Listed by Katz & Associates
$4,070,000
Texas Roadhouse
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 8,392
Cap Rate 5.00%
Tenancy Single
Brand/Tenant Texas Roadhouse
Lease Term 15
Year Built 2019
Acreage 2.090
Parking Spaces 163 spaces
Parking Per SqFt 19.42
Tenant Credit Corporate Guarantee
Rent Commencement 11/30/2019
Ownership Public (NASDAQ: TXRH)
Retail | 5.00% CAP | 8,392 SqFt
Marketing description
For Sale
Investment highlights
- Encompassing ±8,392 square feet on a large ±2.09-acre lot, the Property represents recent 2019 construction and is fully leased to Texas Roadhouse. The Tenant is operating under a 15-year Absolute NNN Lease with more than 10 years remaining. The Lease offers zero landlord responsibilities and 10% rental increases every 5 years.
- The ground lease is guaranteed by Texas Roadhouse, Inc. (NYSE: TXRH), which is one of the fastest growing casual dining operators in the US. The company currently has 760 locations and plans to open another ±44 stores in 2024 across all their brands. Texas Roadhouse has experienced significant revenue growth over a 5-year period with $2.7+ billion in 2019 to $4.6+ billion in 2023. That growth represents a CAGR of nearly 11% over that period. The company opened 30 new locations in 2023.
- The Property is located in Gainesville, FL, a short distance from The University of Florida campus. The University of Florida is home to a 60,000+ student body and was ranked the top public university by the Wall Street Journal in 2023. In addition to the large student body, the university also features over 480,000 alumni. Gainesville hosts well over 90,000 visitors every home-game weekend in Ben Hill Griffin Stadium during football season.
- The Property will soon benefit from its position directly across from the new $231 million HCA Florida Gainesville Hospital, which is set to open in the next 18 months.
Listing Contacts
Listed by Katz & Associates
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