These two single-tenant net lease drugstores, leased to CVS Pharmacy, recently changed ownership in Texas. One property, located at 322 Cane Island Parkway in Katy, Texas, encompasses 14,698 square feet. The other drugstore situated at 1802 West Mount Houston Road in Houston, Texas, spans 9,656 square feet. Both properties were constructed in 2019, feature drive-thrus, ample parking, and are leased on long-term absolute triple net leases.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: Not disclosed
• Address: 1802 W Mt Houston Rd, Houston, TX
• Market: Houston
• Seller's Rep: Zachary (Zach) Harrison (Compass)
• Buyer: Private Investor
• SF: 9656

Zach Harris of Stan Johnson Company represented the sellers, WA Mount Houston LLC and WA Cane Island LLC, in these transactions. The properties were purchased by separate private investors not part of a 1031 exchange, each at an approximate 4.50 percent cap rate. The demand for strong-credit, long-term net lease retail assets is currently high, especially in income tax-free states like Texas. The competitive bidding process resulted in both properties trading significantly above the asking price, showcasing the desirability of these assets in the market.