The Boulder Group completed the sale of a single-tenant net-leased CVS pharmacy at 25151 Fulshear-Gaston Road in Richmond, Texas, for $4.02 million.
The property is located at 25151 Fulshear-Gaston Road in Richmond, Texas, within Fort Bend County. Richmond is the county seat of Fort Bend County and sits within the Houston-The Woodlands-Sugar Land metropolitan statistical area, the fifth largest MSA in the United States with a population of more than 7 million people.
The CVS pharmacy fronts the FM 723 corridor, which carries approximately 22,000 vehicles per day. State Highway 99, the Grand Parkway, carries approximately 72,000 vehicles per day nearby, and the Westpark Tollway carries approximately 35,000 vehicles per day. National retailers in the immediate trade area include H-E-B, Kroger, Lowe’s Home Improvement, Walmart Supercenter, ALDI, AutoZone, PetSmart and T.J. Maxx. A new Target store is anchoring the Texas Heritage Marketplace development near Interstate 10 and Texas Heritage Parkway.
The population within five miles of the property is approximately 135,553 people. The median household income within the surrounding 77406 ZIP code is approximately $143,000. The site sits within the boundaries of the Lamar Consolidated Independent School District and the Katy Independent School District, and nearby Fulshear High School serves more than 3,000 students. Richmond and neighboring Fulshear rank among the fastest-growing communities in the United States; Fulshear was ranked the second-fastest-growing city in the nation and is growing at a rate of approximately 14 percent per year.
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a West Coast-based investor. The buyer was an East Coast-based firm.
The property is subject to a triple net (NNN) lease with approximately 15 years of remaining term. The lease expires on January 31, 2042, leaving approximately 15 years of remaining term. The lease includes ten 5-year renewal options, providing up to 50 additional years of potential term. As a triple net lease, the tenant is responsible for all property expenses, leaving the landlord with zero management responsibilities. The property is located in Texas, a state with no state income tax, which enhances the after-tax return for investors. The building measures 10,200 square feet and sits on approximately 1.9 acres. The property was built in 2016.
