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Spring Creek BBQ Ground Lease, Spring, TX

Spring Creek BBQ Ground Lease

TX, USA

Price $2,210,500
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 2019
Building Size 6,250 SF
Lot Size 1.194 Acres (52,022 SF)
Status Sold
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 20-YEAR GUARANTEED ABSOLUTE NNN GROUND LEASE
» New 20-year guaranteed absolute NNN ground lease
» Scheduled rental increases in primary term and option periods, providing a hedge against inflation
» Absolute NNN lease requires no landlord management, ideal for an out-of-area investor
» Spring Creek Barbeque has over 30 locations and is growing

FREEWAY VISIBLE LOCATION IN HIGHLY POPULATED AND AFFLUENT TEXAS AREA
» 133,683 residents within a five-mile radius of the property
» $140,294 average household income within a three-mile radius
» Freeway visibility from Grand Parkway (44,221 AADT)
» Proximity to Interstate 45/North Freeway (204,000 AADT) and Rayford Road (34,986 AADT) greatly increasing visibility and traffic to the location
» Projected 11 percent average annual household income increase within three miles of the site in the next five years, poising Spring Creek Barbeque and Spring, Texas for significant concurrent growth

CENTRAL LOCATION NEAR LARGE SPRING EMPLOYERS, RETAILERS, AND SCHOOLS
» Surrounded by a strong mix of well-established national tenants in a dense retail corridor, including Walmart Supercenter, Chick-fil-A, Regal, First Financial Bank, Whataburger, Bank of America, and Many More
» Beneficial proximity to the ExxonMobile Houston Campus, a site that accommodates 10,000 employees and visitors
» Walking distance from York Junior High School and Synder Elementary School (2,489 students combined), driving lunchtime traffic to the site

2019 CONSTRUCTION
» High-quality construction completed in 2019, limiting near-term deferred maintenance or capital costs
» Ample on-site and cross-access parking


Property Description

SOLD

This Spring Creek Barbeque has an easily accessible location along Riley Fuzzel Road (20,930 AADT), which runs parallel with Grand Parkway freeway (44,221 AADT). The site benefits from its central location in a highly populated area, with 133,683 residents living within a five-mile radius of the location. The property also experiences added visibility from nearby traffic on Interstate 45/North Freeway (204,000 AADT) and Rayford Road (34,986 AADT). With a projected 11 percent average annual household income increase within three miles of the site in the next five years, Spring Creek Barbeque and Spring, Texas are poised for significant concurrent growth.

The site benefits from its location near large Spring employers, retailers, and schools. The property is surrounded by a strong mix of well-established national tenants in a dense retail corridor, including Walmart Supercenter, Chick-fil-A, Regal, First Financial Bank, Whataburger, Bank of America, and many more. This Spring Creek Barbeque is also 3.5 miles from the ExxonMobil Houston Campus, which is a 385-acre site that accommodates 10,000 employees and visitors. The location is walking distance away from York Junior High School and Synder Elementary School (2,489 students combined) and is also a two-minute drive from Grand Oaks High School (1,241 students), driving traffic to the site.

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