Retail

Starbucks & Salata - Katy, TX

9333 Spring Green Blvd Katy, TX United States 77494
Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Attributes

Year Built 2018
Lease Type NNN
Current / Passing Rent
Lease Expiration 2028-05-31
Remaining Term 7 years, 9 months
Tenant Starbucks Corporation
Building Area
Land Area
Last Updated Date 22 Jul 2020

Property Description

JLL is pleased to offer for sale the two-tenant retail building leased to Starbucks Corporation and a franchisee dba Salata, Houston's health-focused salad concept that is rapidly expanding nationally. Starbucks carries an investment-grade rating (Moodys: Baa1) and Salata franchise has established a track record of success, expanding to over 90 locations in 7 states, with an additional 20 locations in the pipeline at the end of 2019. The property is easily accessible to a large customer base with the strategic location directly off the Westpark Tollway in Katy (Houston MSA). Located at the lighted intersection of FM 1093 and Spring Green Boulevard, it has visibility to approximately 35,000 vehicles per day.


The asset was recently constructed in 2018 and is located in one of Houston’s fastest-growing markets. The property benefits from being an outparcel to Lowe’s across the street from national retailers, such as Kroger, HEB, Specs, Walgreens, and Petco among other well-known retailers. Katy has successfully integrated with the Energy District to become the premier residential location for its employees. It is home to over 110,000 jobs and 11,000 companies with a diverse economy featuring the high presence of energy, healthcare, education, manufacturing and professional services. The stable economy and educated community is driven by Katy ISD, which was ranked number one in the state of Texas in 2019.

Investment Highlights

  • Fee simple interest
  • Long-term leases with 10% escalations every 5 years
  • Both tenants have more than 8 years remaining lease term
  • Population growth of 153% over the past 10 years within a 1-mile radius
  • Average household income and average home value are $190,000 and $410,000, 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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