Texas Roadhouse Ground Lease,
Hixson, TN Investment Summary
| Price | $2,400,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | Aboslute NNN Ground Lease, with Tenant Responsible for All Taxes, and Maintenance, Including Parking Lot, Roof, and Structure |
| Rental Increases | 10% Rental Increase Every Five (5) Years |
| Year Built | 2018 |
| Building Size | 7,163 SF |
| Lot Size | 0.82 Acres (35,499 SF) |
| Status | Under Contract |
| Lead Brokers | Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN CORPORATE GROUND LEASE TO NOTABLE NATIONAL TENANT
» New 15-year lease with 10% rental increases every five years in initial term and option periods
» Absolute NNN ground lease requires no landlord management
» Texas Roadhouse (NASDAQ: “TXRH”) has annual revenues of $2.2 billion and operates over 560 locations
HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 44,922 vehicles per day directly in front of the site on Highway 153
» Immediate access to Hixson Pike, a busy roadway with a traffic count of 40,000 vehicles per day near the property
» Outparcel to Gabe’s
» Within walking distance of Towne Center North—anchored by Target, Bed Bath & Beyond, Best Buy, and PetSmart—and Northgate Mall, featuring Belk, Hibbett Sports, Old Navy, Burlington, Ulta, and more
STRONG CUSTOMER BASE
» Close to Hixon High School (922 students) and Hixon Middle School (675 students)
» Near large employers like CHI Memorial Hospital Hixson, run by one of the region’s largest employers (2,869 employees in Chattanooga), and Kordsa (1,200 employees)
» Surrounded by residential neighborhoods
NEW 2018 CONSTRUCTION
» High-quality construction completed in September 2018
» Built by tenant at tenant’s expense, demonstrating long-term commitment to the location
Property Description
SOLD
The property is conveniently located on Highway 153, with excellent visibility and access to 44,922 vehicles per day directly in front of the site. Highway 153 provides immediate access to Hixson Pike, another busy roadway with a traffic count of 40,000 vehicles per day near the property. Located in a dense retail corridor, the property is outparcel to Gabe’s and is surrounded by large shopping center and notable national retailers. The property is adjacent to Lowe’s, Home Depot, and the Hobby Lobby-anchored Northtowne Center. The property is also within walking distance of Towne
Center North—anchored by Target, Bed Bath & Beyond, Best Buy, and PetSmart—and Northgate Mall, featuring Belk, Hibbett Sports, Old Navy, Burlington, Ulta, and more. Other notable retailers near the property include Walmart Supercenter, Planet Fitness, Aldi, Walgreens, Party City, Pep Boys, Books-A-Million, AMC Theatres, and Harbor Freight Tools, amongst others.
The property benefits from a strong customer base in the surrounding area. The property is close to Hixon High School (922 students) and Hixon Middle School (675 students). The property is also near large employers like CHI Memorial Hospital Hixon, run by one of the region’s largest employers, and Kordsa (1,200 employees). Additionally, the property is close to recreational areas and is surrounded by residential neighborhoods.
