Academy Sports - Brownsville, TX_Property for Sale

4305 Old Highway 77, Brownsville, TX, 78520, US

Academy Sports - Brownsville, TX

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 4305 Old Highway 77 in Brownsville, TX (“Property” or “Asset”).

The Property is operating on the first option period of a 20-year absolute NNN lease with ±3.2 years remaining. The Property benefits from a significantly below market rent of $7.29 PSF. The lease features three, five-year renewal options and rent escalations every 5-years at 95% of the fair market rental value of the premises (7% growth cap). Initially constructed as a build-to-suit for the Tenant in 2002, Academy has a proven commitment to the site with nearly 22 years of operating history.

Located in Brownsville, the southernmost city in Texas, Academy is within the largest city in the lower Rio Grande Valley. Brownsville functions as a vital trade center for the region, serving as a gateway between the U.S. and Mexico. The Property benefits from a regional trade area which extends into Mexico.

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Attributes

Asking price

$7,420,000

Cap rate

6.6%

NOI

$490,000

WAULT

3.2 years

Building area net

67,180 sf

Land area gross

6.46 acres

Media

Investment highlights

Absolute NNN lease with ±3.2 years of lease term remaining and zero landlord responsibilities
Proven commitment to the site with nearly 22 years of operating history
This location is in the top 11% of most visited Academy locations across the nation (Placer.ai)
Significantly below market rent of $7.29 PSF
Exposure to more than 126,000 VPD off Interstate 69E
Explosive 32% population growth since 2010 within a 1-mile radius
Adjacent to Morrison Crossing and Las Tiendas Plaza shopping centers with more than 8.6 million visits combined (Placer.ai)