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DOM: 20 Updated: 07.22.24 Posted: 06.12.24 Status: Sold     07.02.24

Summary

Price $3,121,300 $3,272,727
Built/Renov 1997
Tenant Longhorn Steakhouse (GL)
Cap Rate 5.77% 5.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 5,160
Lease Start 10-01-1997
#Units 563
Price/SF $604.90 $634.25
Expiration 11-03-2034
Tenant Type Casual Dining
NOI $180,000
R. Term 9.4
Ownership Ground Lease
Rent/SF $34.88
Increases 10.0%/5/yrs
Pop 5Mi 149,015
Lot/AC 1.35
Options 2/5yrs/10%
AHHI 5Mi $134,190

Highlights

  • LongHorn Steakhouse has been operating in this location since 1997
  • The tenant has 10+ years remaining on the current ground lease term with 2 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

LongHorn Steakhouse is strategically located on Dallas Highway, with access to 37,500 vehicles passing by daily. The property benefits from its position on a Lowe’s outparcel, with other neighboring well-known national tenants including Publix, Target, The Home Depot, Chase Bank, Starbucks, and more. The 5-mile trade area is supported by a population of 149,015 residents with an affluent...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: LongHorn Steakhouse
  • Guarantor:Corp T and Rated
  • Company:Darden Restaurants, Inc.
  • # Units:563
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: DRI

About Tenant

LongHorn Steakhouse is an American casual dining restaurant chain best known for serving various kinds of steak and having Western/Texas-themed decor. In addition to steak, the menu also includes...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 7,319 42,553 151,854
2024 Total Population : 7,105 42,037 149,444
2024 Employed Civilian Pop : 3,685 22,269 76,882
2024 Total Businesses : 249 1,076 5,665
2024 Average Household Income : $ 171,727 $ 183,479 $ 145,700
2024 Total Consumer Spending : $ 365 M $ 2298 M $ 6835 M
2024 Median Age : 44 43 40
2024 Total Households : 2,517 14,796 54,362
2024 Pop Age 25+: Bachelor's Degree : 1,582 10,967 32,887
2024 Average Home Value : $ 552,730 $ 534,542 $ 505,569
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Dallas Hwy Garrison Cmns SW 2013 34,360 0.24 mi
Barrett Pkwy SW Villa Rica WaySW 2013 15,340 0.34 mi
Raquel Dr NW Raquel Ct NW 2003 46 0.52 mi
Old Dallas Road Don Cir 2018 850 0.52 mi
Old Dallas Road Don Cir 2019 940 0.52 mi
Dallas Hwy SW Villa Rica WaySW 2013 30,170 0.56 mi
Dallas Highway Grosvenor Pl NW 2019 37,800 0.60 mi
Dallas Highway Grosvenor Pl NW 2018 37,500 0.60 mi
Old Dallas Road Southwest Martin Ridge Dr SW 2019 400 0.75 mi
Old Dallas Road Southwest Martin Ridge Dr SW 2018 150 0.75 mi

Listing Broker

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