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Del Taco Ground Lease, Tulsa, OK

Del Taco Ground Lease

Price $2,389,000
Cap Rate 4.50%
NOI $107,500
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 2019
Building Size 2,400 SF
Lot Size .72 acres (31,297 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
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

ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» New 20-year NNN 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
» E-commerce proof and recession resistant use

HIGH-TRAFFIC SIGNALIZED INTERSECTION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 79,204 vehiclews at signalized hard corner of East 71st Street and South Mingo Road
» Immediate access to U.S. Route 169 (125,500 AADT)
» Central location in the Woodland Hills Mall retail corridor, the densest concentration of retail in the state
» Within walking distance of Woodland Hills Mall, a super-regional shopping mall with more than 150 stores, including over 60 stores that are not found anywhere else in Tulsa
» Directly in front of Sam’s Club and across from Union Plaza, anchored by Hobby Lobby and Dick’s Sporting Goods

STRONG CUSTOMER BASE WITH ROBUST DEMOGRAPHICS
» One block from Union High School, which has a total enrollment of 3,550 students
» Large population of 243,808 residents and 150,433 daytime employees within five miles
» $257 billion spent annually in local restaurants within a five-mile radius

NEW 2019 CONSTRUCTION
» New 2019 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



Property Description

The Del Taco in Tulsa is located on one of the premier hard corners in the Tulsa market. The property is located on signalized hard corner of East 71st Street and South Mingo Road, with excellent visibility and access to 79,204 vehicles per day. Two blocks east of the Del Taco, East 71st Street intersects with U.S. Route 169, which has a traffic count of 125,500 AADT. The property benefits from its location on the Woodland Hills Mall retail corridor, the densest concentration of retail in the state. The Woodland Hills Mall, which is within walking distance, is a super-regional shopping mall with more than 150 stores, including over 60 stores that are not found anywhere else in Tulsa. Other notable tenants in the immediate vicinity include Sam’s Club, Hobby Lobby, Dick’s Sporting Goods, The Home Depot, Cinemark Theaters, Best Buy, Courtyard Marriott, Holiday Inn Express, among many other well-known retailers and restaurants.

The property is also one block from Union High School, which has a total enrollment of over 3,550 students. The high school’s Union Tuttle Stadium holds 11,000 fans and is undergoing a $23 million expansion. Additionally, the property is supported by a large customer base in the surrounding area; 243,808 residents live and 150,433 daytime employees work within a five-mile radius of the property. $257 billion is spent annually in local restaurants within a five-mile radius.

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