Saltgrass Steak House

7240 Texas 191, Odessa, TX 79762

$4,350,000

Cap Rate 6.49%

Views: 64 DOM: 202 Updated: 04.22.24 Posted: 10.28.23 Status: Active

Summary

Price $4,350,000	Built/Renov 2015	Tenant Saltgrass Steak House
Cap Rate 6.49%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 7,873	Lease Start 12-08-2015	#Units 91
Price/SF $552.52	Expiration 02-29-2036	Tenant Type Casual Dining
NOI $282,478	R. Term 11.9	Ownership Fee Simple
Rent/SF $35.88	Increases 10.0%/2/yrs	Pop 5Mi 66,557
Lot/AC 1.56	Options 4/5yrs/10%	AHHI 5Mi $95,621

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
Proven location with limited competition, strong store sales, and a healthy rent-to-sales ratio
Lease guaranteed by the corporate entity
Income tax free state

Location Description

Saltgrass Steakhouse is strategically situated along the frontage road adjacent to TX-191, benefiting from a high daily traffic count of 46,858 vehicles. It is conveniently situated 1.5 miles northeast of TX-338 (25,566 VPD) and is less than 4 miles to the north of the I-20 on-ramp (50,994 VPD). This property serves as an outparcel to the mixed-use development of Parks Legado Town Center,...

...

Key Features

Dense retail corridor
Shopping Ctr out-parcel
Highway location
Strong tenant synergy
Affluent suburb location
Income tax free state
Absolute NNN
Long 10+ yr lease
Limited competition
Corporate Guarantee

...

Links

Saltgrass Steak House Wikipedia Saltgrass Steak House Wikipedia Odessa, Texas Zip Code 79765 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...

...

Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	5,243	31,211	69,830
2023 Total Population :	4,993	29,881	67,263
2023 Employed Civilian Pop :	3,095	17,478	36,807
2023 Total Businesses :	185	1,248	2,752
2023 Average Household Income :	$ 109,563	$ 109,720	$ 95,295
2023 Total Consumer Spending :	$ 201 M	$ 1123 M	$ 2097 M
2023 Median Age :	38	40	37
2023 Total Households :	2,141	11,924	25,479
2023 Pop Age 25+: Bachelor's Degree :	682	4,880	8,606
2023 Average Home Value :	$ 438,916	$ 434,001	$ 316,966

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Parks Legado Rd	Hwy 191 E	2012	250	0.28 mi
Billy Hext Rd	Colorado Ave	2012	1,620	0.29 mi
State Hwy 191	Faudree Rd	2012	29,490	0.40 mi
Parks Legado Rd	San Machel	2007	310	0.40 mi
San Machel	Tres Ct	2012	320	0.48 mi
56th St	Ponderosa Dr	2012	1,960	0.54 mi
Parks Legado Rd	Barksdale	2012	750	0.63 mi
Billy Hext Rd	Eastridge Rd	2012	4,040	0.65 mi
56th St	Sleepy Hollow St	2012	2,020	0.69 mi
Eastridge Rd	Seguin	2012	6,500	0.70 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5951 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5992 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

...

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

...

Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6069 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

...

Disclaimer & Confidentiality

All information, content, data, and other materials on this Platform (“Content”) is made available to you on an “AS IS” basis without warranties of any kind, express or implied. All such Content is made available for informational purposes only and should not be relied on by you for any purpose. Content may contain errors, may be inaccurate or incomplete and/or, due to changing circumstances or other causes, may change or ultimately prove to be inaccurate or incomplete. Other than as set forth in our Terms of Service we do not have any control over your use of our Services or any Content. You should not use any such Services or any Content without validating the results through independent research, obtaining up-to-date information, and considering all relevant facts and circumstances, including your specific situation (financial or otherwise). We do not recommend, guarantee, or represent that the Services or any Content will predict the future performance of real estate assets or other assets of any kind. Moreover, we do not warrant the performance or results that may be obtained by using any of the foregoing. WE ARE NOT ENGAGED IN RENDERING TAX, LEGAL, INVESTMENT, FINANCIAL OR RISK MANAGEMENT ADVICE, AND THE RESULTS OF USE OF OUR SERVICES AND ANY CONTENT MUST NOT BE REGARDED OR REPRESENTED AS CONSTITUTING SUCH ADVICE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES REGARDING THE ACCURACY OF ANY CONTENT AND/OR PROJECTIONS GENERATED BY THE SERVICES OR ANY CONTENT