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AutoZone Ground Lease, Houston, TX

AutoZone Ground Lease

Spring, TX

Price $2,329,000
Cap Rate 3.65%
NOI $85,000
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 8% Rental Increases Every Five (5) Years
Year Built 2021
Building Size 7,500 SF
Lot Size ±1.08 Acres (47,045 SF)
Status Under Contract
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW ABSOLUTE NNN GROUND LEASE WITH CORPORATE GUARANTEE
» 15-year absolute NNN ground lease to AutoZone (NYSE: “AZO”)
» 8% rental increases in initial term and option periods, providing an excellent hedge against inflation
» Absolute NNN ground lease requires no landlord management, ideal for an out of area investor
» New 2021 construction featuring latest AutoZone prototype

HIGH-TRAFFIC LOCATION IN GROWING RETAIL AND COMMERCIAL CORRIDOR
» 24,841 vehicles per day directly in front of the property and immediate access to Grand Parkway with 63,547 vehicles per day
» Located at the entrance of the Gleannloch Farms master-planned community with 3,200 homes and 384 Class A apartments
» Located within the 10-acre Gleannloch Crossing Retail Center, with numerous national tenants including H-E-B, Taco Bell, McDonald’s, Popeyes, Regions Bank, Sherwin Williams, AT&T, Subway, MOD Pizza, UPS, and more tenants on the way

NEW 2021 CONSTRUCTION IN RAPIDLY GROWING SUBMARKET
» Average household income of $160,394 within a one-mile radius of the property
» 205,123 residents live within a five-mile radius with a projected 10 percent increase by 2026
» 34 miles from Downtown Houston
» Between 2010 and 2019, the Tomball/Spring submarket experienced a historic annual growth rate of 49 percent



Property Description

The property is conveniently located just off of Grand Parkway (63,547 vehicles per day) and near Champion Forest Drive (24,841 vehicles per day). The property is within Gleannloch Crossing, a 10-acre retail center, with numerous national tenants including but not limited to H-E-B, Taco Bell, Popeyes, Regions Bank, McDonald’s, Sherwin Williams, AT&T, Subway, MOD Pizza, and UPS. This AutoZone is situated at the entrance of the Gleannloch Farms master-planned community with 3,200 homes and 384 Class A apartments. The property is also directly adjacent to Gleannloch Forest, a seven-acre retail center.

The property is located in the Tomball/Spring trade area. Between 2010 and 2019, the Tomball/Spring submarket, experienced a historic annual growth rate of 49 percent. 21,186 homes are within a three-mile radius of the property. These residential developments are highlighted by Gleannloch Farms, with 3,705 homes and Northpointe Homes with 3,879 homes. The Spring/Tomball area’s status as an emerging economic center has attracted wealthy professionals, making the submarket one of the richest in Houston to the region. The average household income within a one-mile radius of the property is $160,394. Additionally, 205,123 residents live within a five-mile radius with a projected 10 percent population increase by 2026.

Contact Us About This Property

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