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Regions Bank, Houston, TX

Regions Bank

TX, United States

Price $3,050,000
Cap Rate
NOI
Lease Term 20 Years
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Insurance, Utilities, and Maintenance, Including Roof, Foundation, and Structure
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2018 (Under Construction)
Building Size 3,540 SF
Lot Size 1.02 Acres (44,388 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior 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

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Texas-licensed real estate broker Delta Commercial.

Investment Highlights

20-YEAR ABSOLUTE NNN GROUND LEASE TO CORPORATE TENANT
» Regions Banks is an investment grade tenant, with an “A-” rating from Standard & Poor’s
» No landlord responsibilities, providing an ideal investment for local and out-of-area investors
» 10% rental increases every five years, providing a hedge against inflation

HIGH-TRAFFIC LOCATION IN GROWING RETAIL AND COMMERCIAL CORRIDOR
» Excellent visibility and access to 87,640 vehicles per day at the signalized intersection of Beltway 8 and West Lake Houston Parkway
» Over $1 billion of development has taken place around the intersection of Beltway 8 and West Lake Houston Parkway since 2014
» Shadow anchored by Westlake Marketplace, a newly constructed retail center featuring Kroger, Old Navy, Michaels, and more
» Directly adjacent to Generation Park, a 4,000-acre commercial park anchored by TechnipFMC’s new corporate campus, San Jacinto College’s 57-acre campus, Lone Star College’s Process Technology Center, and Stolt-Nielsen’s future corporate offices.

EXCELLENT LOCATION IN RAPIDLY GROWING SUBMARKET WITH STRONG DEMOGRAPHICS
» The Lake Houston submarket, home to over 390,000 residents who spend over $3.85 billion annually, is substantially underserved, with 33% less retail space than the Houston per capita average
» Between 2000 and 2015, the Lake Houston submarket experienced a growth rate of more than 210% the Texas average and nearly 170% above the Houston average
» Average household income of $145,089 within a one-mile radius of the property
» 117,001 residents with an average household income of $105,109 live within a five-mile radius

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is conveniently located just off of the signalized intersection of Beltway 8 and West Lake Houston Parkway, with excellent visibility and access to 87,640 vehicles per day. The property is directly adjacent to and shares interparcel access with Westlake Marketplace, a newly constructed retail center featuring 550,000 square feet of mixed retail, entertainment, and service uses. Key tenants in Westlake Marketplace include Kroger, Marshalls, Old Navy, Michaels, Ulta, and Burlington Coat Factory. Other notable retailers in the immediate area include H-E-B, Home Depot, CVS, Starbucks, Whataburger, and many others.

The property is located next to Generation Park, a 4,000-acre master planned commercial park that is driving commercial, retail, and residential development in the rapidly growing Lake Houston area. Generation Park is anchored by TechnipFMC’s new corporate campus, which currently has more than 2,000 employees and will have approximately 12,000 employees by 2024. Additional tenants coming to Generation Park include San Jacinto College’s 57-acre campus, Lone Star College’s Process Technology Center, and Stolt-Nielsen’s future corporate offices.

Over $1 billion of development has taken place around the intersection of Beltway 8 and West Lake Houston Parkway since 2014. Additionally, approximately 13,000 new homes are being developed within a six-mile radius of Generation Park. The Lake Houston area’s status as an emerging economic center has attracted wealthy professionals to the region, making the submarket one of the richest in Houston. The average household income within a one-mile radius of the property is $145,089, and 117,001 residents with an average household income of $105,109 live within a five-mile radius. Furthermore, the Lake Houston submarket, home to over 390,000 residents who spend over $3.85 billion annually, is substantially underserved. Due to the area’s rapid growth since the completion of Beltway 8, it now has 33% less retail space than the Houston per capita average, providing an affluent, underserved customer base for Regions Bank.

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