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Black Bear Diner, Pasadena, TX

Black Bear Diner

Pasadena, TX

Price $4,200,000
Cap Rate 5.00%
NOI $210,000
Lease Term 15 Years
Lease Type Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2021
Building Size 5,414 SF
Lot Size 1.28 Acres (55,757 SF)
Status Under Contract
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

NEW 15-YEAR ABSOLUTE NNN CORPORATE LEASE
» New 15-year corporate guaranteed absolute NNN lease with four (4) five (5) year options, creating a stable, long-term investment
» 10% rental increases every five years, providing a hedge against inflation
» Absolute NNN lease requires zero landlord management, ideal for an out-of-area investor

HIGH-VISIBILITY LOCATION IN A GROWING TEXAS SUBURB
» Excellent location near the signalized intersection of East Sam Houston Parkway South and Vista Road (85,773 AADT)
» Population of 259,442 within a five-mile radius of the location, creating a large customer base for the site
» Surrounded by high-density single family housing developments and large townhouse complexes
» 213,002 residents and growing within a five-mile radius
» Projected 13 percent average annual household income increase within a one-mile radius of the site in the next five years, poising Black Bear Diner and Pasadena for concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Irreplaceable infill location surrounded by several local and national retailers, including Walmart Supercenter, Target, Hobby Lobby, Lowe’s, Best Buy, The Home Depot, Regions Bank, and Many More
» Within four miles of HCA Houston Healthcare Southeast (345 beds, 1,750 employees)
» Central location near multiple Texas community hubs, including Bay Oaks Country Club, The Lone Star Flight Museum, William P. Hobby Airport, and Trinity Bay
» Walking distance from Candlewood Suites, La Quinta Inn & Suites, and Holiday Inn Express & Suites, Super 8, and Fairfield Inn & Suites (358 rooms combined)
» Gateway to Downtown Houston, the fourth-most populous city in the U.S. (population 2,320,268)

NEW 2021 CONSTRUCTION IN A TAX-FREE STATE
» New 2021 construction built to latest Black Bear Diner prototype
» Includes 300 SF outdoor patio for added customer convenience
» Texas has no state income tax, estate tax, or inheritance tax



Property Description

Excellent location near the signalized intersection of Sam Houston Tollway and Vista Road (85,773 AADT combined). The site features a prime location in a highly populated area, with 259,442 residents living within a five-mile radius of the property, creating a large and consistent customer base for the site. This Black Bear Diner location greatly benefits from being surrounded by high-density single family housing developments and large townhouse complexes. The property has an average annual household income of $85,178 within one mile of the location. With a projected 13 percent average annual household income increase within a one-mile radius of the site in the next five years, Black Bear Diner and Pasadena are poised for significant concurrent growth.

Visibility to the property is increased by the site’s centralized location near large employers, retailers, and community hubs. The site features an irreplaceable infill location surrounded by several local and national retailers, including Walmart Supercenter, Target, Hobby Lobby, Lowe’s, Best Buy, The Home Depot, Regions Bank, and many more. The property is also within four miles of one of Pasadena’s largest employers, HCA Houston Healthcare Southeast (345 beds, 1,750 employees). The site is centrally located near multiple Texas community hubs, including Bay Oaks Country Club, The Lone Star Flight Museum, William P. Hobby Airport, and Trinity Bay. And it is walking distance from Candlewood Suites, La Quinta Inn & Suites, and Holiday Inn Express & Suites, Super 8, and Fairfield Inn & Suites (358 rooms combined). The property also benefits from its proximity to Downtown Houston, the fourth-most populous city in the U.S. (population 2,304,580).

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