SPU2018 - POPEYES 22113 WALTON AVE, NEW CANEY, TX 773572020 COST B 3,087 $682,930 $162 $3.43 53543.00 1.23 $183,580 R476267 325 F1 5155.C MCDONALDS 23871 HWY 59, NEW CANEY, TX 77357 2018 COST B 4,256 $1,072,880 $156 $11.99 34264.00 0.79 $410,870 R476483 325 F1 8166.C SPU2020/PANDA EXPRESS 3482 DISCOVERY CREEK BLVD, SPRING, TX 773862020 COST B 2,520 $861,360 $173 $12.00 35353.00 0.81 $424,240 R481564 325 7144.C WHATABURGER-IMP ONLY 457 S LOOP 336 W, CONROE, TX 77304 2020 COST B 3,695 $517,310 $140 0.00 0.00 $0 R481845 325 F1 5155.C FREDDYS 12007 GRAND PKWY, NEW CANEY, TX 773572020 COST B 3,847 $824,980 $147 $12.00 21562.20 0.50 $258,750 R481846 325 F1 5155.C WHATABURGER 12083 N GRAND PKWY E, NEW CANEY, TX 773572018 COST B 3,521 $1,117,970 $166 $12.00 44518.32 1.02 $534,220 R481847 325 F1 5155.C TACO BELL 11771 N GRAND PKWY E, NEW CANEY, TX 773572020 COST B 2,022 $887,360 $160 $12.00 47044.80 1.08 $564,540 R484322 325 F1 5159.C SPU2019/DUNKIN DONUTS NORTH PARK DR, PORTER, TX 77339 2020 COST B 1,856 $1,569,280 $146 $3.72 348864.00 8.01 $1,298,220 R486689 325 F1 7120.C LITTLE CAESARS 812 S FRAZIER, CONORE, TX 77301 2018 COST B 1,680 $304,740 $139 $3.00 23805.54 0.55 $71,420 R488889 325 F1 4105.C PANDA EXPRESS 12605 INTERSTATE 45 N, WILLIS, TX 77318 2018 OVR B 2,170 $751,770 $160 $14.00 28897.70 0.66 $404,570 R490115 325 F1 8166.C CHIPOTLE 4053 RILEY FUZZELL RD, SPRING, TX 77386 2019 COST B 2,382 $747,250 $155 $12.00 31437.25 0.72 $377,250 R496597 325 F1 4106.C SPU2020 - TACO BELL 803 W MONTGOMERY ST, WILLIS, TX 77378 2019 COST B 2,700 $700,760 $165 $6.00 42427.44 0.97 $254,560 R497954 325 F1 4102.C SPU2018 - DAIRY QUEEN 9870 W FM 1097 RD, WILLIS, TX 77318 2017 COST B 3,224 $606,430 $138 0.00 $160,120 R497977 325 F1 1101.C SPU2020 - CHIC-FIL-A 20155 EVA ST, MONTGOMERY, TX 77356 2019 COST B 5,392 $1,272,470 $148 $4.99 95396.00 2.19 $476,220 R50724 325 F1 5151.C BURGER KING 24571 FM 1314 RD, PORTER, TX 77365 2020 COST B 3,247 $993,440 $154 $8.00 61768.08 1.42 $494,140 R50796 325 F1 5156.C STARBUCKS 23690 US HIGHWAY 59, PORTER, TX 77365 2018 COST B 2,000 $504,650 $158 $8.00 23618.23 0.54 $188,940 R50797 325 F1 5156.C SHIPLEY DONUTS 23668 US HIGHWAY 59, PORTER, TX 77365 2012 COST B 2,000 $460,500 $136 $8.00 23522.40 0.54 $188,180 R510152 325 F1 2101.C WHATABURGER 714 MELTON ST, MAGNOLIA, TX 77354 2020 COST B 2,386 $984,990 $164 $8.00 46391.00 1.06 $371,130 R56161 325 F1 8162.C WENDYS 505 SAWDUST RD, SPRING, TX 77380 2016 COST B 3,062 $815,550 $154 $12.00 28575.36 0.66 $342,900 R57519 325 F1 7151.C POPEYES 11487 HIGHWAY 105 E, CONROE, TX 77301 2019 COST B 2,089 $450,850 $165 $5.00 21170.16 0.49 $105,850 R63756 325 F1 1150.C PANERA BREAD 15607 W 15607 HIGHWAY 105, MONTGOMERY, 2017 TX 77356COST B 4,279 $1,255,240 $164 $8.00 69042.60 1.59 $552,340 R67221 325 F1 7105.C DUNKIN DONUTS, BASKIN ROBBINS800 N LOOP 336 W, CONROE, TX 77301 2015 COST B 4,480 $965,010 $135 $10.00 35980.56 0.83 $359,800 R67226 325 F1 7100.C BURGER KING 804 LOOP 336 W, CONROE, TX 77301 2016 COST B 3,217 $916,040 $156 $8.00 51749.28 1.19 $413,990 R67231 325 F1 7105.C WHATABURGER 802 LOOP 336 W, CONROE, TX 77303 2018 COST B 2,400 $762,750 $167 $8.00 45345.96 1.04 $362,770 R67233 325 F1 7100.C MCDONALDS 801 N LOOP 336 W, CONROE, TX 77301 2017 COST B 4,032 $1,055,180 $161 $10.00 40510.80 0.93 $405,110 R67239 325 F1 7100.C ARBYS 1025 LOOP 336, CONROE, TX 