Whataburger - Edmond, OK
Retail | 5.00% CAP | 3,353 SqFt
Marketing description
SHOP Companies is pleased to offer the opportunity to acquire a newly constructed (2026) Whataburger ground lease located at the signalized intersection of Covell Road and Sooner Road in Edmond, Oklahoma, positioned at the front door to the Legacy at Covell, a new Whole Foods-anchored mixed-use development. The Property is subject to a 20-year absolute NNN lease with 10% rent increases every five years throughout the base term and option periods. The operator, Vibe Restaurants, is an experienced multi-unit platform with more than 170 locations across 14 states, including nationally recognized brands such as Whataburger, Wingstop, and Little Caesars.
The Property is directly adjacent to Legacy at Covell, a transformative retail and entertainment development featuring Whole Foods Market, Dick’s Sporting Goods, Hobby Lobby, Showbiz Cinemas, and PetSmart, along with a highly curated mix of new restaurants including Shake Shack, Chipotle Mexican Grill, Texas Roadhouse, and more. Other new pad users, including Chick-fil-A, Panda Express, 7Brew, and more, will join Crest Foods (105K SF), McDonald’s, Starbucks, Braum’s, and Qdoba, positioning the corridor to capture increasing traffic and consumer demand within one of the fastest-growing retail corridors in north Edmond.
Investment highlights
- Brand-New Long-Term Absolute NNN Lease: Newly constructed (2026) Whataburger with a 20-year absolute NNN ground lease featuring 10% rent increases every five years throughout the base term and option periods.
- Front Door to New Whole Foods-Anchored Legacy at Covell Development: Strategically positioned at the signalized intersection of Covell Rd & Sooner Rd in front of Crest Foods, the Property is directly adjacent to the transformative Legacy at Covell – a mixed-use development, featuring a ShowBiz Cinemas and future retail anchors Whole Foods Market, Dick’s, Hobby Lobby, Petsmart and more.
- Dense Restaurant Corridor with National and Upscale Dining: The Property is surrounded by a highly curated and rapidly expanding restaurant lineup under development including Shake Shack, Chipotle, Texas Roadhouse, Chick-fil-A, Panda Express, 7Brew, and established operators such as McDonald’s, Starbucks, Braum’s, and Qdoba creating a dominant dining destination that will drive consistent traffic and cross-shopping.
- Proven Multi-Unit Operator: Operated by Vibe Restaurants, an experienced multi-brand franchisee with 170+ restaurant locations across 14 states.
- Highly Affluent Area: Located in Edmond with a $200K+ average household income within one mile and strong surrounding national retailers.
- High-Growth National Brand: Whataburger generates $4B+ in systemwide sales, reported average sales per unit of over $4 million and 10% growth in 2024, and plans 70+ new restaurants in 2026.
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