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10/01/24
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An Alexandria, Louisiana-based private investor purchased a 14.5k sf, single-tenant Walgreens-occupied property on an outparcel to a Kroger-anchored shopping center in an affluent suburb of the Houston, TX metro area.
Built in 2001, the Walgreens building is located within the Kroger-anchored shopping center sits on 1.69 acres at the signalized intersection of Spring Cypress Rd and Champion Forest Drive, at 18535 Champion Forest Drive in Spring, TX. Walgreens has a prototype store format with a drive-thru and has a large monument sign.
Nearby retailers besides Kroger, include Chipotle Mexican Grill, Taco Bell, Burger King, Pizza Hut, Wendy’s, Dutch Bros, Chase bank, Imagine early education and childcare center, Postal Annex+, and Massage Envy.
Kevin Fryman, Garrett Wood and Ed Hanley with Hanley Investment Group, in association with ParaSell Inc, represented the seller, a private investor based in Houston. The 1031 exchange buyer was repped by Melissa Gerber Brams of Gerber Realty in Houston (Bellaire, Texas). The price was not disclosed.
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