Noah’s Event Center

Merchants Way - Katy TX 77449

LTV (Loan to Value)	65.00%	Current NOI	$411,477.00
Interest Rate	4.250%	Capital Rate	8.250%
Fixed Term	10 Years	Land Area	1.94 Acre
Amortization	25 Years	Lease Type	NNN
Loan Amount	$3,241,940.00	Property Type	Retail
Payment	$17,562.82	Property Lease	Event Center
Bulding Size	10,288 SF	Remaining Terms	19.62 Years

Location Description

NNN Lenders is pleased to offer for sale to qualified investors, the opportunity to purchase a meeting and event facility 100% leased to Noah Corporation located in Katy (Houston), Texas. The Property is located within the Houston-The Woodlands-Sugar Land MSA with the population exceeding 6 million. Specificially, it is strategically located in Mason Creek Corporate, a new, high-quality, deed-restricted, 110 acre business park at Interstate-10 and Mason Road. Noah's is operating under a brand new twenty (20) year base lease term, which includes two (2), ten (10) year renewal options. The lease features a 10% rental increase in year six (6) and 2% annual rental increases starting in year seven (7) that continue through the base term and option periods. The lease is NNN with no landlord responsibilities.

Highlights

Tenant - Noah’s is the first company in the U.S. to build a national chain of event centers. Noah’s is…

Property Description

Katy is a city in Texas, within the Houston–The Woodlands–Sugar Land metropolitan area. The city encompasses the counties of Harris, Fort Bend, and Waller. Katy is a thriving area west of Houston but is often further defined as either “old Katy” or “the Katy area”. Almost 270,000 people live in the Katy area, which has won national accolades for growth and sustainability. Greater Katy includes new upscale developments and master planned communities. The city of Houston's extraterritorial jurisdiction (ETJ) stretches well west of the City of Katy which means most of the Katy area may be annexed by the City of Houston at some time in the future. In 2009 the Gadberry Group named Katy as one of “9 from 2009” most notable high growth areas in the United States. Houston–The Woodlands–Sugar Land is the fifth-largest metropolitan area in the U.S. with a population of 6.18 million, as of U.S. Census Bureau's July 1, 2012 estimates. The population of the metropolitan area is centered in the city of Houston—the largest economic and cultural center of the American South, with a population of 2.1 million. Houston is among the fastest-growing metropolitan areas in the U.S. The area grew 25.2 percent between the 1990 and 2000 censuses (adding more than 950,000 people) while the nation's population increased 13.2 percent over the same period. From 2000 to 2007, the area grew by 912,994 people. From 2000 to 2030, the metropolitan area is projected by Woods & Poole Economics to rank fifth in the nation in population growth, adding 2.66 million people. The Property is located off I-10, near the Grand Parkway, with over 295,000 combined vehicles per day (VPD). The Property is located less than 5 miles from Katy Mills, an outlet shopping mall featuring over 200 stores. The Property is located in a dense retail corridor with surrounding tenants including Sam's Club, Bass Pro Shop, Walmart, Academy Sports & Outdoors, Bed Bath & Beyond, Kroger, H-E-B, and Walgreens, among many others.