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Views: 22 DOM: 30 Updated: 06.04.24 Posted: 05.13.24 Status: Active

Summary

Price $1,900,000
Built/Renov 2024
Tenant Whataburger (GL)
Cap Rate 5.00%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 41,906
Lease Start 01-16-2024
#Units 118
Price/SF $45.34
Expiration 01-31-2044
Tenant Type Fast Food/QSR
NOI $95,000
R. Term 19.7
Ownership Ground Lease
Rent/SF $2.27
Increases 10.0%/5/yrs
Pop 5Mi 84,717
Lot/AC 0.96
Options 4/5yrs/10%
AHHI 5Mi $97,994

Lease Highlights

  • Brand new 2024 construction
  • Whataburger recently executed a brand new 20-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Lease guaranteed by Vibe Restaurants (118 units backed)

Location Description

Whataburger is strategically located on North Czech Hall Road, with access to 18,000 vehicles passing by daily. The property is a pad site to Academy Sports, Burlington Coat Factory, and HomeGoods. It is also visible from Crest Foods, which has the second-highest sales of all 16 Crest Foods locations. Additionally, there is a new apartment complex being built behind the center with access...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Whataburger is an American regional fast-food restaurant chain. The company, founded by Harmon Dobson and Paul Burton, opened its first restaurant in Corpus Christi, TX, in 1950. Known for their...


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