7-Eleven,
Houston (City Park), TX Investment Summary
| Price | $7,304,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
| Rental Increases | 7.5% Rental Increases Every Five (5) Years |
| Year Built | 2022 (Under Construction) |
| Building Size | 4,842 SF |
| Lot Size | 1.37 Acres (59,505 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN LEASE TO INVESTMENT GRADE TENANT
» New 15-year absolute NNN lease to iconic corporate tenant with five (5) five (5) year options
» 7.5% rental increases every five years, providing a hedge against inflation
» No landlord management, ideal for an out-of-area investor
» 7-Eleven has a “AA-” rating from Standard & Poor’s
HIGH-TRAFFIC LOCATION IN LARGE SHOPPING CENTER DEVELOPMENT
» 148,577 vehicles per day on State Highway 288/South Freeway
» Three-year State Highway 228/South Freeway expansion recently completed adding four new lanes and expanding the main lanes from three to four lanes
» Located in The Market at City Park Shopping Center, a future 133,000-SF retail development including a 55,000-SF grocer
» 10 miles from Downtown Houston, the fourth-most populous city in the United States
EXCELLENT LOCATION IN HIGH GROWTH MARKET NEAR SEVERAL LARGE EMPLOYERS
» Within walking distance of City Park Master Planned Community with 1,815 total homes and 798 multi-family units
» Seven miles to the Texas Medical Center, a 2.1-square-mile medical district with 60 medical institutions, 106,000 employees, and 10 million patients annually
» Five miles to NRG Stadium, home of the Houston Texans
» 240,798 residents live within a five-mile radius
NEW 2022 CONSTRUCTION IN A TAX-FREE STATE
» New 2022 construction built to latest 7-Eleven prototype, featuring 16 fuel pumps and a freestanding convenience store
» 7-Eleven is the largest convenience retail chain in the world, with more than 71,100 stores worldwide
» Texas is an income tax-free state
Property Description
SOLD
The property has excellent visibility and access to 15,669 vehicles per day directly in front of the property on West Orem Drive and immediate access to an additional 148,577 vehicles per day on State Highway 288/South Freeway. The property is walking distance to City Park, a master-planned residential development that features 1,815 total homes and 798 multi-family units. Additionally, the property is located in The Market at City Park Shopping Center, a 133,000-SF retail space including a 55,000-SF grocer. Located 10 miles from Downtown Houston, the site serves as a common gateway to the fourth-most populous city in the United States.
The property is close to a number of large employers, community amenities, and growing residential neighborhoods. The property is seven miles to the Texas Medical Center, a 2.1-square-mile medical district with 60 medical institutions, 106,000 employees, and 10 million patients annually. Additionally, the property is just five miles to NRG Stadium, home of the Houston Texans. As the property is located in the rapidly growing area in Central Southwest Houston, the property is near several residential developments, which will further add to the property’s already robust customer base, with 240,798 residents living within a five-mile radius.
