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Murphy Express Ground Lease, Garland, TX

Murphy Express Ground Lease

TX, USA

Price $2,667,000
Cap Rate
NOI
Lease Term 20 Years
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 2022
Building Size 2,824 SF
Lot Size 1.25 Acres (54,450 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

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

Investment Highlights

LONG-TERM ABSOLUTE NNN GROUND LEASE TO NATIONAL TENANT IN INCOME TAX FREE STATE
» 20-year absolute NNN ground lease to strong national tenant
» Murphy USA (NYSE: “MUSA”) ranks #322 on Fortune 1000 Revenue
» Scheduled rental increases in initial term and option periods, providing a hedge against inflation
» New 2022 construction with eight (8) fuel pumps and a convenience store in an income tax free state

LOCATED IN AN AFFLUENT TEXAS SUBURB SERVING 352,972 RESIDENTS
» Signalized hard corner location with strong traffic counts (combined 40,990 AADT)
» Site is located in a dense residential area with 352,972 residents living within a five-mile radius, creating a large customer base
» Located in an area with an average annual household income of $93,054 within one mile
» Population increase of over 50,000 residents since 2010, demonstrating Garland’s recent rapid growth
» Projected 10 percent average annual household income increase within a five-mile radius of the site in the next five years, poising Garland and Murphy Express for steady concurrent growth

PRIME RETAIL CORRIDOR LOCATION ACROSS FROM HIGHLY TRAFFICKED SHOPPING CENTER
» Across the street from a Tom Thumb-anchored retail center and close to other prominent retailers including Walmart Supercenter, Sam’s Club, Target, CVS Pharmacy, Office Depot, and many more
» Proximity to major Garland community hubs, including University of Texas at Dallas, Duck Creek Golf Club, and Dallas College – Richland Campus
» Garland is only 30 minutes outside of Dallas and is one of the largest manufacturing cities in the state of Texas with more than 300 manufacturers including PepsiCo, Texas Instruments, Samsung Electronics, Siemens, and many more
» Surrounded by high-density single family housing developments and large townhouse complexes with nearby President George Bush Turnpike carrying massive amounts of commuter traffic to and from Dallas


Property Description

SOLD
This Murphy Express has a signalized hard corner location with strong traffic counts (combined 40,990 AADT). The property is strategically located in a dense residential area with 352,972 residents living within a five-mile radius. The location is also in an affluent area, with an average annual household income of $93,054 within one mile. The immediate area has experienced a population increase of over 50,000 residents since 2010, demonstrating Garland’s recent rapid growth. In addition, a projected ten percent average annual household income increase within a five-mile radius of the site in the next five years poises Garland and Murphy Express for steady concurrent growth.

The property is conveniently located across the street from a Tom Thumb anchored retail center and close to other prominent retailers including Walmart Supercenter, Sam’s Club, Target, CVS Pharmacy, Office Depot, and many more. The site also features proximity to major Garland community hubs, including University of Texas at Dallas, Duck Creek Golf Club, and Dallas College – Richland Campus. This Murphy Express is surrounded by high-density single-family housing developments and large townhouse complexes with nearby President George Bush Turnpike carrying massive amounts of commuter traffic to and from Dallas. Garland is only 30 minutes outside of Dallas and is one of the largest manufacturing cities in the state of Texas with more than 300 manufacturers including PepsiCo, Texas Instruments, Samsung Electronics, Siemens, and many more.

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