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Texas Roadhouse, Louisville, KY

Texas Roadhouse

KY, United States

Price $2,027,000
Cap Rate
NOI
Lease Term 10 Years with 8 Years Remaining
Lease Type
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2015
Building Size 7,441 SF
Lot Size 1.88 Acres (81,893 SF)
Status Sold
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

LONG-TERM CORPORATE GROUND LEASE TO NOTABLE NATIONAL TENANT
» Long-term lease with 10% rental increases every five years, providing a hedge against inflation
» Absolute NNN ground lease requires no landlord management
» Texas Roadhouse has annual revenues of $1.8 billion and operates over 450 locations nationwide

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Prominently located at the Interstate 265 on-ramp/off-ramp (86,896 AADT) on Shelbyville Road (40,500 AADT)
» Outparcel to newly constructed, 230,000 square foot regional retail center featuring major national tenants, including Hobby Lobby, Ross, Academy Sports & Outdoors, Five Below, AT&T, Panda Express, and others

CENTRAL LOCATION WITH ROBUST DEMOGRAPHICS
» Close proximity to major employment centers, including downtown Louisville, Eastpoint Business Center, and Ford’s Kentucky Truck Plant, providing significant daytime traffic
» 108,165 daytime employees within a five-mile radius
» Located in an affluent area – average household incomes well exceed $100,000 within one-, three-, and five-mile radii

NEW CONSTRUCTION
» New, high-quality construction, limiting near-term deferred maintenance or capital costs

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is strategically located on Shelbyville Road, with a traffic count of 40,500 vehicles per day, just off of the on-ramp and off-ramp to Interstate 265. The site is easily visible and accessible to 86,893 vehicles per day from the freeway. The property is outparcel to Middletown Commons, a newly constructed, 230,000 square foot regional retail center anchored by Academy Sports & Outdoors, Hobby Lobby, and Ross. Other notable tenants in the center include Five Below, Supercuts, Sally Beauty Supply, Rack Room Shoes, Chick-fil-A, Chipotle, Panda Express, and AT&T. The property is located in a dense retail corridor in close proximity to multiple large shopping centers. Middletown Station, anchored by Walmart Supercenter and Target, and Eastgate Shopping Center, anchored by Kroger, are both within walking distance of the property. Two large shopping malls, Mall St. Matthews and Oxmoore Center, are located a few miles down Shelbyville Road.

The property benefits from its central location less than 14 miles from downtown Louisville. The property is just south of Eastpoint Business Center, a major employment hub that generates significant daytime traffic. Additionally, Ford’s Kentucky Truck Plant is a few minutes away from the site down Interstate 265. Ford is a major employer in Louisville, employing over 8,300 people in the metro area. The Kentucky Truck Plant is Ford’s largest manufacturing plant in Louisville. Overall, 108,165 daytime employees work within a five-mile radius of the property. The property is also located in an affluent area; average household incomes are well over $100,000 within one-, three-, and five-mile radii of the site.

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