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|Current / Passing Rent||
|Remaining Term||13 years, 4 months|
JLL is pleased to offer for sale a corporate NNN Walgreens located in Katy, Texas (Houston MSA). The asset was recently constructed in 2018 and is designed as Walgreen’s new prototype build-out. It is smaller and more efficient Walgreens model featuring drive-thru and brand new construction.
Katy has successfully integrated with the Energy District to become the premier residential location for its employees. With stable economy and educated community driven by Katy ISD, it was ranked number one in the state of Texas in 2019. The asset was constructed in one of Houston’s fastest-growing markets with a population growth of 187% over the past 10 years and average household incomes of $190,000 within a 1-mile radius. Large retailers are migrating to the property’s immediate area to support growth, including a new HEB Grocery, Walmart Supercenter and Kroger. The asset provides investors long term, stable income with the assurance of a tenant that carries investment-grade credit and rental escalations to hedge against inflation.
- Fee simple interest
- Long term lease with 5% escalations every 5 years after the first 15 years
- Investment grade tenancy (Moodys: Baa2)
- Katy is home to over 110,000 jobs and 11,000 companies with a diverse economy
- Average household income and home value are $190,000 and $410,000, respectively