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|Current / Passing Rent||
|Remaining Term||7 years, 8 months|
|Last Updated Date||22 Jul 2020|
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.
• 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