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Walmart Neighborhood Market Ground Lease, Cypress, TX

Walmart Neighborhood Market Ground Lease

TX, USA

Price $3,962,000
Cap Rate
NOI $178,250
Lease Term 20 Years
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Insurance, Utilities, and Maintenance, Including Roof and Structure
Rental Increases 5% Rental Increases After Year 15 and Every Five (5) Years Thereafter
Year Built 2016
Building Size 42,300 SF
Lot Size 4.77 Acres (207,781 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

ABSOLUTE NNN LEASE TO CORPORATE TENANT
» Rare Walmart Neighborhood Market ground lease requiring no landlord management, ideal for an out-of-area investor
» Rare scheduled rental increase in primary term, providing a hedge against inflation
» Ranked #1 on the Fortune Global 500 list in 2017
» Annual revenue of $500.3 billion
» Walmart has committed significant capital to the property–an estimated $5.3 million

EXCELLENT REAL ESTATE FUNDAMENTALS
» The offering includes the fuel station. Offered below replacement costs – ($90/SF) Low Building Rent Per Square Foot ($4.05/SF)

HIGH-TRAFFIC LOCATION WITH LARGE CUSTOMER BASE
» Excellent visibility and access to 61,035 vehicles per day at the signalized hard corner of Barker Cypress Road and Cypress North Houston Road
» Convenient access to Highway 290 (122,218 AADT)
» Directly adjacent to Woodard Elementary (987 students) and near Lone Star College– CyFair (22,125 students)
» Minutes from North Cypress Medical Center (175 beds) and Sysco’s Cypress office complex (1,800 employees)
» Large, affluent customer base, with 235,393 residents living within a five-mile radius and average household incomes exceeding $120,000 within one-, three-, and five-mile radii

EXCELLENT LOCATION IN HIGH-GROWTH MARKET
» Significant residential development in the area, with several planned communities under construction near the property
» The Cypress area is growing rapidly; the population increased nearly 37% within a three-mile radius of the property between 2010 and 2018


Property Description

SOLD

The property is conveniently located at the signalized hard corner of Barker Cypress Road and Cypress North Houston Road, with excellent visibility and access to 61,035 vehicles per day. Less than a mile northeast of the property, Barker Cypress Road provides convenient access to Highway 290, a high-traffic thoroughfare with a traffic volume of 122,218 vehicles per day near the property. The property anchors The Market at Alder Trails, a retail center that is also tenanted by AT&T, Regions Bank, Great Clips, and more. Several large shopping centers are located near the property, featuring notable retailers like Target, Home Depot, H-E-B, LA Fitness, PetSmart, Bed Bath & Beyond, Cinemark Theatres, Walgreens, Kroger, and Petco, amongst many others.

A number of notable community amenities are located near the property, including schools, hospitals, and employment centers. The property is directly adjacent to Woodard Elementary, with 987 students, and is approximately two miles from Lone Star College–CyFair, which has a total enrollment of 22,125 students. The property is also just minutes from the 175-bed North Cypress Medical Center and several industrial parks and business centers. Just over a mile from the property is Sysco’s Cypress office complex, which has over 1,800 employees.

Significant residential development is happening in the area, with several planned communities being built around the property. These new housing developments continue the trend of rapid growth that has been happening in the Cypress area; the population increased nearly 37% within a three-mile radius of the property between 2010 and 2018. Future population growth will further strengthen the property’s already robust customer base; currently, 235,393 residents live within a five-mile radius of the property. Additionally, the average household income within one mile of the property is $140,250, and average household incomes exceed $120,000 within three- and five-mile radii.

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