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Miscellaneous

Little York at North Freeway Ground Lease

7524 North Fwy, Houston, TX 77037

Listing Price: $3,000,000

Tenant Name
Reddy Partnership/Yorktown Plaza LP
Years Remaining On Lease
3.8
Gross SF
64,829
Guarantor
Corporate Guarantee
Rentable SF
8,016
Price/Gross SF
$46.28
Lease Type
Ground Lease
Rent Per Square Feet
$3.02

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale five land parcels totaling 64,829 square feet at the northeast quadrant of West Little York Road at North Freeway in Houston, Texas.

This unique fee simple land offering features two ground leases in place for Parcels 4 and 5 (222430000073 & 222430000109), which have been in place since December 30, 1968 and expire on January 31, 2028 without any remaining renewal options. The Ground Lessee is the landlord of the 256,313 square foot Food Town-anchored shopping center adjacent eastbound. Any real property owned by the Ground Lessee within the boundaries of the Subject Property offered for sale are reverted to fee simple ownership of the landlord of the Subject Property on February 1, 2028. In addition, any access rights and sign rights of the Ground Lessee to utilize the parcels currently subject to ground leases expire on January 31, 2028.

Parcel 4 (222430000073; 410 Little York Road) is a private driveway with access to North Freeway, which the Food Town shopping center relies on for access to the North Freeway. The rights for the Lessee to utilize this driveway expire at the end of the ground lease January 31, 2028 and will be subject to a renegotiation, should the Buyer wish to entertain a negotiation.

A large monument sign featuring tenants’ names from the Food Town-anchored property is owned by the Ground Lessee and sits on Parcel 4 (222430000073; 410 Little York Road), which is also subject to the Ground Lease expiring January 31, 2028.

An 8,016 square foot shopping center owned by the Ground Lessee is located on Parcel 5 (222430000109), subject to the terms of the Ground Lease expiring January 31, 2028.

Investment Highlights

  • 1.49 Acres at Irreplaceable Location at Northeast Quadrant of North Freeway and Little York Road
  • Value-Add Opportunity: Long-Term Ground Lease Expires in Less Than Five Years
  • Leasehold Interest in Real Property Reverts to Fee Simple Interest Upon Ground Lease Expiration
  • Property Features Grandfathered Billboard Rights, Currently Yielding $6,500 Per Year

Exclusively Listed By

Financing By

Miscellaneous

Little York at North Freeway Ground Lease

Listing Price: $3,000,000

Tenant Name
Reddy Partnership/Yorktown Plaza LP
Years Remaining On Lease
3.8
Gross SF
64,829
Guarantor
Corporate Guarantee
Rentable SF
8,016
Price/Gross SF
$46.28
Lease Type
Ground Lease
Rent Per Square Feet
$3.02

Investment Highlights

  • 1.49 Acres at Irreplaceable Location at Northeast Quadrant of North Freeway and Little York Road
  • Value-Add Opportunity: Long-Term Ground Lease Expires in Less Than Five Years
  • Leasehold Interest in Real Property Reverts to Fee Simple Interest Upon Ground Lease Expiration
  • Property Features Grandfathered Billboard Rights, Currently Yielding $6,500 Per Year

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale five land parcels totaling 64,829 square feet at the northeast quadrant of West Little York Road at North Freeway in Houston, Texas. This unique fee simple land offering features two ground leases in place for Parcels 4 and 5 (222430000073 & 222430000109), which have been in place since December 30, 1968 and expire on January 31, 2028 without any remaining renewal options. The Ground Lessee is the landlord of the 256,313 square foot Food Town-anchored shopping center adjacent eastbound. Any real property owned by the Ground Lessee within the boundaries of the Subject Property offered for sale are reverted to fee simple ownership of the landlord of the Subject Property on February 1, 2028. In addition, any access rights and sign rights of the Ground Lessee to utilize the parcels currently subject to ground leases expire on January 31, 2028. Parcel 4 (222430000073; 410 Little York Road) is a private driveway with access to North Freeway, which the Food Town shopping center relies on for access to the North Freeway. The rights for the Lessee to utilize this driveway expire at the end of the ground lease January 31, 2028 and will be subject to a renegotiation, should the Buyer wish to entertain a negotiation. A large monument sign featuring tenants’ names from the Food Town-anchored property is owned by the Ground Lessee and sits on Parcel 4 (222430000073; 410 Little York Road), which is also subject to the Ground Lease expiring January 31, 2028. An 8,016 square foot shopping center owned by the Ground Lessee is located on Parcel 5 (222430000109), subject to the terms of the Ground Lease expiring January 31, 2028.

Exclusively Listed By

Financing By

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