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REIT Buys Pad-Site Bank Building

A Bank of America branch in the Houston area has been purchased by a REIT. Photo credit: Mabry Campbell.

HOUSTON – (Realty News Report) – NADG NNN REIT, an investment group that acquires free-standing retail buildings the parking lots of shopping centers, has acquired a Bank of America building on the Katy Freeway in Houston.

HFF handled the sale of the 7,568-SF, single-tenant retail building leased to Bank of America’s Hedwig Village branch.

The HFF team marketed the property on behalf of the seller, Hedwig Redevelopment Partners, Ltd., which is a joint venture sponsored by locally based Fuller Realty Partners, LLC.

The North American Development Group NNN REIT purchased the property for an undisclosed amount.  The NADG NNN REIT was formed in 2016 and exclusively acquires outparcel pads nationally.  Approximately 50 outparcels have been acquired/under control to date, and the REIT has plans to acquire between five and 10 outparcels per month on a go-forward basis.

Situated at 8773 Katy Freeway in the Memorial Villages communities. The average household income within a one-mile radius of this Bank of America retail location is $250,121 along with an average home value of $967,408. This Bank of America branch has been a tenant of the property since 1994 and has nine years remaining on its lease.  The branch is ranked ninth in Houston for all Bank of America locations measured in deposits.

HFF’s investment advisory team included Ryan West,  Charlie Strauss and Johnny Kight.

Jan. 25, 2018 Realty News Report Copyright 2018

 

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