US - Lubbock, TX
IDR 155,107,969,000 | 6,548 m²
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the opportunity to acquire the fee-simple interest in a Walgreens located at 300 E Houston St, in Beeville, TX (the “Property” or “Asset”). The Asset generates strong reported sales of $2.9 million annually (RX excluded). Due to its success, Walgreens will execute a brand-new absolute NNN 15-year lease at closing of escrow. The lease will feature 5.0% rent bumps every 5-years in the base term and options. Following the 15-year in-place lease term, there are twelve (12) 5-year extension options.
The Asset is located within a retail trade area along East Houston Street (11,000 VPD) adjacent from H-E-B with over 1.5 million annual visitors, per Placer.ai. The Property is proximate to Christus Health, a not-for-profit health system that employees over 30,000 general employees and 15,000 physicians. As the only Walgreens within a 35-mile radius in southeastern Texas, the Subject Property has captured sales from all tertiary Texas cities and towns. This has resulted in strong sales as well as this location ranking in the 63rd percentile of all Walgreens stores in the nation, per Placer.ai.