Edinburg, TX - Taco Palenque

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building) in an absolute NNN leased, newly constructed, corporate guaranteed, drive-thru equipped, Taco Palenque, investment property located in Edinburg, TX. The tenant, TP UTRGV, LLC (dba Taco Palenque), recently executed a brand new 15-year lease with 3 (5-year) options to extend. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities. The property was formally a multi-tenant strip retail center, which was acquired and demolished for Taco Palenque.

Taco Palenque is located along W. University Drive, a major thoroughfare, with 30,200 vehicles passing by daily. Nearby national/credit tenants include a 24-hour Walmart Supercenter, Lowe’s Home Improvement, Dollar Tree, Staples, Chick-Fil-A, and more, increasing consumer traffic and promoting crossover shopping. In addition, the asset is directly across from the University of Texas Rio Grande Valley (28,500 students enrolled), providing a direct consumer base to draw from. The 5-mile trade area is supported by a dense population of over 154,000 residents with an average household income of more than $69,000.