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Whataburger Ground Lease, Cypress , TX

Whataburger Ground Lease

TX, United States

Price $1,839,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017
Building Size 3,583 SF
Lot Size 0.9461 Acres (41,212 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
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

Investment Highlights

LONG-TERM ABSOLUTE NNN GROUND LEASE
» 15-year NNN ground lease with corporate guaranty
» 10% rental increases every 5 years, providing a hedge against inflation
» New building featuring high-quality construction completed in 2017

EXCELLENT LOCATION IN HIGH GROWTH MARKET
» Prime location at the signalized entrance to the new Miramesa Town Center retail development, which will be anchored by Walmart Supercenter
» Part of Miramesa master planned community, one of the top 25 master planned communities in the nation based on net home sales
» Close to the massive Bridgeland development, an 11,401-acre community planned for 20,000 homes and approximately 65,000 residents
» Located in a rapidly developing area, with approximately 35,000 new homes planned within a three-mile radius

HIGH-TRAFFIC LOCATION WITH ROBUST DEMOGRAPHICS
» Located at signalized intersection with excellent visibility and access to 36,882 vehicles per day, a traffic count that is growing as development continues
» West Road is currently being extended to connect with the Grand Parkway, a massive transportation and growth corridor which experiences a high traffic count of 61,036 vehicles per day
» Large, affluent customer base, with a population of 189,656 within a five-mile radius and an average household income of $159,220 within a one-mile radius
» The Cypress area is one of the highest income urban areas in the United States
» Average household incomes well over $100,000 within one-, three-, and five mile radii


Property Description

SOLD

The property is located at the signalized intersection of Fry Road and West Road, with excellent visibility and access to 36,882 vehicles per day at the intersection. Fry Road is a major thoroughfare, and the surrounding area features a mix of retail, residential, and civic developments. West Road is also an important route that travels through several residential neighborhoods and popular master planned communities. West Road is currently being extended to connect with Houston’s outermost beltway—State Highway 99, also known as the Grand Parkway—which experiences a high traffic count of 61,036 vehicles per day. The West Road extension is due to be completed in two to three years and will greatly increase traffic flow around the property.

The property is located in Miramesa Town Center, a massive retail development that dominates all four corners of the intersection. Major tenants in the development will include Walmart Supercenter and Star Cinema Grill, a popular Houston-based dine-in movie theater concept. Miramesa Town Center is close to a number of large shopping centers—including the Houston Premium Outlets, featuring legendary brands such as Burberry, Coach, Kate Spade, and more—and several new retail centers that are currently under construction. Notable tenants near the property include H-E-B, Starbucks, Wendy’s, Walgreens, Fiesta Mart, and many others.

The property benefits from its prime location in the heart of a new growth market. The property is part of the Miramesa planned community, which is expected to feature 1,400 homes upon completion. It is also located just south of the massive Bridgeland development, an 11,401-acre community planned for approximately 65,000 residents. Approximately 35,000 new homes are planned within a three-mile radius of the property. These new housing developments continue the trend of rapid growth that has been happening in the Cypress area; the Cypress community has seen a 267.38% growth in population since 2000. With this population growth comes a rise in home prices; housing values have appreciated 37.09% in the last year.

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