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Pittsburgh, PA - Texas Roadhouse
8650 Duncan Avenue | Pittsburgh, PA 15237
Description
SRS Real Estate Partners-Northeast, LLC is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, Texas Roadhouse investment property located in Pittsburgh, PA. The tenant, Texas Roadhouse Holdings, LLC has approximately 12 years remaining on the lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily 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.
Location
The property is located along McKnight Rd, which averages 45,400 vehicles passing by daily and is a major retail thoroughfare serving the city of Pittsburgh. The Texas Roadhouse is located adjacent to a Home 2 Suites by Hilton, helping draw consumers into the trade area. Additionally, the asset is located just north of Ross Park Mall, a 1.7M square foot Nodstrom, JCPenney, and Macy’s anchored mall. Furthermore, the site is positioned just northeast from McIntyre Square, a 392,000 square foot shopping mall anchored by At Home, Giant Eagle, and Gabe’s. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Sam’s Club, The Home Depot, Target, HomeGoods, Dollar Tree, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 142,200 with an affluent average household income of $137,162.