Objectomschrijving
Bank of America NNN ground lease with elite investment-grade credit backing. 9, 5-year renewal options remain after primary term expiration (4/30/2024). Tenant has exercised first renewal option starting in April of 2024 with rents starting at $26,065/month.
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STRONG LOCATION
Unmatched positioning amidst major retail, stadiums, & the Medical Center, a major 2.1-square mile medical pocket featuring over 106,000 employees in the direct area. The Texas Medical Center is the largest medical complex in the world, with over 10 million patient encounters per year and over 50 million developed square feet. In addition, there is currently $3 billion in construction projects underway.
RENTAL INCREASES
10% Rental Increases every 5 years.
GROWING DEMOGRAPHICS
The asset is ideally situated in an area that has seen an impressive 16.23% increase in population within a 3-mile radius from 2010-2023. Additionally, it benefits from its proximity to prominent national retailers such as Target, Walgreens, and Kroger.
TRAFFIC & VISIBILITY
Well-trafficked area in close proximity to major transportation routes such as I-90 and 610, ensuring excellent visibility as well as high volume of daily traffic, with Old Spanish Trail and Main Street combining over 57,000 VPD.
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