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Del Taco Ground Lease, Oklahoma City, OK

Del Taco Ground Lease

OK, USA

Price $1,840,000
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 2018
Building Size 2,418 SF
Lot Size 1.15 Acres (50,039 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
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

CORPORATE GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» New 20-year NNN ground lease with no landlord responsibilities
» 10% rental increases every five years, providing an excellent hedge against inflation
» Corporate lease to Del Taco (NASDAQ: “TACO”), the second largest Mexican-American quick service restaurant chain by units in the United States

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 34,824 vehicles per day directly in front of the property on North May Avenue
» Close proximity to North May Avenue’s intersections with Northwest 63rd Street (30,122 AADT) and Northwest Expressway (56,902 AADT)
» Surrounded by large shopping centers featuring major national retailers, including Home Depot, Target, Burlington Coat Factory, Bed Bath & Beyond, Sprouts Farmers Market, and many more

IRREPLACEABLE INFILL LOCATION WITH STRONG CUSTOMER BASE
» Gateway to Nichols Hills, the most affluent city in Oklahoma, based on per capita income
» Centrally located less than six miles from downtown Oklahoma City
» Near two major hospitals—INTEGRIS Baptist Medical Center (511 beds) and AllianceHealth Deaconess (291 beds)—as well as several schools and recreational areas, including Lake Hefner, which is visited by one million people per year
» Large customer base, with 242,458 residents and 143,485 daytime employees within five miles of the property

NEW 2018 CONSTRUCTION
» New 2018 construction featuring dedicated drive-thru, providing additional customer convenience and boosting sales revenue
» Built by tenant at tenant’s expense, demonstrating long-term commitment to the location

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located on North May Avenue, with excellent visibility and access to 34,824 vehicles per day directly in front of the property. North May Avenue intersects with two busy thoroughfares within walking distance of the property: Northwest 63rd Street (30,122 AADT) and Northwest Expressway (56,902 AADT). In turn, these roadways provide convenient access to Lake Hefner Parkway, the primary route through northwestern Oklahoma City, with a traffic count of 121,200 vehicles per day near the property. Located in a dense retail corridor, the property is close to several large shopping centers and major national retailers. Retail centers within the property’s immediate vicinity include French Market, featuring Burlington Coat Factory and Bed Bath & Beyond; Centennial Plaza, anchored by Home Depot; and Mayfair Place, tenanted by Big Lots and PetSmart. The property is also minutes from Penn Square Mall, an upscale regional mall featuring Apple, Coach, Dillard’s, Banana Republic, Michael Kors, Pottery Barn, and an AMC Theatres multiplex cinema with ten screens.

The property is centrally located less than six miles from downtown Oklahoma City. Two major hospitals—INTEGRIS Baptist Medical Center (511 beds) and AllianceHealth Deaconess (291 beds)—are located near the property, as are a number of schools, including Putnam City High School, with 1,782 students. The property is also a short distance from Lake Hefner, a popular recreational destination that is visited by nearly one million people per year. Also nearby is the community of Nichols Hills, the most affluent city in Oklahoma, based on per capita income. Additionally, the property is supported by a large customer base in the surrounding area; 242,458 residents live and 143,485 daytime employees work within a five-mile radius of the property.

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