Velvet Taco - Sugar Land, TX (Houston MSA)
2330 Highway 6, Sugar Land, TX, 77478, US
SEK 43,186,000
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
SEK 29,592,000
Cap rate
6.5%
NOI
SEK 1,922,000
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)
