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NNN - Eckerd Drug - 2004 Construction - Houston TX

South Gessner @ Beechnut, Houston, TX 77036

N/A

13,824 SF | Retail

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Retail Property - Off Market

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

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

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.

Map of South Gessner @ Beechnut, Houston, TX 77036

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