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WHATABURGER GROUND LEASE, Pearland, TX

WHATABURGER GROUND LEASE

TX, USA

Price $1,942,000
Cap Rate
NOI $82,500
Lease Term 15 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 3,683 SF
Lot Size 1.26 Acres (54,848 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

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Texas-licensed real estate broker Delta Commercial.

Investment Highlights

LONG-TERM ABSOLUTE NNN GROUND LEASE
» 15-year NNN ground lease with corporate guaranty
» 10% rental increases every five years, providing a hedge against inflation
» No landlord management
» High-quality 2018 construction featuring dedicated drive-thru

HIGH-TRAFFIC LOCATION IN LARGE MIXED-USE DEVELOPMENT
» Located just off of the signalized intersection of Beltway 8 and Pearland Parkway, with excellent visibility and access to 31,970 vehicles per day directly in front of the property on Pearland Parkway and interparcel shopping center access to an additional 92,600 vehicles per day on Beltway 8
» Outparcel to Boulder Creek, a mixed-use development that will feature 324 apartment units, along with retail and medical office space
» Boulder Creek is anchored by a Studio Movie Grill that is among the top ten most lucrative locations within the movie theatre chain, performing 70% above the store average

EXCELLENT LOCATION IN HIGH-GROWTH MARKET
» Within walking distance of University of Houston–Clear Lake Pearland Campus (2,500+ students), Moore Elementary (1,071 students), Dobie High School (4,000+ students), and Dobie High School Ninth Grade Campus (1,000+ students) and just minutes from San Jacinto College South (12,022 students)
» Near the 293-bed Memorial Hermann Southeast Hospital and William P. Hobby Airport
» 230,198 residents live within a five-mile radius
» High average household income of $91,885 within a one-mile radius
» Located in the rapidly developing Pearland area, with multiple residential developments planned or under construction near the property


Property Description

SOLD

The property is conveniently located just off of the signalized intersection of Beltway 8 and Pearland Parkway, with excellent visibility and access to 31,970 vehicles per day directly in front of the property on Pearland Parkway and interparcel shopping center access to an additional 92,600 vehicles per day on Beltway 8. The property is outparcel to Boulder Creek, a mixed-use development that will feature 324 apartment units, along with retail and medical office space. Boulder Creek is anchored by Studio Movie Grill, and other current tenants include T-Mobile, Sports Clips, and BreWingZ. The Studio Movie Grill in Boulder Creek is among the top ten most lucrative locations within the movie theatre chain, performing 70% above the store average. Other notable retailers located near the property include Target, Starbucks, H-E-B, Dollar Tree, and Verizon, amongst many others.

The property is close to a number of schools, community amenities, and growing residential neighborhoods. The property is within walking distance of the University of Houston–Clear Lake Pearland Campus (over 2,500 students), Moore Elementary (1,071 students), Dobie High School (over 4,000 students), and Dobie High School Ninth Grade Campus (over 1,000 students). Additionally, the property is just minutes from San Jacinto College South, which has an enrollment of 12,022 students and employs 551 staff members. The property is also a short distance from both the 293-bed Memorial Hermann Southeast Hospital and William P. Hobby Airport. As the property is located in the rapidly growing area around Pearland, the property is near several residential developments, which will further add to the property’s already robust customer base, with 230,198 residents living within a five-mile radius.

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