Walgreens / Village MD - Houston, TX
7929 Kirby Drive, Houston, TX, 77054, US
NT$230,292,000 | 1,377 m²
Asset Description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple interest in a freestanding Academy Sports + Outdoors located at 28616 Highway 290 in Cypress, TX (“Property” or “Asset”).
The Property is operating on a 20-year absolute NNN lease with ±11.4 years of primary lease term remaining. The lease features four, five-year renewal options and various rent escalations every 5-years. The Property benefits from a significantly below market rent of $6.64 PSF, as well as an upcoming rent bump of 4.2% in February 2026.
Located 27 miles northwest of downtown Houston, Academy Sports is positioned within Fairfield Town Center, Cypress’ newest regional shopping center with traffic generators including the 475,000 SF Houston Premium Outlets, HEB, and Kroger.
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Attributes
Asking price
NT$234,421,000
Cap rate
6.6%
NOI
NT$15,477,000
WAULT
11.4 years
Building area net
6,659 m²
Media
Investment Highlights
- Absolute NNN lease with ±11.4 years of lease term remaining and zero landlord responsibilities.
- Significantly below market rent of $6.64 PSF
- Incredible demand characteristics driven by 120% population growth since 2010 and average household incomes of $168,000+ within a 5-mile radius.
- This location is in the top 38% of most visited Academy locations across the nation (Placer.ai)
- Frontage along US 290 with exposure to 92,000 VPD
- Positioned within Fairfield Town Center that ranks in the top 1% of most visited shopping centers across the nation (Placer.ai)
- Houston is the #2 MSA for projected population growth
Contact brokers
Academy Sports - Cypress, TX (0 Properties)
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Last updated
24 Oct 2024
