Investment Offering
Hewitt, TX - Cracker Barrel
221 Enterprise Blvd | Hewitt, TX 76643
$3,050,000
Price4.75%
Cap Rate$145,000
NOI9,170
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, corporate guaranteed, freestanding, Cracker Barrel Old Country Store (NASDAQ: CBRL), investment property located in Hewitt, TX. The tenant, CBOCS Texas, LLC, has recently executed a brand new 10-year ground lease with 6 (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 ground lease is corporate guaranteed by Cracker Barrel Old Country Store, Inc., and is absolute NNN with zero landlord responsibilities. In recent months, the company’s stock has performed very well, rising over 15%. Cracker Barrel also constructed the building at their own cost, demonstrating a strong financial commitment to the submarket.
Location
The asset is strategically located off of Interstate 35, the main highway connecting Dallas and Austin, with 93,000 vehicles passing by daily. Cracker Barrel benefits from having excellent highway visibility and convenient on/off ramp access to I-35. The site is also ideally positioned as an outparcel to a 24-hour Walmart Supercenter, which helps promote crossover shopping to the subject property. In addition, Cracker Barrel is surrounded by multiple hotels totaling 200 rooms, providing a direct consumer base to draw from. The 5-mile trade area is supported by a dense population of over 69,000 residents and nearly 58,000 employees. The 3-mile population boasts an average household income of more than $82,000.
Contact
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226