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 2018
Lease Type NNN
Current / Passing Rent
Lease Expiration 2033-10-31
Remaining Term 13 years, 4 months
Tenant Walgreens Company
Building Area
Land Area

Property Description

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.

Investment Highlights

  • 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
Alex Sharrin
Alex Sharrin
Managing Director, Capital Markets
Licensed in
IL - 475.170243
Nicholas Kanich
Senior Director, Capital Markets

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