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Jaggers Ground Lease, Jacksonville, NC

Jaggers Ground Lease

Jacksonville, NC

Price $3,100,000
Cap Rate 5.00%
NOI $155,000
Lease Term 25 Years
Lease Type 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 Years During the Initial Term and Option Periods
Year Built 2022
Building Size 4,166 SF
Lot Size 1.84 Acres (80,150 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

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

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 25-YEAR GUARANTEED NNN GROUND LEASE
» New 25-year NNN ground lease to Texas Roadhouse, Inc.’s new fast casual drive-thru concept
» 10% rental increases during the initial term and option periods, providing a hedge against inflation
» No landlord management, ideal for an out-of-area investor
» New 2022 construction featuring large 4,100-SF building with dual-lane drive-thru

HIGH-TRAFFIC LOCATION IN DENSELY POPULATED NORTH CAROLINA RETAIL CORRIDOR
» Visibility and access to 47,000 vehicles per day in front of the property on State Route 53/Western Boulevard
» Beneficial proximity to highly trafficked Jacksonville thoroughfares, including U.S. Route 17/North Marine Boulevard (31,000 AADT)
» Population of 78,290 within a five-mile radius of the location, creating a large and reliable customer base for the site
» Surrounded by high-density, single-family housing developments, and large townhouse complexes
» $78,008 average annual household income (projected 17% increase within the next five years)

CENTRAL LOCATION NEAR LARGE TRAFFIC DRIVERS
» Located in Jacksonville’s primary retail corridor
» Less than one mile from Cross Pointe Centre, a power center featuring a strong mix of well-known tenants, including Marshalls, Old Navy, Michaels, Ashley Furniture, Pet Warehouse, and more
» One mile from Coastal Carolina Community College, which has 4,030 students and 588 employees
» 1.5 miles from Onslow Memorial Hospital (162 beds, 1,250 employees)
» Beneficial proximity to shopping centers tenanted by major national retailers such as Target, Lowe’s, PetSmart, Burlington, Bed Bath & Beyond, Kohl’s, and several more


Property Description

» Jaggers is located along State Route 53/Western Boulevard, with access to 47,000 vehicles per day in front of the property
» The location has beneficial proximity to highly trafficked Jacksonville thoroughfares, including U.S. Route 17/North Marine Boulevard (31,000 AADT)
» Prime location with visibility increased by the site’s centralized location near large North Carolina schools, employers, and community hubs
» The property is centrally located near large shopping centers tenanted by major national retailers such as Target, Lowe’s, PetSmart, Burlington, Bed Bath & Beyond, and Kohl’s and is less than one mile from Cross Pointe Centre, a power center featuring a strong mix of well-known tenants, including Marshalls, Old Navy, Michaels, Ashley Furniture, Pet Warehouse, and more
» The site benefits from its location one mile from Coastal Carolina Community College (4,030 students, 588 employees) and 1.5 miles from Onslow Memorial Hospital (162 beds, 1,250 employees)
» The location is supported by 78,290 residents within a five-mile radius and greatly benefits from the surrounding high-density, single, and multi-family housing developments
» $78,008 average annual household income within one mile and is projected to increase 17 percent by 2027, which poises this Jaggers location and Jacksonville for significant concurrent growth

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