Investment Offering
Little Elm, TX - Bojangles
2823 Eldorado Pkwy | Little Elm, TX 75068
$3,000,000
Price4.59%
Cap Rate$137,700
NOI2,822
± SF Offering GLADescription
SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, Bojangles investment property located in Little Elm, Texas (Dallas MSA). The tenant, Bojangles Opco, LLC signed a brand new 20 year lease with 4 (5-year) options to extend and approximately 19 years remaining, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.
Location
The Bojangles is located at the signalized, hard corner intersection of Eldorado Pkwy and FM 423, combining to average over 81,100 vehicles passing by daily. Eldorado Pkwy is a major retail thoroughfare serving the city of Little Elm. The Bojangles’ is located across the street from a 217,000 square foot Walmart Supercenter, with outparcels including Wendy’s, Panda Express, Truist Bank, and Wells Fargo Bank. The asset is also located in close proximity to Eldorado Crossings, complete with over 200,000 square feet of retail space, featuring a Lowe’s Home Improvement, Firestone, Advance Auto Parts, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Hobby Lobby, Dollar Tree, McDonald’s, KFC, Applebee’s, Walgreens, CVS, 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 231,000 and 39,800 employees. Residents within 1 mile of the subject property boast an affluent average household income of $179,986.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215