77301 2012 COST B 3,425 $635,410 $133 $4.50 39639.60 0.91 $178,380 R79529 325 F1 7106.C SPU2016/HARTZ CHICKEN BUFFET703 W DAVIS ST, CONROE, TX 77301 2009 COST B 2,178 $436,920 $143 $10.00 12645.47 0.29 $126,450 R80842 325 F1 7105.C CHURCHS CHICKEN 1203 N FRAZIER ST, CONROE, TX 77301 2012 COST B 2,431 $520,160 $143 $5.00 34412.40 0.79 $172,060 R80844 325 F1 7105.C TACO BELL 1123 N FRAZIER ST, CONROE, TX 77301 2018 COST B 2,868 $742,070 $158 $8.00 36067.68 0.83 $288,540 R94286 325 F1 7157.C PIZZA HUT 16881 FM 1314, CONROE, TX 77303 2019 COST B 1,276 $331,330 $167 $2.00 58850.00 1.35 $117,700 R95396 325 F1 7106.C SPU2021 - POPEYES 905 W DAVIS ST, CONROE, TX 77301 2012 COST B 2,190 $549,690 $149 $9.00 24742.08 0.57 $222,680 R95398 325 F1 7106.C BURGER KING 907 W DAVIS ST, CONROE, TX 77301 2018 COST B 3,695 $954,220 $158 $9.00 41207.76 0.95 $370,870 R95399 325 F1 7106.C MCDONALDS 909 W DAVIS ST, CONROE, TX 77301 2020 COST B 4,590 $1,066,310 $158 $8.50 40031.64 0.92 $340,280 R122601 325 F1 2102.C SPU2018 - CHICKEN EXPRESS 515 MAGNOLIA BLVD, MAGNOLIA, TX 773552010 COST C 2,804 $418,470 $105 $4.00 31058.28 0.71 $124,230 R123447 325 F1 7121.C TAQUERIA ROSY 413 W AVENUE G, CONROE, TX 77301 2013 COST C 332 $88,270 $96 $5.80 9748.73 0.22 $56,550 R143103 325 5156.C ARBYS-IMP ONLY 23651 US HIGHWAY 59, PORTER, TX 77365 2015 COST C 3,500 $316,140 $90 0.00 0.00 $0 R143104 325 5156.C CAPTAIN D'S - IMP ONLY 23811 US HIGHWAY 59, PORTER, TX 77365 2015 COST C 2,544 $246,080 $97 0.00 0.00 $0 R147633 325 F1 7124.C TACO CABANA 202 S LOOP 336 W, CONROE, TX 77304 2012 COST C 2,972 $557,050 $99 $12.00 21910.68 0.50 $262,920 R180708 325 F1 2151.C DOMINOS PIZZA 7103 FM 1488, MAGNOLIA, TX 77354 2012 COST C 1,524 $304,020 $96 $4.41 35797.61 0.82 $157,860 R181076 325 F1 2159.C WINGNUTS EXPRESS 32819 TAMINA RD, MAGNOLIA, TX 77354 2018 COST C 480 $369,950 $121 $5.67 55017.00 1.26 $311,800 R182107 325 F1 2152.C SONIC DRIVE-IN 5922 FM 1488, MAGNOLIA, TX 77354 2010 COST C 1,554 $686,520 $124 $12.00 41159.84 0.94 $493,910 R218539 325 F1 7108.C BUSTERS CRAWFISH 14540 HIGHWAY 105 W, MONTGOMERY, TX 200677356 COST C 1,468 $1,080,660 $102 $20.00 46522.08 1.07 $930,440 R234880 325 F1 5159.C SHIPLEY DONUTS 1755 NORTHPARK DR, KINGWOOD, TX 773392016 COST C 2,059 $424,910 $120 $4.97 35719.20 0.82 $177,500 R263225 325 F1 2101.C SONIC DRIVE-IN 130 SMITH RD, MAGNOLIA, TX 77354 2006 COST C 1,504 $391,920 $122 $8.00 26005.32 0.60 $208,040 R281576 325 F1 6100.C SONIC DRIVE-IN 14685 OLD HIGHWAY 59, SPLNDORA, TX 2011 COST C 1,368 $287,920 $122 $4.00 30361.32 0.70 $121,440 R286203 325 F1 7151.C SONIC DRIVE-IN 11010 EAST HIGHWAY 105 CONROE TX 773052006 COST C 1,488 $610,840 $133 $8.00 51618.60 1.19 $412,940 R298530 325 F1 1150.C SHIPLEY DONUTS 15243 W HWY 105, MONTGOMERY, TX 773012012 COST C 1,680 $612,820 $96 $8.00 56497.32 1.30 $451,980 R313818 325 F1 8135.C SONIC DRIVE-IN 2550 RESEARCH FOREST DR, THE WOODLANDS, 2009 TX COST C 1,704 $1,602,840 $125 $16.00 86858.64 1.99 $1,389,730 R323712 325 F1 8137.C SONIC DRIVE-IN 3081 COLLEGE PARK DR, THE WOODLANDS, TX2007 COST C 1,842 $1,091,660 $127 $18.00 47698.20 1.10 $858,560 R35361 325 F1 7108.C SONIC DRIVE-IN 14625 HIGHWAY 105 HWY W, CONROE, TX 773562007 COST C 1,432 $1,081,650 $123 $20.00 45258.84 1.04 $905,180 R362327 325 F1 3152.C SONIC DRIVE-IN 32017 DECKER PRARIE, PINEHURST, TX 773622007 COST C 1,488 $333,810 $124 $4.00 