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Smoothie King (Absolute NNN)

For Sale

10560 Westheimer Rd
 77042

$ 3,185,000

For Sale
Cap Rate: 5.65%
Size: 5,000 SF
Lot Size: 0.52 Acre

OFFERING MATERIALS

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Marcus & Millichap is pleased to offer this Absolute NNN Smoothie King in Houston, Texas for your consideration. Providing for zero landlord responsibilities, this property is prominently located on a signalized hard corner fronting Westheimer Road in Houston’s Westchase District.

Over 109,000 vehicles pass by the Property each day due to the dense residential and commercial composition of the Westchase District, and Westheimer’s status as one of Houston’s major east/west thoroughfares. There’s over 18 million square feet of office space housing more than 1,500 major businesses in the Westchase District. As a result, the daytime population within a 5-mile radius of Smoothie King exceeds 622,000 people.

The Property’s concrete lot and drives efficiently flow traffic through its well-conceived drive-thru, allowing it to capitalize on the enormous area traffic while adapting seamlessly to social distancing measures. The signalized hard corner location provides both east and west-bound traffic safe and easy access to the site via access points on Westheimer Road and Blue Willow Road.
Smoothie King’s lease has a 10-year primary term with over 8 years remaining. There is a 2.8% rent increase in 2021, and additional rent increases in each of the tenant’s 2, 5-year options (see ‘Rent Schedule’ on Page 8).

The tenant has been characterized as the largest Smoothie King franchisee with 35+ units owned, and the lease includes 2 personal guarantees by its principals providing the landlord enhanced security. Smoothie King leases the entire 5,000 square foot building and has the right to strategically lease extra space to generate additional income for itself, an excellent supplement to its business in this vibrant locale.

 

Investment Highlights

  • Absolute NNN Smoothie King | No Landlord Responsibilities
  • Drive-Thru Capitalizes on Property’s High-Traffic Location on Westheimer Road
  • Signalized Intersection | Massive Daytime Population of Over 622,000 People
  • Strategically Located in the Westchase District which Contains Over 1,500 Major Employers
  • 35+ Unit Smoothie King Franchisee | 2 Personal Guarantees | Rent Increase in 2021
  • 22,476 SF Hard Corner Parcel | 5,000 SF Building Fully Leased to Smoothie King

Justin Miller

First Vice President Investments

(713) 452-4287
Justin.Miller@marcusmillichap.com

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