Investment Offering

Irving, TX (Dallas MSA) - Lowe's

3500 W. Airport Freeway | Irving, TX 75062

$29,856,000
Price
6%
Cap Rate
135,152
± SF Building Size

Description

9+ Years Remaining | Corporate Guaranteed Lease | Investment Grade Tenant | Scheduled Rental Increases

  • Lowe’s has more than 9 years remaining on their 15-year lease extension with 10 (5-year) options to extend, demonstrating their long-term commitment to the site
  • The lease is guaranteed by Lowe’s Companies, Inc., the second-largest hardware chain in the world with more than 2,200 locations
  • Lowe’s is an investment grade tenant (S&P: BBB+)
  • The lease includes 10% rental increases at the beginning of each option to extend, increasing NOI and hedging against inflationPreviously Full-Size Lowe’s | First Lowe’s Outlet In TX
  • This location was previously a full-size Lowe’s store that closed in 2019 until a recent rebranding to become the first “Lowe’s Outlet” in Texas
  • Lowe’s Outlet offers discounted merchandise that has minor cosmetic damage and priced 25% to 70% off
  • This store carries more than 1,000 new, carefully inspected scratch-and-dent appliances as well as small selection of appliance accessories, such as dryer vents and refrigerator filtersAbsolute NNN Ground Lease | Land Ownership | Zero Landlord Responsibilities | No State Income Tax
  • Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
  • No landlord responsibilities
  • Investor benefits from fee-simple ownership of the land
  • Ideal management-free investment in a state with no state income tax

Location

Directly off Texas 183 TEXpress/Airport Fwy | DFW Intl Airport | Excellent Visibility & Access

  • Lowe’s is directly off Texas 183 TEXpress/Airport Fwy, a state highway serving the Dallas–Fort Worth MSA (188,000 VPD)
  • Airport Freeway is the most heavily used section serving the southern entrance of Dallas–Fort Worth International Airport
  • Subject property is located less than 7 miles South of DFW International Airport, the fourth-busiest airport by passenger traffic in the world and second-busiest in the United States (62M+ annual passengers)
  • The asset benefits from multiple points of access and visibility along Texas 183 and N. Belt Line Road (47,600 VPD)Close Proximity to Irving Mall (401,311 SF) | Dense Retail Corridor | Direct Residential Consumer Base
  • Within walking distance to Irving Mall, a 401,311 SF enclosed shopping mall with over 80 stores
  • Other nearby national/credit tenants include Target, Aldi, Best Buy, Walmart Supercenter, Kroger, Dollar Tree, and more
  • Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site
  • Numerous 150+ unit apartment complexes nearby, providing a direct residential consumer base from which to drawStrong Demographics in 5-Mile Trade Area | High Density
  • More than 241,000 residents and 159,000 employees support the trade area
  • Features an average household income of $78,668

Documents & Links

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Offering Memorandum
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