37418.04 0.86 $149,670 R382110 325 F1 2152.C PAPA JOHNS 6313 FM 1488, MAGNOLIA, TX 77354 2012 COST C 1,448 $296,250 $98 $14.00 11064.24 0.25 $154,900 R38426 325 F1 6100.C NON COMP - SUBWAY & SHELL MINI14717 MART HIGHWAY 59, SPLENDORA, TX 77372 2012 COST C 1,640 $459,030 $197 $4.00 33889.00 0.78 $135,560 R401644 325 F1 5159.C SONIC DRIVE-IN 330 NORTHPARK DR, KINGWOOD, TX 77339 2010 COST C 1,767 $877,560 $135 $12.00 53317.44 1.22 $639,800 R41038 325 F1 8166.C SONIC DRIVE-IN 25308 N INTERSTATE 45, SPRING, TX 77386 2008 COST C 1,100 $563,300 $126 $20.00 21213.72 0.49 $424,260 R45070 325 F1 5153.C EL TACO PANCHON 20017 FM 1485 RD, NEW CANEY, TX 77357 2018 COST C 1,200 $203,560 $125 $2.60 20474.00 0.47 $53,230 R45084 325 F1 5155.C SPU2020 - HARTZ CHICKEN BUFFET20125 HIGHWAY 59, NEW CANEY, TX 77357 2009 COST C 2,415 $481,470 $99 $10.00 24175.80 0.56 $241,750 R487917 325 F1 8162.C SPU2020 - CHIPOTLE 760 SAWDUST RD, SPRING, TX 77380 2020 COST C 2,380 $471,140 $97 $10.00 23997.20 0.55 $239,980 R496916 325 F1 1101.C BEST DONUTS 20998 EVA ST, MONTGOMERY, TX 77356 2019 COST C 2,264 $389,620 $118 $9.63 12663.00 0.29 $121,970 R50765 325 F1 5151.C SONIC DRIVE-IN 24076 FM 1314 RD, PORTER, TX 77365 2010 COST C 1,200 $226,300 $124 $4.00 19471.32 0.45 $77,880 R58495 325 F1XV 7154.C SPU2019 - OUR DAILY BREAD CAFE16231 FM 3083 RD, CONROE, TX 77302 2007 COST C 2,053 $377,790 $99 $4.00 43560.00 1.00 $174,240 R58938 325 F1 7151.C PATS DONUTS 12021 HIGHWAY 105, CONROE, TX 77306 2017 COST C 1,800 $255,860 $124 $1.00 33541.20 0.77 $33,540 R67225 325 F1 7100.C SONIC DRIVE-IN 808 LOOP 336 W, CONROE, TX 77303 2010 COST C 1,206 $239,280 $133 $4.44 17859.60 0.41 $79,230 R69934 325 F1 5153.C SONIC DRIVE-IN 20633 FM 1485 RD, NEW CANEY, TX 77357 2012 COST C 1,452 $389,060 $119 $10.00 21692.88 0.50 $216,930 R79517 325 F1 7105.C SONIC DRIVE-IN 309 N FRAZIER ST, CONROE, TX 77301 2008 COST C 1,376 $415,760 $124 $10.00 24493.79 0.56 $244,930 R88434 325 F1 7105.C SUBWAY 910 N FRAZIER ST, CONROE, TX 77301 2009 COST C 2,008 $279,000 $99 $5.00 16073.64 0.37 $80,370 R92520 325 F1 7106.C DONUT WHEEL 706 W DAVIS ST, CONROE, TX 77301 2012 COST C 1,295 $225,270 $113 $10.00 7875.65 0.18 $78,750 R122591 325 F1 2102.C SHIPLEY DONUTS 706 MAGNOLIA BLVD, MAGNOLIA, TX 773551998 COST D 1,380 $122,170 $59 $4.00 10349.86 0.24 $41,400 R123937 325 F1 1102.C BURGER FRESH 14409 LIBERTY ST, MONTGOMERY, TX 773562003 COST D 1,780 $185,290 $53 $8.00 11316.89 0.26 $90,540 R124003 325 F1 1101.C SHIPLEY DONUTS 21102 EVA ST, MONTGOMERY, TX 77356-1896 1998 COST D 400 $243,730 $60 $12.00 18295.20 0.42 $219,540 R143101 325 5156.C HARTZ KRISPY CHICKEN-IMP ONLY23751 N US HIGHWAY 59, PORTER, TX 773652008 COST D 2,089 $130,780 $63 0.00 0.00 $0 R172768 325 F1 7153.C DONUT DELIGHT 15500 FM 1484 RD, CONROE, TX 77303 2011 COST D 840 $60,080 $58 $0.25 45302.40 1.04 $11,330 R185556 325 F1 4104.C SUPER BURGER 201 N DANVILLE ST, WILLIS, TX 77378 2000 COST D 1,160 $88,340 $57 $3.00 7501.03 0.17 $22,500 R371979 325 F1 7151.C EL PATIO 13010 HIGHWAY 105 E, CONROE, TX 77306 2020 COST D 1,340 $96,550 $60 $0.80 20952.00 0.48 $16,760 R38944 325 F1 5151.C PORTER DONUTS 25055 FM 1314 RD, PORTER, TX 77365 2002 COST D 1,800 $170,550 $54 $7.50 9670.32 0.22 $72,530 R41044 325 F1 8166.C HARTZ KRISPY CHICKEN 25310 N INTERSTATE 45, CONROE, TX 773812002 COST D 2,990 $617,850 $58 $20.00 22259.16 0.51 $445,180

