Prosper, TX - 7-Eleven Parking Lot

Description:

SRS Capital Markets is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in a NNN leased, parking lot investment property located in Prosper, Texas. The parking lot is leased to 7-Eleven for over 14 more years with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7.50% rental increases every 5 years throughout the initial term and in the fifth year of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low management investment opportunity for a passive investor. The parking lot is leased to a top-performing 7-Eleven that ranks in the 94th percentile nationally and 95th percentile in Texas for annual visits per Placer.ai.

The asset is located near the signalized, hard corner intersection of N Preston Rd and W Frontier Pkwy which combine to average over 42,800 vehicles passing by daily. N Preston Rd is the major retail thoroughfare serving the city of Prosper. The subject property is a part of the Victory Shops at Frontier Parkway which includes tenants such as Lifetime Fitness, Jersey Mike’s, Dunkin’, CityVet, and Hotworx, with many others planned. In addition, the subject property is across from several major planned developments that will bring dozens of new tenants to the area including Tom Thumb, Sprouts, 7 Brew, Petbar, and Whataburger. The property is located less than 2 miles from a new H-E-B anchored development with other national/credit tenants including Chick-fil-A, McDonald’s, Chase Bank, and more. The subject property is in close proximity to Prosper High School, which has a student population of over 3,400. The immediate trade area is supported by a population of over 123,800 residents and 16,600 employees with an affluent average household income of $238,006 within 3 miles.

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Listing ID: a28TP000003UC3dYAG