Map pin24340 NW Fwy, Cypress, TX, 77429-5980, US

At Home - Cypress, TX

At Home - Cypress, TX_Property for Sale

Attributes

Building area net
86,013 sf
Occupancy
100%
Year built
2019
Land area net
7.91 acres
WAULT
10.8 years
Asking price
HK$115,586,000
Cap rate
7.25%

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in an 86,013 square foot freestanding, single-tenant At Home retail property located at 24340 Northwest Freeway, Cypress, TX (“Property” or “Asset”). Headquarter in Plano, TX, At Home is a unique home décor concept that offers up to 45,000 home décor items for every household room. The Property is grocery shadow anchored by H-E-B, America’s #1 grocer.


The Asset is 100% leased to At Home Stores LLC (“At Home” or “Tenant”) with 10.8 years of remaining primary lease term, annual rent increases, and four, five-year renewal options. Initially constructed as a build-to-suit for the Tenant in 2019, the Tenant has a proven commitment to the site by signing a 15-year, absolute triple net lease.


The Property has direct frontage to the Northwest Freeway, a major Houston thoroughfare with high traffic counts of 122,000+ VPD and over 261,000 residents within a five-mile radius. This retail submarket preforms exceptionally well with 5.0% vacancy and more than 122,000 square feet of positive net absorption over the last twelve months.

Immediately adjacent to the property are two developments; Cypress Marketplace, a retail strip center with an open-air courtyard concept, and the Houston Methodist Cypress Hospital Campus. The Campus is an 800,000+ SF, 106-acre development slated to open in 2025 with over 500+ beds and staff members.


This rare opportunity allows investors the ability to acquire an established At Home retail asset in the Company’s #1 target region for strategic growth. The investment is further anchored by a national operator as guarantor and with inflation-hedging annual rental increases.

...

Investment Highlights

  • 2019 Build-to-Suit Construction in At Home's #1 Market for Strategic Expansion
  • 10.7+ Years of Term Remaining with Annual Rent Escalations
  • Shadow Anchored by H.E.B, America's #1 Grocer
  • $150K Average HH Income within a 3-Mile Radius
  • +261K Residents within a 5-Mile Radius
  • Adjacent to Top 6% Shopping Centers in the Nation (Placer.ai)
  • Interstate Frontage with +122,000 Vehicles per Day
At Home - Cypress, TX 4_Property for Sale
At Home - Cypress, TX 4_Property for Sale
At Home - Cypress, TX (0 Properties)

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Last updated
16 May 2024