Velvet Taco - Sugar Land, TX (Houston MSA)
2330 Highway 6, Sugar Land, TX, 77478, US
₩6,194,245,000
Description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the single-tenant Wells Fargo Bank at 6990 Highway 6 North in Houston, Texas (“Property”, “Asset”, or “Wells Fargo”). The Property is operating on a ground lease with ±2.3 years of primary lease term remaining and one remaining five-year option. The Property benefits from Wells Fargo's long-term commitment to the site, evidenced by over 38 years of continuous occupancy, and provides investors with stable cash flows backed by a nationally recognized, investment-grade credit tenant.
This unique opportunity allows investors to acquire an investment grade bank located in a dense Houston MSA commercial corridor.
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Attributes
Asking price
₩4,244,333,000
Cap rate
6.5%
NOI
₩275,606,000
Lease type
Absolute Triple Net
Remaining lease term
2.3 years
Building area net
367 m²
Year built
1983
Land area gross
0.28 ha
Media
Investment Highlights
- Investment-grade tenancy with S&P BBB+ rating (stable outlook)
- Ranked in the top 8% most-visited Wells Fargo locations nationwide
- Located in a dense retail corridor with over 6.8 million annual visitors at nearby shopping centers
- Absolute NNN ground lease with zero landlord responsibilities
- Population growth of 18% since 2010 within a 5-mile radius
- 38+ years of long-term occupancy history
- Located in the Houston MSA, 21 miles northeast of downtown Houston
- Outparcel to a Lowe’s store ranked in the top 6% nationally by visitor volume
- Average household income of $124,000 within a 5-mile radius
- Hard-corner signalized intersection with visibility to more than 93,000 vehicles per day (VPD)
Contact brokers
Well Fargo - Houston, TX (0 Properties)
