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Valvoline Ground Lease, Richmond, TX

Valvoline Ground Lease

Price $1,843,000
Cap Rate 4.75%
NOI $87,500
Lease Term 15 Years
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2020
Building Size 2,019 SF
Lot Size 0.84 Acres (36,590 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

LONG-TERM ABSOLUTE NNN CORPORATE GROUND LEASE TO ICONIC NATIONAL TENANT
» Long-term NNN corporate ground lease plus three five-year option periods
» 10% rental increases every five years in initial term and option periods, providing a hedge against inflation
» Absolute NNN ground lease requires no landlord management, ideal for an out-of-area investor
» Corporate lease to Valvoline (NYSE: “VVV” – $2.3B in Revenue – 1,350+ Locations)
» 2020 construction located in an income tax free state

HIGH-TRAFFIC LOCATION IN DENSELY POPULATED, GROWING, AND AFFLUENT AREA
» 14,105 VPD directly in front of the property with immediate access and visibility to 49,400 VPD on Grand Parkway
» $119,522 average household income within a one-mile radius of the property
» Close proximity to several large housing developments, including Waterview Estates (28,004 residents), Long Meadow Farms (27,407 residents), Waterside Estates (20,642 residents), and Bradford Park (18,917 residents)
» 207,141 residents and growing within a five-mile radius
» Projected population growth of 32 percent in next five years within one mile of the property

INFILL LOCATION NEAR LARGE SCHOOLS, EMPLOYERS, AND RETAILERS
» Amazon (NASDAQ: “AMZN”) is building a new 850,000-SF fulfillment center within one mile of the property to be completed in 2021 (estimated 1,000 new jobs)
» Within a three-mile radius of William B. Travis High School (2,489 students), Oakland Elementary School (1,052 students), and David Crockett Middle School (991 students)
» Central location in Waterview Town Center, one of four new retail centers located along Grand Parkway (1.4 million SF of retail space)
» Immediately adjacent to Target’s first next generation store and a new H-E-B
» Surrounded by notable tenants such as Chick-fil-A, Chipotle Mexican Grill, Whataburger, Academy Sports + Outdoors, At Home, Jersey Mike’s, Texas Roadhouse, Starbucks, Subway, and many more
» Located in the wealthiest county in Texas (Fort Bend)



Property Description

The property is conveniently located on West Belfort Street (14,105 VPD), with immediate access and visibility to 49,400 VPD on Grand Parkway. The site is located along State Route 99, a major north-south thoroughfare traversing Texas. The location resides in a densely populated area with affluent demographics, with an average household income of $119,522 within a one-mile radius of the property and population of 207,141 within a five-mile radius of the location. Traffic to the property is increased by the site’s proximity to several large housing developments, including Waterview Estates (28,004 residents), Long Meadow Farms (27,407 residents), Waterside Estates (20,642 residents), and Bradford Park (18,917 residents). The area is growing rapidly, with a projected population growth of 32 percent in the next five years within one mile of the property.

The site has an irreplaceable infill location near large schools, employers, and retailers. Visibility is increased by the property’s central location in Waterview Town Center, one of four new retail centers located along Grand Parkway, featuring 1.4 million SF of retail space. Amazon (NASDAQ: “AMZN”) is building a new 850,000-SF fulfillment center within one mile of the property. The fulfillment center will be completed in 2021 and is expected to create 1,000 jobs. The location is also immediately adjacent to Target’s first next generation store, a brand-new H-E-B, and is surrounded by notable tenants such as Chick-fil-A, Chipotle Mexican Grill, Whataburger, Academy Sports + Outdoors, At Home, Jersey Mike’s, Texas Roadhouse, Starbucks, Subway, and many more. The property is within a three mile radius of William B. Travis High School (2,489 students), Oakland Elementary School (1,052 students), and David Crockett Middle School (991 students).

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