|
Pharma Property Group is pleased to market for sale the Walgreens property located at 3605 College St in Beaumont, Texas (the "Property"). Walgreens has agreed to a new 15-year absolute net lease with no landlord responsibilities. The lease includes 5% rental increases every 5 years in the initial term and in each of the 12 (5-year) options. This store and pharmacy are open 24 hours and Walgreens is reporting outstanding front end sales volumes.
The Property sits in Beaumont's main medical corridor and is 1.5 miles of Baptist Hospitals of Southeast Texas and Christus Southeast Texas - St Elizabeth Hospital, which combined have ±840 beds, ±2500 employees, and serve the entire greater Beaumont market.
The Property is located strategically off Interstate 10 (±135,000 VPD) in the dense retail corridor of Central Beaumont on a signalized intersection with approximately 44,328 vehicles per day.
Since 1903, Exxon Mobil has been the major employer in the Beaumont market. Located just 4 miles to the East of the Property, Exxon Mobile employees ±5,000 employees and contractors at their 2,700-acre refinery along the Neches River. Producing more than 2.8 billion gallons of gasoline annually, Exxon Mobile Beaumont is an economic catalyst that drives the average household income over $83,000 in a 5-mile radius.
| 
