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Raising Cane’s Ground Lease, Houston, TX

Raising Cane’s Ground Lease

TX, United States

Price $3,402,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type Absolute NNN Ground Lease
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017
Building Size 2,724 SF
Lot Size 0.68 Acres (30,000 SF)
Status Sold
Lead Broker Information Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

NEW 15-YEAR CORPORATE GROUND LEASE
» Strong corporate guaranty – 300+ locations
» Absolute NNN ground lease requires no landlord management, ideal for passive investors
» Scheduled rental increases, providing a hedge against inflation

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent access and visibility to 52,582 vehicles per day along Fry Road
» Immediate access to Interstate 10, a busy commuter corridor providing access to downtown Houston, with an extremely high traffic count of 136,440 vehicles per day
» Near Katy Mills, a mall with over 11 million annual visitors
» Within walking distance of several large shopping centers anchored by national tenants, including Walmart Supercenter, H-E-B, Home Depot, Hobby Lobby, Sam’s Club, and many more

CENTRAL LOCATION WITH LARGE CUSTOMER BASE
» Near Houston Methodist West Hospital, a 193-bed hospital with 1,493 employees and approximately 140,000 patient visits per year
» Minutes from several large high schools, including Mayde Creek High School (2,725 students), James E. Taylor High School (2,900+ students), and Cinco Ranch High School (3,150+ students)
» 241,240 residents with an average household income of $110,363 within a five-mile radius

NEW 2017 CONSTRUCTION
» Features a dedicated drive-thru, providing additional customer convenience and catering to commuter traffic
» New building, limiting near-term deferred maintenance or capital costs
» 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 Fry Road, with excellent access and visibility to 52,582 vehicles per day directly in front of the site. Convenient access to Interstate 10 is immediately south of the property. Interstate 10 is a busy commuter corridor providing access to downtown Houston, with an extremely high traffic count of 136,440 vehicles per day. The property is located in a dense retail corridor, with close proximity to large shopping centers and major national tenants. The property is directly across from Crossing at Fry Road, a Hobby Lobby-anchored shopping center with a strong lineup of national retailers, including Stein Mart, Sally Beauty Supply, Hallmark, Starbucks, Buffalo Wild Wings, and many others. Several other shopping centers are within walking distance of the property, including Price Plaza, anchored by Walmart Supercenter, Sam’s Club, Home Depot, and Best Buy. Other notable national retailers near the property include Target, Lowe’s, Kohl’s, H-E-B, Dollar General, Ross, O’Reilly Auto Parts, CVS, PetSmart, Ulta, and Party City. The property is also close to Katy Mills, a mall with 1.3 million square feet of retail space and over 200 stores. The Katy Mills mall is one of Houston’s largest attractions, with over 11 million annual visitors.

The property is centrally located, with a strong customer base in the surrounding area. Several hospitals are located nearby, including Houston Methodist West Hospital, a 193-bed hospital with 1,493 employees and approximately 140,000 patient visits per year. The property is also near a number of schools. Houston Community College’s Katy Campus is within walking distance of the site. Houston Community College has over 75,000 students enrolled throughout their system. Several large high schools are just minutes from the property, including Mayde Creek High School, with 2,725 students; James E. Taylor High School, with more than 2,900 students; and Cinco Ranch High School, with a total enrollment of over 3,150 students. Additionally, the property is located in an affluent, densely populated area, with 241,240 residents with an average household income of $110,363 living within a five-mile radius.

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