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Views: 79 Updated: 03.26.24 Posted: 06.19.23 Status: Inactive

Summary

Price $3,747,000
Built/Renov 2023
Tenant Whataburger
Cap Rate 4.40%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 3,751
Lease Start 07-01-2023
#Units 946
Price/SF $998.93
Expiration 07-01-2038
Tenant Type Fast Food/QSR
NOI $164,861
R. Term 13.7
Ownership Fee Simple
Rent/SF $43.95
Increases 10.0%/5/yrs
Pop 5Mi 100,897
Lot/AC 1.61
Options 3/5yrs/10%
AHHI 5Mi $161,734

Lease Highlights

  • Brand-new 2023 construction with drive-thru
  • Brand-new 15-year lease with 3 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Whataburger is located along major retail thoroughfare State Highway 242, which averages 49,000 vehicles passing by daily, and is the east-west highway connecting US 59 North and IH 45 North. The subject property is less than 2 miles northeast of Portofino Shopping Center which is a shopping mall with major tenants including T.J. Maxx, PetSmart, Old Navy, Michaels, DSW, and more. In addition,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Whataburger
  • Guarantor:Corporate
  • Company:BDT Capital
  • # Units:946
  • Stock:Private

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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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 12,888 35,824 104,343
2023 Total Population : 12,609 35,406 103,462
2023 Employed Civilian Pop : 6,930 17,098 51,018
2023 Total Businesses : 252 1,782 5,701
2023 Average Household Income : $ 132,573 $ 129,635 $ 155,910
2023 Total Consumer Spending : $ 471 M $ 1493 M $ 5229 M
2023 Median Age : 34 40 41
2023 Total Households : 4,083 13,406 39,514
2023 Pop Age 25+: Bachelor's Degree : 2,270 7,243 25,325
2023 Average Home Value : $ 322,118 $ 355,489 $ 396,633
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Needham Rd Glen Eagle Dr 2011 29,710 0.02 mi
Glen Eagle Dr N Needham Rd 2011 4,130 0.05 mi
Glen Eagle Dr Needham Rd 2011 2,220 0.08 mi
Sprawling Oaks Dr Needham Rd 2011 920 0.12 mi
Moss Oaks Dr Big Oaks Dr 2001 150 0.25 mi
Grey Oaks Dr Big Oaks Dr 2011 560 0.31 mi
Great Oaks Dr Hollow Oaks Dr 2011 620 0.43 mi
Donwick Dr Fawn Trl 2011 5,760 0.53 mi
Concord Dr Needham Rd 2011 310 0.63 mi
White Birch Ln Needham Rd 2001 260 0.73 mi

Listing Broker

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