This document was prepared for use by the Montgomery Central Appraisal District only. MCAD does not guarantee or warrant the accuracy of the document/data. 4/12/2021 THERE IS NO WARRANTY OF ANY KIND, EXPRESSED OR IMPLIED, AND SPECIFICALLY THERE IS NO WARRANTY OF MERCHANTABILITY OR OF FITNESS. PUC 325 FAST FOOD 2021 SALES EVIDENCE SALES Situs SALE Total Value R# PUC NBHD SOURCE Eff Year SALE DATE Class NRA SALE PRICE VALIDITY Address TYPE PSF (SALE) R433167 325 SPU2021 5156.C ALLOCATED FROM 3 ACCT SALES - 3 ACCTS R406717, R953962020 & R4331677.8 12/31/2020 B 2,819 431.20 $1,215,539 R95396 325 SPU2021 7106.C ALLOCATED FROM 3 ACCT SALES - 3 ACCTS R406717, R953962020 & R4331677.8 12/31/2020 B 2,190 431.07 $944,048 R406717 325 SPU2021 8166.C ALLOCATED FROM 3 ACCT SALES - 3 ACCTS R406717, R953962020 & R4331677.8 12/31/2020 B 2,150 430.48 $925,537 R496597 325 VALID 4106.C COSTAR CONFIRMED 2020 7.7 4/15/2020 B 2,700 647.77 $2,147,368 R292328 325 VALID 2151.C COSTAR CONFIRMED 2020 7.7 2/4/2020 B 2,857 1,098.71 $3,150,000 R58495 325 SPU2019 7154.C NOTE AMOUNT OF $138,000 2018 7.8 9/21/2018 C 2,053 84.02 $172,500 R38428 325 SPU2018 6100.C NOTE AMOUNT OF $1,185,500 2018 7.8 5/8/2018 B 2,664 556.25 $1,481,875 R476263 325 SPU2018 5153.C NOTE AMOUNT OF $1,620,000 2018 7.8 10/9/2017 B 3,087 665.97 $2,025,000

