HFF Completes Southeast Houston Retail Asset Sale
Lister Property Co. sold the roughly 14,000-square-foot property to a Chinese family trust. Walgreens is the only tenant of the building.
By Adina Marcut
Walgreens
HFF has arranged the sale of a 13,905-square-foot retail building in Clear Lake, Texas. The company worked on behalf of the seller, Lister Property Co. The Chiang Family Trust acquired the asset.
Located at 1180 Clear Lake City Blvd., the single-tenant property is net leased to Walgreens. The retail building is approximately 20 miles from downtown Houston, providing convenient access to Intestate 45. The average household income within a three-mile radius of Walgreens is roughly $105,000.
“The market for single-tenant, triple-net-leased properties is robust. Private investors like the idea of ‘mailbox money’—receiving a monthly rent check with no management responsibility,” Ryan West, senior managing director of HFF, said in a prepared statement. “We continue to see buyer pools increase, especially for properties such as this, that are supported by a best-in-class tenant in one of Houston’s most sought-after suburbs.”
Analyst Charles Strauss and Ryan West were part of HFF’s investment advisory team that represented the seller. In another deal, West also facilitated the sale of Tanglewood Court, a 125,500-square-foot shopping center in Houston’s affluent Galleria/Uptown submarket.
Image via Google Street View
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