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|Current / Passing Rent||
|Remaining Term||7 years, 9 months|
|Last Updated Date||22 Jul 2020|
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.
- 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