Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Attributes

Building Area Net
Land Area Net ()
Occupancy 100.0 %

Asset Description

JLL is pleased to offer for sale the Ground Lease interest in a recent 2019 constructed quick-service restaurant (the “Property” or “Asset”) leased to Whataburger (the “Tenant”) located in Richmond, Texas. Whataburger is a privately-held restaurant chain with more than 850 locations across 10 southern states and U.S. system-wide sales of more than $2.8 billon. The Asset is strategically located on an outparcel to Walmart Supercenter near the corner of FM 1093 and FM 1463, a highly trafficked retail thoroughfare that sees combined traffic counts of more than 55,100 VPD in the high growth Houston metro area. This property possesses excellent real estate fundamentals and presents the opportunity to acquire a long-term investment leased to a high performing quick-service restaurant in the dynamic Houston MSA.


Investment Highlights

HIGH GROWTH QUICK SERVICE RESTAURANT TENANCY

Whataburger is a privately-held quick-service restaurant chain that was found in 1950 and has grown to more than 850 locations across 10 southern states

Throughout the last decade, Whataburger has sustained consistent revenue growth and has achieved a remarkable U.S. system-wide sales of more than $2.8 billion with more than 60 million customers


OUTPARCEL TO WALMART SUPERCENTER

Anchored by Walmart Supercenter in the expansive Crossing at Katy Fulshear Shopping Center with leading national retailers including PetSmart, Ross Dress for Less, and T.J. Maxx

Dense and highly affluent demographic base with over 142,400 residents and average household income of more than $175,000 within a 5-mile radius

Adjacency to FM 1093 & 1463 boasting combined traffic counts over 55,100 VPD


RAPID GROWTH HOUSTON MARKET

Booming Texas popularity primarily due to business-friendly and zero income tax environment

Accelerating Houston MSA population growth adding nearly 700,000 residents in the next five years

Nicknamed the Energy Capital of the World, Houston has become a corporate hub with the second-most Fortune 500 headquarters of any US municipality


LONG TERM NET LEASE STRUCTURE WITH ZERO LANDLORD RESPONSIBILITIES

The Tenant operates on an absolute triple-net ground lease with zero landlord responsibilities

Features recent 2019 construction and a corporate-backed lease with approximately 12 years of primary lease term and 10% rent escalations every 5 years


Last Updated Date: 29 Oct 2021

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Last Updated Date: 29 Oct 2021

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