Phoenix, AZ - Whataburger (SOLD)
$3,280,000
2710 S. 99th Avenue, Phoenix, AZ 85353
3.75
Cap Rate
123,000
NOI
Details:
Description:
SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, drive-thru equipped, newly constructed, Whataburger investment property located in Phoenix, Arizona. The tenant, Whataburger Restaurants LLC, recently executed a brand new 15-year lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 8% 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 signed by the corporate entity and is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Headquartered in San Antonio, Texas, Whataburger currently operates more than 850 locations in 14 states and has sales exceeding $2.8 billion annually.
Whataburger is strategically located at the signalized, hard corner intersection of W. Lower Buckeye Road and S. 99th Avenue, averaging a combined 32,000 vehicles passing by daily. The building is equipped with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. Additionally, the property is ideally situated across from Pecan Promenade, a 280,600 SF power center anchored by Target, a premium retailer that significantly increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Other nearby national/credit tenants include Kohl’s, Ross Dress for Less, Fry’s Food & Drug, Walgreens, Goodwill, CVS Pharmacy, and more. Moreover, the quick service restaurant is within walking distance to Christopher Todd Communities at Country Place, a recently constructed, 154-unit luxury smart home community providing a direct residential consumer base to draw from. The 5-mile trade area is supported by a population of more than 207,000 residents and 52,000 employees. Residents within 1 mile of the subject property boast an average household income of $83,919.
Location
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