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Family Dollar, Crosby, TX

Family Dollar

TX, USA

Price $2,086,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type
Rental Increases 10% rental increases beginning in year 10 and every 5 years thereafter
Year Built 2016
Building Size 8,320 sq. ft.
Lot Size 0.8 Acres (34,848 sq. ft)
Status Sold
Lead Broker Information Vince Aicale
Senior Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

CORPORATE GUARANTEED LEASE WITH SCHEDULED RENT INCREASES
» The lease is guaranteed for by Family Dollar Stores, Inc.
» Scheduled rental increases of 10% after year 10 and every 5 years thereafter, providing a hedge against inflation

ABSOLUTE TRIPLE NET LEASE
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management
» Ideal investment opportunity for an out-of-area investor

RELOCATION SITE FOR ESTABLISHED TENANT WITH STRONG CUSTOMER BASE
» Tenant has operated successfully in market for years and is committed to operating within the Crosby, TX submarket
» Tenant has transitioned from an inline shop space to a free standing building
» Relocation site frees Family Dollar from a Kroger food restriction, allowing them to greatly expand their product selection

HOUSTON MSA LOCATION POISED FOR FUTURE GROWTH
» Crosby is 18 miles from downtown Houston, between Houston’s second and third loops – an area that is experiencing rapid development
» Harris County experienced the largest population growth in the U.S. in 2015
» The Houston MSA added approximately 159,000 residents between 2014 and 2015, the largest gain of any metro area in the U.S.

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located on FM 2100 Road, Crosby’s main arterial, with access and visibility to 19,100 vehicles per day. The site is just off of State Highway 90, which boasts an average daily traffic count of 26,000 vehicles. The property benefits from its location in Crosby’s major retail corridor. Tenants in the area include Kroger, Walmart Supercenter, O’Reilly Auto Parts, McDonald’s, and Starbucks. Crosby High School and Crosby Middle School are just over half a mile from the site and have a combined enrollment of 2,261 students and a staff of approximately 137 faculty members. The site is also located near several residential neighborhoods, which will be served by Family Dollar.

Family Dollar is relocating from a smaller, inline shop space in the Kroger-anchored Crosby Shopping Center, where they have operated successfully for many years. While the existing Family Dollar store is a strong performer, the new location will allow Family Dollar to have more square footage, therefore allowing them to expand their product mix. Additionally, the relocation site frees them from a food restriction from Kroger, allowing Family Dollar to stock a full product assortment.

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