PALMER PLAZA - TEXAS CITY, TEXAS

Sales Price: $8,640,000
Actual NOI: $777,636
Cap Rate: 9.00%

  • Safeway guarantee of former Safeway-owned Randalls grocery space of 55,182 square feet with lease through 3/31/2018 (subleased to 20,000-square foot Dollar Tree and 35,182-square foot Goodwill).  Buyer may keep Safeway in place or negotiate a termination of the lease for return enhancement.
  • Key Texas City intersection at Highway 146 and FM 1764 with successful retail base
  • Robust petrochemical and port economy, mid-point between Galveston (University of Texas Medical Branch, UTMB) and Clear Lake (NASA) employment centers
  • Low average rental rates are sustainable and may offer lease rate upside
  • Strong historical occupancy of mid-90's over the last five years



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George Cushing
713.425.5849
Click to email george.cushing@am.jll.com   Click to download vCard

Wendy Vandeventer
713.425.5845
Click to email wendy.vandeventer@am.jll.com   Click to download vCard

 
Jones Lang LaSalle• 200 East Randolph Drive• Chicago, Illinois 60601• Tel: +1 312 782 5800• Fax: +1 312 782 4339 • www.joneslanglasalle.com
The information contained herein was obtained from sources believed reliable; however, Jones Lang LaSalle Company makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. All persons and firms named in this Offering are licensed brokers or salespersons.