DEALS

Deals

Texas Roadhouse – Matthews, NC (Charlotte MSA)

THE OPPORTUNITY

  • Absolute Ground Lease
  • ​Zero Landlord Responsibilities
  • ​Corporate Lease
  • ​15 Year Initial Term through 12/1/2034
  • ​Texas Roadhouse operates 610 locations in 49 states and 10 countries
  • ​Publicly Traded Tenant
  • ​NASDAQ: TXRH
  • ​No rent relief requested throughout 2020
  • ​10% Rent escalations every 5 years of initial term
  • ​3, 5-year options
  • ​10% Rent escalations in every renewal

THE DEAL POINTS

  • Square Feet: 8,093 SF
  • Asking Price: $3,100,000
  • NOI: $155,000
  • Asking Cap Rate: 5.00%
  • Year Built: 2019

THE HIGHLIGHTS

  • ​Outparcel to Harris Teeter and Home Depot anchored shopping center
  • ​Strong traffic counts with over 86,000 cars daily
  • ​E Independence Blvd: 57,084
  • ​Hwy 51: 29,126
  • ​Located in affluent Charlotte suburb with high average household income levels
  • ​3 Mile: $91,767
  • ​5 Mile: $99,673
  • ​New construction (2019)
  • ​Relocation within the same shopping center
  • ​Moved to North end of the shopping center from the South end
  • ​Tenant invested over $3.5M into building and fixtures
  • ​Located 11 miles from downtown Charlotte
  • ​Population within 5 miles expected to grow almost 7% by 2025
  • ​141 total parking spaces (6 handicap)