Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a freestanding retail property leased to TitleMax. Located at 7640 Highway 6 South in Houston, Texas, the 2,732-square-foot retail store was purchased by an investment group from Sugar Land, Texas. Stan Johnson Company’s Evan Altemus represented the seller, Freeway Properties, a Houston-based developer. The price and cap rate were not disclosed.
“The property was an ideal fit for the buyers – they were looking for a COVID-19-resistant discount retail concept that featured a net lease,” said Altemus, Associate Director in Stan Johnson Company’s Dallas, Texas office. “They were drawn to this property because it was on a high-traffic road in a dense residential area of West Houston. Properties in high-trafficked areas have become even more desirable during the pandemic, as buyers have viewed them to be lower risk with a higher probability of re-leasing if a tenant vacates.”
Originally built in 1994 on 0.65 acres, the property was renovated in 2012. Prior to the sale, the tenant illustrated long-term commitment to the location by executing an early renewal.