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Phone: 916-403-1812

Email: McKenney.Houck@cushwake.com

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CAVA, Richmond, TX

Investment Summary

Price $3,300,000
Cap Rate 5.00%
NOI $165,000
Lease Term 15 years
Lease Type Absolute NNN lease with tenant responsible for all taxes, insurance, and maintenance
Rental Increases 10% rental increases every five (5) years
Year Built 2023
Building Size 2,537 SF
Lot Size 0.80 acres (34,746 SF)
Status Under Contract
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE TO RAPIDLY EXPANDING CORPORATE TENANT
» New 15-year absolute NNN lease to CAVA (NYSE: “CAVA”) with 10% rental increases every five years
» CAVA Group recently went public in June 2023 and currently has a market cap above $4 billion
» CAVA currently operates almost 300 restaurants across the United States with 100 new sites already in their development pipeline
» CAVA is modeled after Chipotle and owned by CAVA Group, which also owns Zoës Kitchen, making the combined company the largest restaurant operator in the Mediterranean category in the U.S. restaurant industry

PROMINENT LOCATION IN THE NEW WATERVIEW TOWN CENTER
» Located in the second wealthiest county in Texas (Fort Bend)
» Central location in Waterview Town Center with other major national retailers including LA Fitness, Academy Sports + Outdoors, At Home, 7-Eleven, Chick-fil-A, Chipotle, Whataburger, AutoZone, Texas Roadhouse, Panda Express, Quick Quack Car Wash, Wendy’s and several others
» Waterview Town Center is one of four new retail centers located along Grand Parkway (1.4 million SF of retail space) including Target’s first next generation store and a brand new H-E-B grocery store
» Less than one mile from recently opened Amazon Fulfillment Center (3.7 million SF building and 3,000 employees)
» Within a four-mile radius of William B. Travis High School (3,100 students), Oakland Elementary School (1,052 students), and David Crockett Middle School (991 students)

HIGH VISIBILITY LOCATION IN AFFLUENT HOUSTON SUBURB
» High-visibility location near State Route 99/Grand Parkway, a major Richmond thoroughfare (53,311 AADT)
» $121,341 average household income within a one-mile radius of the property
» Close proximity to several large housing developments, including Waterview Estates (28,004 residents), Long Meadow Farms (27,407 residents), Waterside Estates (20,642 residents), and Bradford Park (18,917 residents)
» 242,099 residents and growing within a five-mile radius

NEW 2023 CONSTRUCTION IN GROWING TEXAS MARKET
» Brand new 2023 construction to tenant’s latest prototype and equipped with a dedicated drive-thru
» Texas has no state income tax, estate tax, or inheritance tax

Property Description

» New 15-year absolute NNN lease to CAVA (NYSE: “CAVA”) with 10% rental increases every five years
» CAVA currently operates almost 300 restaurants across the United States with 100 new sites already in their development pipeline
» High-visibility location near State Route 99 /Grand Parkway, a major Richmond thoroughfare (53,311 AADT)
» Central location in Waterview Town Center with other major national retailers including LA Fitness, Academy Sports + Outdoors, At Home, 7-Eleven, Chick-fil-A, Chipotle, Whataburger, AutoZone, Texas Roadhouse, Panda Express, Quick Quack Car Wash, Wendy’s, and several others
» Less than one mile from recently opened Amazon Fulfillment Center (3.7 million SF building and 3,000 employees)
» Brand new 2023 construction to tenant’s latest prototype and equipped with a dedicated drive-thru

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