Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding, investment grade (S&P: BBB), Walgreens investment property located in Missouri City, Texas (Houston MSA). The tenant, Walgreen Co., has over 6 years remaining with 10 (5-year) options to extend. The lease is signed by Walgreen Co. (S&P: BBB) and is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor in an income tax free state. Walgreens currently subleases the property to Popshelf (Dollar General brand), Landlord is not a party to sublease with Popshelf and does not know the sublease terms and rent. Walgreens may sublease without the Landlord’s approval.

Walgreens is located near the signalized, hard corner intersection pf Sienna Parkway and State Highway 6, which supports over 82,000 vehicles per day. Furthermore, the asset benefits from nearby access to Fort Bend Parkway Toll Road (24,200 VPD), making this an ideal, centralized location with easy commutes. The asset is ideally positioned less than 4 miles southeast of Missouri City Shopping Center, a 364,000 SF power center that’s home to Hobby Lobby, Ross, Kohl’s, Office Depot, PetSmart, and more. Other nearby national/credit tenants include Walmart Supercenter, Target, Home Depot, Lowes, Aldi, HEB, Kroger, and more. Strong tenant synergy increase consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the asset is positioned among several apartment complexes including Royal Sienna (330 units), Ravella at Sienna Plantation (292 units), SYNC at Sienna (270 units), and more, providing a direct residential consumer base from which to draw. The dense 5-mile subject trade area is supported by more than 173,000 residents and 23,000 daytime employees. Residents within a 1-mile radius boast an extremely affluent average household income of more than $157,000.

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