Saltgrass Steak House

6026 Marsha Sharp Freeway, Lubbock, TX 79407

$4,170,000

Cap Rate 6.50%

Views: 57 DOM: 202 Updated: 04.22.24 Posted: 10.28.23 Status: Active

Summary

Price $4,170,000	Built/Renov 2016	Tenant Saltgrass Steak House
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 7,489	Lease Start 04-26-2016	#Units 91
Price/SF $556.82	Expiration 06-30-2036	Tenant Type Casual Dining
NOI $271,087	R. Term 12.1	Ownership Fee Simple
Rent/SF $36.20	Increases 10.0%/4/yrs	Pop 5Mi 190,008
Lot/AC 1.47	Options 4/5yrs/10%	AHHI 5Mi $96,357

Lease Highlights

Saltgrass Steak House’s absolute NNN lease features 12+ years of primary term remaining with 4 (5-year) renewal options
The lease features CPI increases (not to exceed 10%) every 5 years
Lease guaranteed by the corporate entity
Income tax free state

Location Description

Saltgrass Steakhouse is positioned along the US-62 Frontage Road, which averages a daily traffic count of 10,752 vehicles. Additionally, the property provides convenient access to Marsha Sharp Freeway (36,315 VPD), which intersects with West Loop 289 (68,561 VPD) just one mile to the east. This property holds a strategic location as an outparcel to the premier Canyon West power center,...

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Key Features

Dense retail corridor
Near major nationals
Shopping Ctr out-parcel
Freeway visibility
Strong demographics
Major MSA
Income tax free state
Absolute NNN
Long 10+ yr lease
Corporate Guarantee

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Links

Saltgrass Steak House Wikipedia Saltgrass Steak House Wikipedia Lubbock, Texas Zip Code 79407 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Saltgrass Steak House
Guarantor:Corporate
Company:Landry's, Inc.
# Units:91
Stock:Private

About Tenant

Saltgrass, Inc. (dba Saltgrass Steak House) is an American restaurant chain specializing in chargrilled steaks, chicken and seafood. Founded in 1991, the private company opened its first...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	4,906	89,579	194,735
2023 Total Population :	4,820	87,365	190,008
2023 Employed Civilian Pop :	2,561	46,224	95,520
2023 Total Businesses :	450	3,426	6,862
2023 Average Household Income :	$ 62,186	$ 87,012	$ 96,357
2023 Total Consumer Spending :	$ 133 M	$ 2821 M	$ 6332 M
2023 Median Age :	29	34	33
2023 Total Households :	2,449	37,342	75,710
2023 Pop Age 25+: Bachelor's Degree :	649	14,933	32,294
2023 Average Home Value :	$ 206,802	$ 243,982	$ 264,842

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
50th St	49th St	2017	1,006	0.27 mi
Marsha Sharp Freeway	Slide Rd	2021	10,568	0.33 mi
Marsha Sharp Freeway	Frankford Off	2020	36,237	0.33 mi
Marsha Sharp Freeway	Frankford Off	2019	40,799	0.33 mi
Marsha Sharp Freeway	Quaker Ave	2021	6,462	0.33 mi
Brownfield Hwy	45th St	2017	32,569	0.40 mi
50th St	Milwaukee Ave	2003	1,437	0.46 mi
Milwaukee Ave	50th St	2006	7,067	0.46 mi
Brownfield Hwy	45th St	2003	9,749	0.47 mi
Marsha Sharp Freeway	Brownfield Hwy	2018	37,638	0.47 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5964 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
6006 Views
41 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6083 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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