Houston Walgreens With a 60 Year NNN Lease in Place

Asking Price: $3,660,000
 
 
Houston Metropolitan
This offering presents an opportunity to purchase a net leased Walgreens, in a well established, signalized hard corner situated at the major intersection of Gessner Road and Kempwood Drive in Houston, Texas. North Gessner is a major six lane road connecting northwest Houston to Interstate 10, US Highway 290 and points beyond. Walgreens has operated at the location since 2000. The term of the lease is 60 years with options to terminate the lease at 20 years and every 5 years thereafter.

There are 9 years remaining until the first termination option. Notable area retailers include H-E-B, Comerica Bank, Walmart Neighborhood Market, and Kroger. The building is approximately 15,120 square feet on 1.7486 acres. Walgreen Co. is a publicly traded company incorporated in 1909 (NYSE: WAG) with reported revenue in excess of $50 billion. Walgreens operates over 7,500 locations across the United States. Walgreen Co. is rated "A2" by Moody's Investors Service and "A" by Standard and Poor's.

          FEATURING
  • Houston metropolitan location at signalized hard corner
  • Walgreen Co. rated "A" by S & P
  • Landlord responsibilities include roof and structure
  • Transferable roof warranty
  • Population of 114,700 within 3 mile radius, with 14% expected growth in the next 5 years
 

 
List Price:
$3,660,000
Cap Rate:
7.75%
Term
Commencement:
July 1, 2000
Lease Term:
60-year lease. First termination option June 2020, every 5 years thereafter

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Are there any ground leases associated with this NNN opportunity?
Please email me at normansutton1269@gmail.com and I can answer your query.

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