Closed $2,750,000 Asking Price - All Retail Properties, Featured, Single Tenant
The ACE Hardware Store on 9001 Spring Cypress in Spring, Texas is owned by a single franchise holder. It is located near Champions Forest Drive, across from the Glennloch Farms master planned community in Spring, Texas. Built in 2010, the building is 15,500 square feet on nearly two acres of land. It was leased for 10 years and has six years remaining. Glennloch Farms has 2,100 acres and is known for its legacy of Egyptian Arabian horses as well as its golf course, which is voted number one of Houston area top golf courses by the Houston Chronicle. There are vast open spaces and streams that surround it. There are numerous amenities in the development: an aquatic complex, tennis courts and light bike trails among others.
In an age of big-box home improvement centers (Home Depot, Lowe’s), Ace makes the case for the local hardware store. By sales it is the number one hardware cooperative in the U.S., ahead of Do It Best. Ace dealer-owners operate more than 4,600 of Ace’s 4,700 hardware stores, home centers and lumber and building materials with locations in all 50 U.S. states and about 60 other countries. Stores range in size from small, urban shops to large rural locations. From about 15 warehouses, Ace distributes such products as electrical and plumbing supplies, garden equipment, hand tools, housewares and power tools. Ace was founded in 1924 by a group of Chicago hardware store owners. In 2012 Ace acquired its largest customer.
- CAP Rate: 6.76%