Off Market
Katy, TX - Fogo de Chao
222 W Grand Parkway S | Katy, TX 77494
Description
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, newly-renovated Fogo de Chao investment property located in Katy, Texas (Houston MSA). The tenant, Fogo de Chao Churrascaria (Katy) LLC, recently signed a brand new 15-year lease with 4 (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 NNN with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.
Location
The property is strategically located right off of Interstate 10, averaging over 215,000 vehicles passing by daily. The Fogo de Chao is adjacent to a 150,000+ square foot Costco Wholesale. In addition, the asset is within walking distance to several apartment complexes, including Soneto on Western (330 units) and Encore Motif (240 units). The site is also within close proximity to Katy Mills, one of the largest shopping areas in the Houston area, featuring over 1.6 million square feet of retail space. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, H-E-B, Kohl’s, Academy Sports & Outdoors, Ross, PetSmart, Buc-ee’s, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 298,900 residents and 81,000 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an affluent average household income of $141,288.
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