Long-Term Sale-Leaseback Opportunity in Houston, TX
Blue West Capital is pleased to exclusively offer for sale a single-tenant Tide Cleaners service facility property located in Houston, Texas. The 20,043-square-foot building has operated as a laundry facility for 21 years.
Tide Cleaners will operate on a brand-new 15-year absolute net lease (NNN) commencing at the close of escrow. The lease features scheduled 10% rental increases every 5 years in the base term as well as in the two 5-year renewal options. This property handles the laundry and dry cleaning services of 10 Tide Cleaners locations, runs 10 delivery routes, and services both residential and commercial customers. The guarantor of the property operates 38 locations throughout Houston and Austin. This location individually generates $12M in gross revenue annually. Tide Cleaners is an industry leader in dry cleaning services and is ranked as the #1 dry-cleaning franchise brand in the U.S. (according to 2022 Entrepreneur Franchise 500).
The property provides quick access to US Route 59 (Interstate 69). This submarket has proven to attract a strong mix of retailers, wholesalers, transportation, and warehousing. The population within three miles of the property is 240,277 residents with an average annual household income of $121,581. The excellent demographics, submarket demand, and industry-leading tenant make this property a strong investment opportunity.