HEB Grocery Joe V's Smart Shop - Pasadena, TX

Asset Type

Retail

Address
4203 Red Bluff Rd Pasadena, TX United States 77503-3608
Asking Price

S$17,510,000

Sq Footage

61,490

Year Built

2018

Cap Rate

5.25%

Additional Attributes

Property Description

JLL is pleased to offer for sale the fee-simple interest in a Joe V’s Smart Shop (the “Property”, or “Asset”) located in Pasadena, Texas (Houston MSA). The Property sits within a densely populated Houston suburb located approximately 14 miles southeast of Downtown Houston. The newly-renovated Property is leased to HEB Grocery Company, LP (“H-E-B” or the “Tenant”) and operating as a Joe V’s Smart Shop, one of H-E-B’s discount retail grocery formats with nine locations throughout the Greater Houston area. H-E-B is operating on a 20-year net lease structure with contractual rental increases throughout the primary term and in each of the six, 5-year renewal options. The lease features a highly-coveted corporate guaranty from H-E-B, the largest grocery chain and largest privately held company in Texas. The offering presents the opportunity to acquire a high-performing grocery store operating on a long-term lease with minimal landlord responsibilities. 



Investment Highlights

  • Newly-constructed grocery store leased to H-E-B on a 20-year lease with 19 years of primary term remaining
  • H-E-B is the largest grocery chain in Texas with over 400 locations and $26 billion in annual revenue
  • 10% rental increases throughout the primary term and 5% rental increases every 5 years throughout the option periods
  • Located in the Greater Houston metro area with over 224,000 residents in a 5-mile radius
  • Maximum market share with no major grocery store operators within a 1-mile radius
Listing Contacts
Wendy Vandeventer
Wendy Vandeventer
SVP, Capital Markets
+65 3159 4021
George Cushing
George Cushing
Managing Director, Captl Mkts
+65 3159 4021
TX - 237132
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