Investment Summary
Price | $1,165,000 |
Cap Rate | |
NOI | |
Lease Term | 20 Years |
Lease Type | Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
Rental Increases | 8% Rental Increases Every Five (5) Years |
Year Built | 2019 |
Building Size | 3,000 SF |
Lot Size | .91 Acres (37,600 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 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
20-YEAR GROUND LEASE TO NATIONAL TENANT WITH STRONG FINANCIALS
» Leased to iconic tenant with brand recognition as the world’s second-largest fast food hamburger chain
» Burger King’s annual revenue exceeds $1.65 billion
» Leased to GPS Hospitality, one of the largest Burger King/QSR franchisees, which operates over 400 family-friendly restaurants in 11 states
» Restaurant Brands International plans to open 40,000 stores within next 10 years
» Burger King operates more than 17,700 locations worldwide
» 2019 construction with a drive-thru for extra customer convience
EASILY ACCESSIBLE HIGH-TRAFFIC LOCATION IN POPULOUS AND GROWING AREA
» 107,257 residents within a five-mile radius of the property
» 23,000 AADT directly in front of the location along Ellis Avenue
» Accessible from U.S. Highway 80 (22,000 AADT), and within two miles of Interstate 220 and Interstate 20 (combined 160,000 AADT), attracting significant commuter traffic to the site
» Projected 15 percent AHI increase within five miles of the site in the next five years, poising Jackson for significant growth
» Three miles from Downtown Jackson, increasing visibility to the location
CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Two miles from Jackson State University (9,811 students, 1,608 employees), attracting college students and visitors to the site
» Less than five miles from Baptist Medical Center (446 beds, 3,500 employees, $1.7 billion generated in total patient revenue)
» Two miles from the Jackson Zoological Park, which attracts 170,000 annual visitors
» Surrounded by McDonald’s, Wendy’s, Wingstop, Popeyes, Dairy Queen, Pizza Hut, and many more national tenants in a densely populated retail corridor
» Central location in the Jackson County School District and within five miles of 15 schools with combined enrollment of 8,260 students
Property Description
SOLD
The property is at an easily accessible location along Ellis Avenue (23,000 AADT), with interparcel access from U.S. Highway 80 (22,000 AADT), a prominent east-west thoroughfare traversing the entirety of Mississippi. The site is also within two miles of Interstate 220 and Interstate 20 (combined 160,000 AADT), attracting significant commuter traffic to the site. The property benefits from its central location in a populous and growing area, with 107,257 residents living within a five-mile radius of the location. The property is primed to grow along with the surrounding area, with a projected 15 percent average annual household income increase within three miles of the site in the next five years.
The site benefits from its location near large employers, retailers, and community hubs. The property is two miles from Jackson State University, which has 9,811 students and 1,608 employees. Traffic to the site is increased by its proximity to a strong mix of well-established national retailers, including McDonald’s, Wendy’s, Wingstop, Popeyes, Dairy Queen, Pizza Hut, and many more. The site experiences increased traffic from its location in the Jackson County School District, as the property resides within five miles of 15 schools, and has a combined enrollment of 8,260 students. The property is also four-and-a-half miles from Baptist Medical Center (446 beds, 3,500 employees, $1.7 billion generated in total patient revenue) and three miles from Downtown Jackson, both of which increase traffic to the site.