Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Walgreens (the “Property” or “Asset”) located at 14402 FM 2100, Crosby, Texas. The Property is 100% leased by Walgreens Co. (“Walgreens” the “Tenant”) under a brand new absolute NNN lease structure with 15 years of lease term remaining with 5.0% rent bumps every 5 years, subject to 12 x 5-year extension options.
The Property is ideally situated in a dense retail location, with 20,000 vehicles driving past the property daily. The retail corridor contains national tenants, including Walmart, Aldi, and Chick-Fil-A, and is adjacent to Crosby Fwy (30,000 VPD), which connects the area to downtown Houston. The surrounding population has exploded alongside broader Houston and Texas population growth, driven by migration trends and the pro-business nature of the state. The population in a 3-mile radius grew by an impressive 36% from 2010 – 2022, driving rent growth and economic activity in the area. The Property sits on an oversized parcel of almost two acres, allowing for ample parking for the Tenant and future flexibility for the owner. This Asset presents the opportunity to acquire investment-grade tenancy in a growing location within a pro-business state with no income tax.
Investment-grade tenant (S&P: BBB)
Brand-new, 15-year Absolute NNN lease with no landlord obligations & 12, 5-year renewal options
Population growth of over 36% since 2010
No state Income tax
Situated in a dense retail corridor with 83rd Percentile Shopping Center (Placer. AI)
Across from Walmart Supercenter with 1.7 million annual visitors
Direct exposure to over 30,000 VPD
Average HH Income is over $85,000