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Service King, Little Elm, TX

Service King

Price $6,175,000
Cap Rate 6.25%
NOI $385,920
Lease Term 15 Years, With 14 Years Remaining
Lease Type Absolute 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 2018
Building Size 21,140 SF
Lot Size 10.36 acres (451,282 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 ABSOLUTE NNN LEASE TO STRONG OPERATOR
» 15-year absolute NNN lease with 10% rental increases in initial term and options, providing a hedge against inflation
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management, providing an ideal investment opportunity for an outof- area investor
» Service King operates over 340 locations across 24 states

HIGH-TRAFFIC LOCATION ALONG POPULAR CORRIDOR
» Excellent location on University Drive, which experiences 46,598 vehicles per day
» The U.S. 380/East University Drive corridor is in the northern part of Little Elm and provides an invaluable, and highly-trafficked, regional connection between two of the four county seats of the Dallas-Fort Worth Metroplex (McKinney and Denton)
» Within minutes of Walmart, Lowe’s, Sprouts, Hobby Lobby, Hibbett Sports, Spec’s, Subway, Holt CAT, Dollar General, Walgreens, and many others
» Centered around ten schools that have a total enrollment of over 10,000 students and create a daily influx of vehicular traffic in the area

EXCELLENT LOCATION WITH STRONG CUSTOMER BASE IN BURGEONING CITY
» Little Elm is Northern Texas’ fastest growing municipality, and has experienced a 1,107% percent jump in population from 2000 (3,646 residents) to 2018 (44,000+ residents), creating an affluent and large customer base for Service King
» The property borders the new construction communities of Grand Homes at Frisco Hills and Lennar at Estates at Rockhill, and is adjacent to a great deal of future retail and commercial developments that will add to the growth of the metroplex
» 130,472 residents live within a five-mile radius of the property



Property Description

The property is strategically located along University Drive, which experiences a high traffic count of 46,598 vehicles per day and connects Little Elm to Denton. It benefits from its proximity to a Kroger-anchored center that also features Mod Pizza, Jack in the Box, Raising Cane’s, and Jersey Mike’s. Other notable tenants in the nearby area include Chick-fil-A, Panera Bread, McDonald’s, CVS Pharmacy, RaceTrac, and Holt CAT. The site is also minutes from Coy Miller Elementary School, Robertson Elementary School, Sue Wilson Stafford Middle School, Billy Gene Phillips Elementary School, Lone Star High School, Bell Elementary School, Ray Braswell High School, Paloma Creek Elementary School, Savannah Elementary School, and Navo Middle School, which have a total enrollment of over 10,000 students.

The property is in a densely populated residential area; 130,472 residents live within a five-mile radius of the property, providing a sizeable customer base for Service King. The property’s robust customer base partly comes from the area’s new construction communities, which include Grand Homes – Frisco Hills and Lennar at Estates at Rockhill nearby. The site will also benefit from major retail and commercial developments, which will bring major retailers like Walmart, LA Fitness, HEB, The Home Depot, McAlister’s Deli, Raising Cane’s, The UPS Store, Verizon, Chipotle, Aldi, 7-Eleven, Sport Clips, among many others within minutes of Service King. Additionally, a 600-acre mixed-use development anchored by the PGA of America headquarters and a 500- key Omni Hotel, and which will also include two championship-level golf courses, is planned nearby.

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