Overview

Description

The subject property consists of a newer construction (2019), 8,320 square foot, freestanding Family Dollar Store situated on a 1.36 acre parcel and located in Pearland, TX. This new build-to-suit has in place a 10-year NN lease with minimal landlord responsibilities (roof and structure – roof comes with a 20-year transferable “weatherproof” warranty). Pearland is one of the fastest growing cities in Texas and is the fastest growing city in the Houston region. The site is located just 17 miles south of Houston's CBD. The city of Pearland has experienced massive growth over the past decade and was named the 3rd fastest growing city in the US economy in 2018 according to the Houston Business Journal. The property is located on Pearland Sites Rd., just north of its intersection with
Hastings Cannon Rd. on the west side of the street. The property has excellent visibility to the combined 9,827 vehicles per day that travel past the site. The area boasts extreme population density. New home developments are sprouting up in all directions of the immediate vicinity of the property and there is a small gap in retail supply in this pocket of the Pearland market that Family Dollar aims to fulfill demand. This location fits into the well-established strategic store expansion program of Family Dollar, providing convenience goods (including food, refrigerated products and non-perishable items) to its customer base. Demographics indicate a population of 21,085
within a 3-mile radius of the subject property with average HH incomes of $125,000.

Highlights

• 2019 Built-to-Suit
• Pearland is the fastest growing suburb in the Houston, TX MSA located just 17 miles south of its Central Business District
• Pearland was named 3rd fastest growing economy in the US in 2018 according to Houston Business Journal
• No caps for tenant reimbursements of real estate taxes and property insurance
• Excellent visibility off Pearland Sites Rd. with combined (Hasting Cannon Rd.) traffic counts of 9,827 vehicles per day
• 6+ years remaining on NN Lease with minimal LL responsibilities
• (6) 5-year renewal options with 5% rental increases in each
• Investment grade tenant (NASDAQ: DLTR | BBB-, Stable outlook)
• High density growth market with a population of 97,044 within a 5 mile radius and Average HH incomes over $112,034 within same

Documents

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