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Drug Store

Walgreens

12407 Grant Rd, Cypress, TX 77429

Listing Price: $3,900,000

Cap Rate
6.00%
Tenant Name
WALGREENS
Years Remaining On Lease
7.9
Guarantor
Corporate Guarantee
Rentable SF
13,813
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$16.94

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale a Walgreens property located at 12407 Grant Road in Cypress, Texas. The 13,813 square foot building is situated on a 1.6 acre parcel of land, located at the hard-corner, signalized intersection of Grand Road and Eldridge Parkway. Walgreens has been a tenant at the Property since its initial construction in 1998. Walgreens extended their lease in 2015 by ten years, resulting in Walgreens’ ability to terminate their lease to be amended from April 30, 2019 to April 30, 2029. The Lease is structured to expire on April 30, 2069, with options to terminate the lease every five years commencing on April 30, 2029. Walgreens benefits from this strategic site, given that there is no competing Drug Store at this signalized intersection and no available hard-corner parcel for a competitor to open at. The site feeds off of 33,499 households within a three mile radius, with nearby undeveloped land available for additional commercial and residential developments. Cypress is one of the fastest-growing cities in the Houston Metropolitan Area.

Investment Highlights

  • Long-Term, Triple-Net Lease With 8.3 Years Remaining of Base Term
  • Serving 33,499 Households Within a Three - Mile Radius
  • Less Than Five Miles to SH 249, Vintage Park, & St. Luke's Hospital at the Vintage, Easy Access to Highways & Retail
  • High Traffic Counts: Grant Rd 17,833 VPD | N. Eldridge Parkway 13,053 VPD
  • Walgreens Extended Lease Term Early By Additional Ten Years

Exclusively Listed By

Listing Price: $3,900,000

Cap Rate
6.00%
Tenant Name
WALGREENS
Years Remaining On Lease
7.9
Guarantor
Corporate Guarantee
Rentable SF
13,813
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$16.94

Investment Highlights

  • Long-Term, Triple-Net Lease With 8.3 Years Remaining of Base Term
  • Serving 33,499 Households Within a Three - Mile Radius
  • Less Than Five Miles to SH 249, Vintage Park, & St. Luke's Hospital at the Vintage, Easy Access to Highways & Retail
  • High Traffic Counts: Grant Rd 17,833 VPD | N. Eldridge Parkway 13,053 VPD
  • Walgreens Extended Lease Term Early By Additional Ten Years

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale a Walgreens property located at 12407 Grant Road in Cypress, Texas. The 13,813 square foot building is situated on a 1.6 acre parcel of land, located at the hard-corner, signalized intersection of Grand Road and Eldridge Parkway. Walgreens has been a tenant at the Property since its initial construction in 1998. Walgreens extended their lease in 2015 by ten years, resulting in Walgreens’ ability to terminate their lease to be amended from April 30, 2019 to April 30, 2029. The Lease is structured to expire on April 30, 2069, with options to terminate the lease every five years commencing on April 30, 2029. Walgreens benefits from this strategic site, given that there is no competing Drug Store at this signalized intersection and no available hard-corner parcel for a competitor to open at. The site feeds off of 33,499 households within a three mile radius, with nearby undeveloped land available for additional commercial and residential developments. Cypress is one of the fastest-growing cities in the Houston Metropolitan Area.

Exclusively Listed By

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