Valvoline,
Friendswood, TX Investment Summary
| Price | $2,010,500 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, Maintenance, And Repair, Including Roof, Structure, And Parking Lot |
| Rental Increases | 10% Rental Increases Every Five (5) Years |
| Year Built | 2019 |
| Building Size | 2,108 SF |
| Lot Size | 0.79 Acres (34,569 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN LEASE TO ICONIC CORPORATE TENANT
» 15-year NNN ground lease with 10% rental increases every five years, providing a hedge against inflation
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management, providing an ideal investment opportunity for an out-ofarea investor
» Corporate lease to Valvoline (NYSE: “VVV”)
HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 27,000 vehicles per day on South Friendswood Drive
» Immediate access to East Parkwood Drive, which experiences a high traffic count of 33,000 vehicles per day near the property
» Infill location in a dense retail cluster near several large shopping centers and notable retailers, including H-E-B, 24 Hour Fitness, Walgreens, Starbucks, Wells Fargo, and more
» Directly adjacent to future developments that will include well-known retailers like Chipotle and Chick-fil-A
CENTRAL LOCATION WITH ROBUST DEMOGRAPHICS
» Close to several large schools, including Clear Springs High School (2,529 students), Friendswood High School (2,175 students), and Friendswood Junior High School (1,513 students)
» Average household income is $169,093 within one mile of the property, and average household incomes within three- and five-mile radii greatly exceed $100,000
» 147,281 residents live within a five-mile radius
» One of Houston’s fastest growing communities, Friendswood has a population of 40,181 as of 2018, representing an 11.9% increase from 2010
NEW 2019 CONSTRUCTION
» Features three service bays
» New building, limiting near-term deferred maintenance or capital costs
» Built by tenant at tenant’s expense, demonstrating long-term commitment to the location
Property Description
SOLD
The property is strategically located on South Friendswood Drive, with excellent visibility and access to 27,000 vehicles per day. South Friendswood Drive provides immediate access to East Parkwood Drive, which experiences a high traffic count of 33,000 vehicles per day near the property. The property is located in a dense retail cluster and is near several large shopping centers and notable retailers. Major tenants near the property include H-E-B, 24 Hour Fitness, Walgreens, Starbucks, Wells Fargo, and more. The property is also directly adjacent to future developments that will include well-known retailers like Chipotle and Chick-fil-A.
The property benefits from its prime location near schools and residential neighborhoods. The property is close to several large schools, including Clear Springs High School (2,529 students),
Friendswood High School (2,175 students), and Friendswood Junior High School (1,513 students). Additionally, the property is located in an affluent market. The average household income is $169,093 within one mile of the property, and average household incomes within three- and five mile radii greatly exceed $100,000.