Houston restaurant & retail vacancy rates have not yet dropped for prime real estate, despite COVID

Lisa Bridges Director of Market Research | Houston

Retail Trends Commentary by Wade Greene & Hannah Tosch Market Indicators Annual Quarterly Quarterly Relative to prior period Change Change Forecast* As we enter 2021, COVID-19 continues to affect the way we live our lives, conduct business and the behavior of retail and VACANCY restaurant consumers. While we have learned that no business NET ABSORPTION is truly immune to the impacts of the pandemic, prime real estate remained occupied, leaving retail and restaurant vacancy rates low DELIVERIES and making new desirable deals challenging to find. UNDER CONSTRUCTION For the restaurant and retail industry, 2020 has not been a *Projected matter of making profits for the most part, but merely a matter of mitigating losses. The first round of PPP loans played a major role in the majority of restaurants and retailers staying afloat for the first few months. Initially, we believed that once these government funds dried up, Houston retail inventory would start to see an increase in waves before and following the holidays. In turn, we Summary Statistics Houston Retail Market Q4 2019 Q3 2020 Q4 2020 were prepared for this to provide opportunities for well-capitalized and new-to-market concepts to penetrate the Houston market. Vacancy Rate 5.1% 6.0% 5.8% However, nearly a year of COVID-19 financial impacts has passed for us to realize that Houston’s already low vacancy rate has Net Absorption (SF) (million square feet) 0.9M 0.08M 0.8M remained relatively constant and dipped back below 6%. Deliveries (SF) 0.8M 0.6M 0.3M In Q2 2020, we did see a slight increase in inventory occur, only (million square feet) for it to be reabsorbed by the end of the year. With the second Under Construction (SF) 2.8M 1.2M 1.0M round of PPP loans on the horizon, we believe this trend will (million square feet) continue. Further, we expect retailers to have fine-tuned their technology and logistics effectively by this next round in a way that Asking Rents Per Square Foot Per Year Q4 2019 Q3 2020 Q4 2020 will allow them to stay open. Average NNN $16.71 $17.30 $17.36 Tenants remain bullish on the Houston market, and Colliers Neighborhood Centers $15.50 $15.80 $15.90 Houston has many clients eager to sign leases, both continued Houston expansion as well as first-to-market concepts. Over the Strip Centers $19.61 $19.36 $19.47 past few months, we have learned that the issue isn’t finding clients The above asking rents are an average of all property types and classes that are currently listed with for deals, but rather it is finding deals for clients. In other words, an asking rate. This average does not include properties that are fully leased or that do not list an there are many active operators ready to sign deals in Houston; the asking rate. Please see page 2 of this report for an expanded discussion of retail rental rates. issue is the lack of opportunities given the low inventory of quality vacancy. The majority of highly sought after and well-positioned deals are happening off-market, in a similar velocity to the pre- Commentary - continued COVID era. Additionally, as we noted in our Q3 report, Landlords Job Growth & Unemployment are taking extra precautions when underwriting new deals. (not seasonally adjusted) As discussed in our Q2 2020 report, Houston retail rents have UNEMPLOYMENT 11/19 11/20 been at an all-time high, and absorption was negative in 2020 for the first time since 2012. Our takeaway is that Houston has been HOUSTON 3.7% 8.9% and will remain a top destination retail market nationally. Still, our current occupancy rate makes the right deals for expansion and TEXAS 3.4% 8.0% new-to-market concepts a little more challenging to achieve. U.S. 3.4% 6.4%

