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Texas Roadhouse Ground Lease, Richmond, TX

Texas Roadhouse Ground Lease

Price $3,369,000
Cap Rate 4.75%
NOI $160,000
Lease Term 15 Years
Lease Type NNN Ground Lease, 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 2019
Building Size 7,420 SF
Lot Size 2.03 Acres (88,427 SF)
Status Available
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

LONG-TERM NNN CORPORATE GROUND LEASE TO NOTABLE NATIONAL TENANT
» Texas Roadhouse (NASDAQ: “TXRH”) has annual revenues of $2.2 billion and operates 580 locations
» 10% rental increases every five years in initial term and option periods, providing a hedge against inflation
» 2019 construction located in an income tax free state

HIGH-TRAFIFIC LOCATION IN DENSELY POPULATED, GROWING, AND AFFLUENT AREA
» 49,400 AADT directly in front of the property on a major north-south Texas thoroughfare
» Located in the wealthiest county in Texas (Fort Bend) with an average household income of $119,522 within a one-mile radius of the property
» Close proximity to several large housing developments, including Waterview Estates (28,004 residents), Long Meadow Farms (27,407 residents), Waterside Estates (20,642 residents), Bradford Park (18,917 residents), Aliana (4,000 homes, and Harvest Green (2,000 homes)
» 207,141 residents and growing within a five-mile radius
» Projected population growth of 32 percent in next five years within one mile of the property

INFILL LOCATION NEAR LARGE SCHOOLS, EMPLOYERS, AND RETAILERS
» Within a three-mile radius of William B. Travis High School (2,489 students), Oakland Elementary School (1,052 students), and David Crockett Middle School (991 students)
» Central location in Waterview Town Center, one of four new retail centers located along Grand Parkway (1.4 million SF of retail space)
» Immediately adjacent to Target’s first next generation store and a new H-E-B
» Surrounded by notable tenants such as Chick-fil-A, Chipotle Mexican Grill, Whataburger, Academy Sports + Outdoors, At Home, Jersey Mike’s, Starbucks, Subway, and many more



Property Description

The property is conveniently located on Grand Parkway, with excellent visibility and access to 49,400 vehicles per day directly in front of the site. The site is located along State Route 99, a major north-south thoroughfare traversing Texas. The location resides in a densely populated area with affluent demographics, with an average household income of $119,522 within a one-mile radius of the property and population of 207,141 within a five-mile radius of the location. Traffic to the property is increased by the site’s proximity to several large housing developments, including Waterview Estates (28,004 residents), Long Meadow Farms (27,407 residents), Waterside Estates (20,642 residents), and Bradford Park (18,917 residents). The area is growing rapidly, with a projected population growth of 32 percent in the next five years within one mile of the property.

The site has an irreplaceable infill location near large schools, employers, and retailers. Visibility is increased by the property’s central location in Waterview Town Center, one of four new retail centers located along Grand Parkway, featuring 1.4 million SF of retail space. The location is also Immediately adjacent to Target’s first next generation store, a new H-E-B, and is surrounded by notable tenants such as Chick-fil-A, Chipotle Mexican Grill, Whataburger, Academy Sports + Outdoors, At Home, Jersey Mike’s, Starbucks, Subway, and many more. The property is within a three-mile radius of William B. Travis High School (2,489 students), Oakland Elementary School (1,052 students), and David Crockett Middle School (991 students).

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