US - Lubbock, TX
IDR 152,049,471,000 | 6,548 m²
Jones Lang LaSalle Americas, Inc.(“JLL”) is pleased to offer for sale a single tenant Walgreens (the “Property” or “Asset”) offering in Baytown, TX. The Asset is strategically situated adjacent to Houston Methodist Baytown Hospital, a state-of-the-art medical facility that recently completed a $250 million expansion. Prominent retailers also surround the Asset including Lowe’s, Target, Home Depot and Walmart Supercenter which ranks in 84thpercentile of most visited Walmart’s in the nation, per Placer.ai. The surrounding 1-mile area has seen an unprecedented 48% population increase since 2010, making it a top growth region in the state of Texas.
This Walgreens generates strong annual sales of $4.9 million (RX excluded). The Asset features a drive-thru lane and a LabCorp facility, the premiere outpatient clinical and testing provider.
Due to its success at this location, Walgreens will execute a 15-year Absolute NNN lease with contractual increases and (12) 5-year renewal options upon closing of escrow. This Asset provides an opportunity to acquire a long-term cash flow guaranteed by Walgreens Corporate with zero landlord responsibilities.