Vacancy & Availability Annual # of Jobs JOB GROWTH Change Lost Houston’s average retail vacancy rate dropped 20 basis points from 6.0% in Q3 2020 to 5.8% in Q4 2020. At the end of the fourth HOUSTON -4.6% -147.3K quarter, Houston had 17.4M SF of vacant retail space on the market. Among the major property types, Theme/Entertainment, Single-Tenant TEXAS -3.8% -489.3K retail and Malls had the lowest vacancy rates of 1.0%, 1.6% and 2.2%, U.S. -5.9% -9.1M respectively, followed by Lifestyle Centers at 4.2% and Power Centers at 4.5%. Neighborhood Centers have the highest vacancy rate of 10.4%, followed by Strip Centers with a vacancy rate of 9.3%. Sales Activity Approximately 303,242 SF of new inventory delivered during Source: Real Capital Analytics the fourth quarter and currently there is 1.0M SF of retail space Q4 2020 under construction, of which 60% is pre-leased. One of the larger 26 projects under construction is Houston Farmer’s Market located NO. OF PROPERTIES: at 2520 Airline Dr in the Inner Loop/Heights retail submarket. The TOTAL SF: 0.7M development is expected to deliver in March 2021. AVERAGE $/SF: $295 Rental Rates AVERAGE CAP RATE: 6.5% According to CoStar, our data provider, Houston’s citywide average quoted retail rental rate for all property types rose from $17.30 per SF NNN in Q3 2020 to $17.36 per SF NNN in Q4 2020. These Average Price Per SF U.S. Houston average rental rates are typically much lower than actual deal $450 rates since they include all retail property types and classes, the $400 majority of those properties are not well leased and are listed with $350 $300 discounted asking rates. According to Colliers’ internal data, Class $250 A in-line retail rental rates can vary widely from $20.00 to $85.00 $200 per SF, depending on location and property type. $150 $100

$50 Absorption & Demand $0

Houston’s retail market posted 829,210 SF of positive net absorption in the fourth quarter. The retail sector posting the Average CAP Rate largest amount of positive absorption in Q4 2020 was Single U.S. Houston Tenant retail properties, recording 345,596 SF of positive net 7.4% absorption. Community Centers recorded the largest amount of 7.2% negative absorption posting 319,916 SF of negative net absorption. 7.0% Community centers usually have two anchors and the balance of 6.8% the center is occupied by smaller retailers offering services from 6.6% 6.4% nail salons to casual dining. 6.2%

6.0%

2 Houston Research & Forecast Report | Q4 2020 | Retail | Colliers International Leasing Activity

Houston’s retail leasing activity, which includes renewals, rose 27.3% over the quarter from 1.1M SF in Q3 2020 to 1.4M SF in Q4 2020. Some of the tenants that signed leases during the fourth quarter are listed in the table below.

