Overview

Description

SRS National Net Lease is pleased to offer the rare opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, corporate guaranteed, newly built, Texas Roadhouse investment property located in Crestview, FL. The tenant, Texas Roadhouse, Inc., will sign a brand new 15-year lease with 4 (5-year) options at the close of escrow, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is corporate guaranteed (NASDAQ: TXRH), and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. With over a 100% increase in stock price throughout the last 5 years, Texas Roadhouse continues to see immaculate growth, as the chain was ranked one of the most popular restaurants during the COVID-19 pandemic. The building, which is slated to open on May 5th, 2024, features a state-of-the-art design using high quality materials.

Texas Roadhouse is strategically located along Rasberry Road with clear visibility and access to S. Ferdon Boulevard (51,500 VPD) and Interstate 10 (18,600 VPD). Interstate 10 is the fourth-longest interstate in the United States spanning over 2,400 miles, making this an ideal, centralized location with easy commutes for both employees and customers. The property is ideally situated within a dense retail corridor with many nearby national/credit tenants including Walmart Supercenter, Lowe’s Home Improvement, Publix, Walgreens, Ashley Home Store, and others. In addition, Texas Roadhouse is directly across from several shopping centers including Cypress Landing (113,000 SF), Crestview Corners (122,338 SF), Crestview Center (190,056 SF), and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the property is within proximity to numerous single-family communities and multi-family complexes including Hillcrest Villas (65 units), Katie Manor (102 units), Riverwood Apartment Homes (130 units), and others, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by over 44,700 residents and 14,900 daytime employees. Residents within 1 mile of the site boast a healthy average household income of $100,729.

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