Aspen Creek Ground Lease,
Amarillo, TX Investment Summary
| Price | $3,467,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | NNN, with Tenant Responsible for Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parkling Lot Replacement |
| Rental Increases | 10% Rental Increases Every 5 Years |
| Year Built | 2015 |
| Building Size | 7,573 SF |
| Lot Size | 1.81 Acres (78,888 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 Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Cushman and Wakefield Inc. LIC. # 00616335 This property is listed in conjunction with Texas-licensed real estate broker Delta Commercial. |
Investment Highlights
LONG-TERM NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» New, 15-year ground lease with 10% rental increases every 5 years
» Scheduled rent increases provide a hedge against inflation
STABLE NNN INVESTMENT WITH NO MANAGEMENT RESPONSIBILITIES
» Tenant is solely responsible for all taxes, utilities, and maintenance, providing a passive investment
» Ideal, low-management investment for an out-of-state investor
EXCELLENT VISIBILITY AND ACCESS FROM HEAVILY TRAFFICKED INTERSTATE 40
» The property has frontage on Interstate 40, Amarillo’s major east-west arterial
» Excellent visibility and access
» Traffic count of 77,207 vehicles per day in front of the site
NEW CONSTRUCTION
» Building was built by Tenant at Tenant’s expense, demonstrating their long term commitment to the location
» Latest Aspen Creek design/prototype
» New, high-quality construction
Property Description
SOLD
The subject property is located on Interstate-40 (I-40) Frontage Rd, just off of I-40, Amarillo’s major east-west thoroughfare. The site is visible from I-40, which boasts an impressive annual average daily traffic count of 77,207 vehicles past the site. Surrounding the property are national tenants, McDonald’s, Subway, Wendy’s, Taco Bell, McAlister’s Deli, Chili’s, Papa Murphy’s, Cheddar’s, Olive Garden, and IHOP. Across the freeway from the subject property is Western Crossing, a mall anchored by nationally-recognized retailers, Petco, Burlington Coat Factory, and Michaels. The site is surrounded by heavy residential communities as well as a number of school campuses, including the 2,265 student Tascoa High School, which is directly across the street from the site.
