Walgreens - Richmond Avenue

Marcus & Millichap is pleased to exclusively list for sale a Walgreens property, located at 11994 Richmond Avenue, Houston, TX. The 14,560-square-foot building is situated on a 1.57 acre parcel of land, located at the hard-corner, signalized intersection of Richmond Avenue and South Kirkwood Road.

Walgreens has been a tenant at the property since its initial construction in 2003. Walgreens extended their lease in 2021 by five years, resulting in Walgreens’ ability to terminate their lease to be amended from November 30, 2028 to November 30, 2033.

The lease is structured to expire on November 30, 2083, with options to terminate the lease every five years commencing on November 30, 2033.

Walgreens benefits from this strategic site, given that it sees 40,000 vehicles per day, is located in front of a Walmart Supercenter, and is surrounded by dense residential neighborhoods. The site feeds off of a population of over 200,000 residents within three miles.