Jack in the Box Ground Lease,
Houston, TX Investment Summary
| Price | $1,843,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 20 Years |
| Lease Type | Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Insurance, Utilities, and Maintenance, Including Roof, Structure, and Parking Lot |
| Rental Increases | 10% Rental Increases Every Five (5) Years |
| Year Built | 2021 |
| Building Size | 2,928 SF |
| Lot Size | 1.08 Acres (47,045 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
LONG-TERM ABSOLUTE NNN GROUND LEASE
» 20-year NNN ground lease with strong franchisee
» Jack In The Box Sales are up 12% in the fourth quarter 2020 and consolidated revenues advanced 15.4%
» 10% rental increases every five years, providing a hedge against inflation
» No landlord management
» High-quality 2021 construction featuring dedicated drive-thru
HIGH-TRAFFIC LOCATION IN LARGE SHOPPING CENTER DEVELOPMENT
» Excellent visibility and access to 17,987 vehicles per day directly in front of the property on West Orem Drive and access to an additional 169,300 vehicles per day on State Highway 288/South Freeway
» Three year State Highway 228 expansion recently completed adding four new toll lanes and expanding the main lanes from three to four lanes
» Outparcel to The Market at City Park Shopping Center, a future 133,000-SF retail development including a 55,000-SF grocer
EXCELLENT LOCATION IN HIGH GROWTH MARKET NEAR SEVERAL LARGE EMPLOYERS
» Within walking distance of City Park Master Planned Community with 1,815 total homes and 798 multi-family units
» Seven miles to the Texas Medical Center, a 2.1-square-mile medical district with 60 medical institutions, 106,000 employees, and 10 million patients annually
» Five miles to NRG Stadium, home of the Houston Texans
» 244,581 residents live within a five-mile radius
» High average household income of $73,271 within a one-mile radius
Property Description
SOLD
The property has excellent visibility and access to 17,987 vehicles per day directly in front of the property on West Orem Drive and immediate access to an additional 169,300 vehicles per day on State Highway 288/South Freeway. The property is walking distance to City Park, a master-planned residential development that features 1,815 total homes and 798 multifamily units. Additionally, the property is outparcel to Market at City Park Shopping Center, a 133,000-SF retail space including a 55,000-SF grocer.
The property is close to a number of large employers, community amenities, and growing residential neighborhoods. The property is seven miles to the Texas Medical Center, a 2.1-square-mile medical district with 60 medical institutions, 106,000 employees, and 10 million patients annually. Additionally, the property is just five miles to NRG Stadium, home of the Houston Texans. As the property is located in the rapidly growing area in Central Southwest Houston, the property is near several residential developments, which will further add to the property’s already robust customer base, with 244,581 residents living within a five-mile radius.
