Investment Offering
Waco (Hewitt), TX - Salad and Go
600 Hewitt Drive | Hewitt, TX 76712
$1,548,000
Price5.75%
Cap Rate$89,000
NOI827
± 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, corporate guaranteed, drive-thru equipped, Salad and Go investment property located in Hewitt, Texas (Waco MSA). The tenant, And Go Concepts, LLC, recently signed a brand new 20-year 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 absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. The newly-constructed building features a state-of-the-art design and high-quality materials. Salad and Go was founded in 2013 in Gilbert, Arizona. The company currently operates nearly 103 locations in the Western United States and is continuing to expand.
Location
The Salad and Go is located near the signalized, hard corner intersection of Hewitt Dr and Imperial Dr with a combined (46,600 VPD). The building is equipped with a double drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The asset is located just west of Central Texas Marketplace, a 917,000 square foot shopping mall with major tenants including Kohl’s, Ross Dress for Less, HomeGoods, Cabela’s, and more. Furthermore, the site is within close proximity to multiple national/credit tenants including a Walmart Supercenter, The Home Depot, Dick’s Sporting Goods, H-E-B, Dillard’s, Best Buy, Office Depot, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover tenant exposure to the site. The 5-mile trade area is supported by over 94,500 residents and 62,600 employees, providing a direct consumer base from which to draw. Residents within a 1-mile radius of the subject property boast an affluent average household income of $125,896.
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