Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in a Walgreens located at 3605 College Street, Beaumont, TX (the “Property” or “Asset”). The Property is located in central Beaumont, southeastern Texas and is the #7 most visited Walgreens in TX.
The Property is within a dense retail corridor that includes a H-E-B, which sees 1.8M visitors annually, Starbucks, Office Depot, Chick-fil-A, and Dollar Tree, with direct exposure to over 61,800 vehicles per day. The Property is less than one mile away from two major Texas medical centers including Baptist Hospitals of Southeast Texas, a 406-bed full-service hospital with 1,500+ employees, and CHRISTUS Southeast Texas – St. Elizabeth Hospital, a 431-bed acute care and trauma center with 1,000+ employees. Nearby is Lamar University, a 270-acre campus that has over 17,000 students enrolled in more than 100 programs of study, and Lamar Institute of Technology with 7,000 students enrolled. Less than 10-minutes from the Asset is Parkdale Mall, the largest shopping mall in the area with 150+ retailers and over 6.3M visitors annually.
Upon close of escrow, Walgreens will execute a 15-year absolute NNN lease with contractual increases and (12) 5-year renewal options.
- Brand new 15-year absolute NNN lease with no landlord responsibilities
- Investment-grade tenancy (S&P: BBB) with corporate guaranty
- 5% rent increase every 5-years
- #7 most visited Walgreens in Texas
- Proximate to Christus Southeast Texas Hospital & Baptist Hospital of Southeast Texas (837-beds)
- Nearby Lamar University with 17,000+ students
- Situated on the hard corner of U.S. Route 60 E and Farmdale Road (33,000 VPD)
- 102,000+ residents within a 5-mile radius