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 | Available |
| 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
