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Jack in the Box Ground Lease, Houston, TX

Jack in the Box Ground Lease

TX, USA

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 Broker Information 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.

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