Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the single-tenant Pep Boys at 6900 Highway 6 North in Houston, Texas (“Property” or “Asset”). The Property is operating on a ground lease with ±5.0 years of primary lease term remaining, 10.0% rent escalation in year 2026 and one, five-year option. The property benefits from a low rent of $159,445 and is positioned on a large 2.1 acre parcel. Notably, the property has had a long, successful operating history of 30 years.

This unique opportunity allows investors the ability to acquire a low-rent, strong performing Pep Boys located in a dense commercial corridor within the Houston MSA.

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Attributes

Asking price

THB 84,951,000

Cap rate

6.25%

NOI

THB 5,312,000

Lease type

Absolute Triple Net

Remaining lease term

4.1 years

Building area gross

1,824 m²

Year built

1996

Land area gross

0.87 ha

Media

Investment Highlights

+5 years of primary term remaining with one, 5-year option
Absolute NNN ground lease with zero landlord responsibilities
Large 2.15 acre parcel with below-market rent
Ranked in the top 10% most visited Pep Boys nationwide with 60k annual visitors
30+ years of operating history at the site
Outparcel to a Lowe’s store ranked in the top 6% nationally among visitors
Located in a dense retail corridor with over 6.8 million annual visitors at nearby shopping centers
Population growth of 18% since 2010 within a 5-mile radius
Average household income of $124,000 within a 5-mile radius
Adjacent to Highway 6, which intersects with FM 529 road with visibility to more than 93,000 vehicles per day (VPD)
Leading tire replacement company ranked #2 in the industry
Located in the Houston MSA, 21 miles northeast of downtown Houston