Walgreens / Village MD - Houston, TX
7929 Kirby Drive, Houston, TX, 77054, US
€6,704,000 | 1,377 m²
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the single tenant MINI dealership located at 16675 I-45, Conroe, TX (“Property” or “Asset”).
The Asset is 100% leased to CT Intercontinental, LTD d/b/a MINI of The Woodlands (“Tenant”) on a ground lease with zero landlord responsibilities, approximately 6.6 years remaining of primary lease term, and three, five-year renewal options with 5.0% rent escalations every 5 years in the primary term and 10.0% every 5 years in the renewal options. MINI at The Woodlands is a part of AutoNation, the second largest auto retailer in the nation, generating $26.9B in annual revenue across its 300 locations.
The Asset sits in The Woodlands master-planned development, which continues to thrive, with 52% population growth since 2010 in a 3-mile radius surrounding the asset. The area features impressive household income, averaging $142K in a 5-mile radius. Individuals and families continue to flock to the area, which was ranked the 3rd Best City to Live In and the 1st Best City to Buy a House by Niche in 2023.
The Woodlands is home to The Woodlands Mall, a top performing shopping center ranked in the top 1% by visits nationwide (Placer.ai), with 8.8 million visits annually. The master-planned community also includes four premier full-service acute care hospitals adjacent to the Asset, with more than 1,100 total inpatient beds operated by the market's leading health systems, making it a significant healthcare hub in the rapidly developing North Houston region.
The Property sits in a major retail corridor with national tenants including Walmart, Lowe’s, Chick-Fil-A, and other auto dealerships such as Mercedes-Benz, BMW, and Cadillac. The corridor is served by Interstate 45, driving 150K VPD past the asset, and connecting it to the surrounding Houston MSA.
This unique opportunity allows investors the ability to acquire a leading auto dealership in The Woodlands, a fast-growing, highly affluent market, and in-demand market with zero landlord responsibilities.