Newport Beach, Calif. (October 25, 2018) – SRS Real Estate Partners’ National Net Lease Group has announced the sales of two Bush’s Chicken restaurant properties totaling $4.4 million in San Antonio, TX. Bush’s Chicken is a fast food restaurant group headquartered in Waco, serving fresh fried chicken at more than 40 locations in central, south, and western Texas.
SRS’ National Net Lease Group Managing Principals Matthew Mousavi and Patrick Luther in conjunction with Chris Mueller, Owner of San Antonio-based Mueller Ventures represented the single seller on both assets. The buyers were individual private investors.
Both properties were built in 2012, are drive-thru equipped, and feature new, absolute NNN 15-year leases with 10 percent rent increases every five years.
“Though we sourced multiple offers for each site, the properties were sold to regional Texas-based investors familiar with the brand,” said Luther. “The thriving San Antonio market is experiencing a tremendous population boom which attracts local and out of state capital.”
The Properties
• 1604 Loop, sold for $2 million: Located at 8346 North Loop 1604W at the intersection of W. Hausman Road, the Bush’s Chicken along E. Charles William Anderson Loop benefits from more than 100,000 vehicles passing by daily with convenient on/off-ramp access. Its five-mile trade area’s population of 207,000 earns an average household income of nearly $90,000.
• Military Drive, sold for $2.4 million: Located at 1332 SE Military Drive, this Bush’s Chicken is an outparcel to a Walmart Supercenter and close to other major national tenants. Its five-mile trade area’s population of 245,000 earns an average household income of nearly $47,000.
San Antonio is Texas’ second-largest city, and is the economic and cultural gateway to the American Southwest. The city, a leader in job creation, is positioned for long-term growth and prosperity with a diversified, booming economy and continually improving quality of life.
SRS’ National Net Lease Group successfully completed more than 270 sales in 2017; to date in 2018, the group has more than 240 transactions sold or under contract across more than 30 states nationwide, with $1.2 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2017, the group completed more than 270 sales across more than 30 states. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.