This Retail Property is Off-Market.

South Gessner @ Beechnut
Houston, TX 77036 ·

13,824 SF · Retail For Sale

N/A

Print

NNN - Eckerd Drug - 2004 Construction - Houston TX

Price N/A Occupancy 100%
Building Size 13,824 SF No. Stories 1
Property Type Retail Tenancy Single
Property Sub-type Free Standing Bldg Year Built 2004
Property Use Type Investment Lot Size 1.24 AC
Cap Rate 8%
Listing ID: 13792176 Date Created: 10/17/2003 Last Updated: 11/29/2004

Description

In July of 2004 Eckerd Drug will take possession of a ±13,824 square foot freestanding building to be built at the southwest corner of South Gessner and Beechnut, primary residential and commercial thoroughfares north of the Southwest Freeway/U.S. 59.

The new Eckerd will be adjacent to Southway Shopping Center, a community center containing 180,438 sf of lease space. The center was developed in 1976 and underwent a major remodel including fascia and parking lot replacement, and the addition of 14,290 sf of small shop space in 2002 and 2003. The property is currently 96.47% occupied. The anchors at Southway Shopping Center include Ross, Dollar Tree, Boot Town, Factory 2-U, Shoe Carnival and Melrose.

Academy Sports & Outdoors, the 3rd-largest full-line sporting goods chain in the U.S., a non-owned anchor at the opposite end of the center, will be demolishing the existing improvements and constructing a current generation 62,000 sf store starting in January of 2004, bringing added activity to Southway.

Eckerd Drug store is located ±10 miles southwest of Houston’s CBD at the southwest corner of the S. Gessner and Beechnut signalized intersection, just north of the of the Southwest Freeway, within the boundaries of the greater Sharpstown area. The Southwest Freeway, traditionally a regional retail corridor, is one of the principal radiating freeways extending from the CBD to the suburban areas of southwest Houston. A large part of west and southwest Houston comprises the area community of Sharpstown, a predominately middle class neighborhood. Multi-family living options are widely available in Sharpstown, with apartment, condominium, townhome and duplexes available for rent in several clusters. Small and mid-size brick tract homes are prevalent in Sharpstown with prices ranging from $50,000 to $200,000.

Sharpstown and the surrounding neighborhoods are densely populated with a 3-mile population of 234,192 and a 5-mile population of 536,100. There is a heavy concentration of both residential and commercial structures, and there are few undeveloped sites for new construction. Within a 3-mile radius of Eckerd Drug store there are more than a dozen major residenential developments.

Highlights

  • Investment Grade Tenant: S&P BBB-; positive outlook
  • Replacing a store currently doing in excess of $7.0M in sales
  • Adjacent to recently renovated Southway Shopping Center, with major national anchors including - Ross, Dollar Tree, Boot Town, Factory 2-U, Carnival
  • Academy Sports & Outdoors is building a new 62,000 sf facility at the opposite end of the center
  • 20-year anbsolute NNN lease with four 5-year renewal options ($0.50/sf increase each option)
  • Debt free, available for new financing

Research

South Gessner @ Beechnut, Houston, TX 77036 (Harris County)

Houston Market Trends - Asking price index trends, sale price trends, asking rent trends

Similar Listings

  • 8561 Long Point Rd
    8561 Long Point Rd

    Houston, TX 77055

    For Sale · $1,800,000

    12,027 SF GLA

    Strip Center

  • 3801 Hopper Rd
    3801 Hopper Rd

    Houston, TX 77093

    For Sale · $725,000

    13,130 SF Building

    Community Center

  • 314 MAIN STREET
    314 MAIN STREET

    Houston, TX 77002

    For Sale · $10,000,000

    13,404 SF Building

    Neighborhood Center

  • 1710 Highway 6
    1710 Highway 6

    Houston, TX 77077

    For Sale · $1,000,000

    10,410 SF Building

    Retail (Other)

The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.

I am a place holder, please don't judge me!!! (no, I judge you!)