Retail

Starbucks & TranscenDental - Katy, TX

13211 Memorial Dr Houston, TX United States 77079-3537
Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Key Facts

Year Built 2017
Lease Type NNN
Current / Passing Rent
Lease Expiration 2028-04-30
Remaining Term 7 years, 8 months
Tenant Starbucks Corporation
Building Area
Land Area
Last Updated Date 22 Jul 2020

Property Description

JLL is pleased to offer for sale a two-tenant retail building leased to Starbucks Corporation and longstanding Houston-based dentistry dba TranscenDental. The asset was recently constructed in 2017 and is located in one of Houston’s premier business corridors. It has an immediate proximity to the cross-section of I-10 and the Sam Houston Parkway, which sees a combined 420,000+ vehicles per day. Major employment centers within a 20-minute drive include Westchase, Energy Corridor, CBD and Texas Medical Center. These corporate hubs help provide the market with a large customer base and longstanding economic stability.


The asset is located less than 2 miles from downtown Memorial City, which features an approximately 1.7 million square feet mall and attracts 20 million visitors annually. Memorial Drive region has successfully integrated with the Energy District to become a premier residential location for its employees. Both Briarforest and Memorial neighborhoods provide affordable and well-located housing for several large corporations, including the headquarters for BP, Conoco Phillips and Sysco. Houston economy represents a quarter of Texas’s entire employment base and ranks 7th amongst the largest U.S. metro economies. About 69% of the population within one mile of the asset has a bachelor’s degree or higher, providing support for future economic growth and stability. The asset provides investors long-term, stable income with the assurance of two strong tenants with contractual rent growth within each of the leases.

Investment Highlights

• Fee simple interest

• Long-term leases with 10% escalations every 5 years

• Investment-grade rating (Moodys: Baa1) and TranscenDental franchise has established a track record of success over 18 years

• Average household income and median home value within 1 mile are $178,000 and $710,000 respectively


Alex Sharrin
Alex Sharrin
Managing Director, Capital Markets
License details
IL - 475.170243
Alex Geanakos
Alex Geanakos
Director, Capital Markets
License details
475.189621

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