Q4 2020 Select Retail Lease Transactions

BUILDING NAME/ADDRESS SUBMARKET SF TENANT LEASE DATE Steeplechase Center Northwest 36,530 Ollie’s Bargain Outlet1 Dec-20 The Village at West Oaks West 30,048 Exclusive Furniture1 Nov-20 Northland Shopping Center North 19,923 Cupcake Quilts1 Oct-20 16331 Alvin Sugarland Rd South 18,684 Caliber Collision1 Dec-20 Willowbrook Plaza - B1 Northwest 18,000 Kids Empire1 Oct-20 Fairway Marketplace Southeast 18,000 Overstocked! Furniture & Mattresses1 Nov-20 River Oaks Shopping Center Inner Loop 12,538 Kelsey-Seybold1 Nov-20 2501 University Blvd Inner Loop 11,502 West Elm1 Dec-20 1Direct/New 2Colliers Transaction

Market Summary

Q4 2020 Retail Market Statistical Summary DIRECT SUBLET SUBLET TOTAL RENTABLE DIRECT TOTAL 4Q 2020 NET CLASS A RENTAL PROPERTY TYPE VACANCY VACANT VACANCY VACANCY AREA VACANT SF VACANT SF ABSORPTION RATES (IN-LINE*) RATE SF RATE RATE Strip Centers (unanchored) 38,556,715 3,570,355 9.3% 15,019 0.0% 3,585,374 9.3% 147,580 $25.00-$42.00 Neighborhood Centers (one anchor) 68,875,853 7,011,178 10.2% 123,822 0.2% 7,135,000 10.4% 229,510 $28.00-$46.00 Community Centers (two anchors) 47,087,242 3,040,351 6.5% 115,257 0.2% 3,155,608 6.7% (319,916) $28.00-$45.00 Power Centers (three or more 30,330,479 1,313,924 4.3% 46,620 0.2% 1,360,544 4.5% 282,234 $28.00-$45.00 anchors) Lifestyle Centers 6,905,172 293,251 4.2% - 0.0% 293,251 4.2% 5,640 $40.00-$85.00 Outlet Centers 1,322,648 82,654 6.2% - 0.0% 82,654 6.2% 0 $20.00-$40.00 Theme/Entertainment 717,303 7,238 1.0% - 0.0% 7,238 1.0% - $25.00-$35.00 Single-Tenant 83,531,647 1,275,412 1.5% 30,240 0.0% 1,305,652 1.6% 345,596 N/A Malls 22,477,761 483,851 2.2% 3,397 0.0% 487,248 2.2% 138,566 N/A GREATER HOUSTON 299,804,820 17,078,214 5.7% 334,355 0.1% 17,412,569 5.8% 829,210

3 Houston Research & Forecast Report | Q4 2020 | Retail | Colliers International Q4 2020 Houston Retail Highlights

TOTAL RETAIL LEASING INVENTORY 299.8M SF ACTIVITY Q4 2020 1.4M SF Q3 2020 1.1M SF Q2 2020 1.0M SF 1.4M SF 27.3% Q4Q1 20202019 94.2% QUARTERLY Q4 2019 2.2M SF OCCUPANCY

UNDER 5.8% 829,210 SF CONSTRUCTION VACANCY NET ABSORPTION 1.0M SF CURRENT

FOR MORE INFORMATION Lisa Bridges CPRC Wade H. Greene IV CCIM Hannah Tosch Director of Market Research | Houston Principal | Houston Senior Associate | Houston +1 713 830 2125 Director of Real Estate Services +1 713 830 2192 [email protected] +1 713 830 2189 [email protected] [email protected]

Colliers International | MarketHouston 0001233 Address,West Loop Suite South, # Suite 900 000Houston, Address, Texas Suite 77027 # +1 000713 222 000 2111 0000 Copyright © 20152020 ColliersColliers International.International. The information contained herein has been obtained from sources deemed reliable. While colliers.com/<>colliers.com/houston every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional4 advisorsNorth priorAmerican to acting onResearch any of the material & Forecast contained Report in this report. | Q4 2014 | Office Market Outlook | Colliers International ADVANTAGE

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