Walgreens - Cypress, TX
$2,870,000
12407 Grant Rd, Cypress, TX 77429
Cap Rate
8.15%
Square Feet
13905
Year Built/Renovated
1998
INVESTMENT HIGHLIGHTS
• Long-Term, Triple-Net Lease
• Serving 34,077 Households Within a Three - Mile Radius
• Fewer Than Five Miles to State Highway 249, Vintage Park, and St. Luke’s Hospital at the Vintage | Easy Access to Highways and Retail
• High Traffic Counts: Grant Road 12,470 Vehicles Per Day | North Eldridge Parkway 14,672 Vehicles Per Day
• Walgreens Extended Lease Term Early By Additional 10 Years
PROPERTY DESCRIPTION
Marcus & Millichap is pleased to exclusively list for sale a Walgreens property located at 12407 Grant Road in Cypress, Texas.
The 13,905 square foot building is situated on a 1.60 acre parcel of land, located at the hard-corner, signalized intersection of Grant Road and Eldridge Parkway.
Walgreens has been a tenant at the Property since its initial construction in 1998. Walgreens extended their lease in 2015 by 10 years, resulting in Walgreens’ ability to terminate their lease to be amended from April 30, 2019 to April 30, 2029.
The Lease is structured to expire on April 30, 2069, with options to terminate the lease every five years commencing on April 30, 2029.
Walgreens benefits from this strategic site, given that there is no competing drug store at this signalized intersection and no available hard-corner parcel for a competitor to open at.
The site feeds off of 34,077 households within a three-mile radius, with nearby undeveloped land available for additional commercial and residential developments. Cypress is one of the fastest-growing cities in the Houston Metropolitan Area.
Alex Wolansky, CCIM
FIRST VICE PRESIDENT
713-452-4292
Gus N. Lagos
SENIOR VICE PRESIDENT
713-452-4257
