Firestone Complete Auto Care,
Cypress, TX Investment Summary
| Price | $4,333,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | Absolute NNN, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Roof Structure, and Parking Lot |
| Rental Increases | 5% Rental Increases Every Five (5) Years |
| Year Built | 2021 |
| Building Size | 6,116 SF |
| Lot Size | 1.03 Acres (44,867 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY
» Lease backed by Bridgestone Retail Operations, LL (2,200-unit industry leading operator)
» Bridgestone Retail Operations, LLC is a wholly owned subsidiary of Bridgestone Americas Inc., the world’s largest tire and rubber product manufacturer
» Five percent rental increases every five years, providing an excellent hedge against inflation
» Absolute NNN lease requires no landlord management, ideal for an out of area investor
» New 2021 construction built to Firestone’s latest prototype with eight auto bays
» Bridgestone/Firestone is rated “A” by S&P
HIGH-TRAFFIC LOCATION IN DENSELY POPULATED AND GROWING AREA
» Excellent visibility and access to 23,400 vehicles per day directly in front of the location along FM 529
» 292,082 residents within a five-mile radius of the property (expected to grow by 10%+ in next five years)
» Average household income of $105,671 within a five-mile radius of the property
» Five minutes from Grand Parkway (major beltway around Houston)
CENTRAL LOCATION NEAR SCHOOLS, RETAILERS, AND COMMUNITY HUBS
» Located on one of Cypress’ primary retail corridors and surrounded by national retailers such as O’Reilly Auto Parts, Arby’s, Jack-in-the-Box, Walgreens, Dairy Queen, Popeyes, Valero, 7-Eleven, and others
» Less than 10 minutes from new 800,000-square- foot FedEx distribution center (opened 2017), which is the largest in Texas
» Located 1.2 miles from Cypress Park High School (1,927 students) – construction completed in 2016
» Harris County is the #1 county in exported goods in the U.S., the third-most populous county in the U.S., and #2 in GDP growth in the U.S.
Property Description
SOLD
The property is strategically located on FM 529 along one of Cypress’s primary retail corridors with excellent visibility and access to 23,400 vehicles per day directly in front of the site. With a dense five-mile population of 292,082 residents (and expected to increase 10%+ within the next five years), visibility is increased by the property’s central location in a robustly affluent area, with a high average household income of $105,671 within a five-mile radius of the site. With strong underlying real estate fundamentals, the property is poised for long-term success.
The property benefits from its proximity near large employers, retailers, and community hubs. The site is surrounded by national retailers such as O’Reilly Auto Parts, Arby’s, Jack-in-the-Box, Walgreens, Dairy Queen, Popeye’s, Valero, 7-Eleven, and others, and is less than 10 minutes from new FedEx Distribution Center (opened 2017). The site is 1.2 miles from the newly constructed Cypress Park High School with 1,927 students (construction completed in 2016) less than 10 minutes from minutes from a new 800,000-square-foot FedEx distribution center (opened 2017), which is the largest in Texas.
