Investment Highlights
Well Established Saltgrass Steak House
Corporate Backed Tenant
No State Income Tax
Proven Location with Consistent High Sales
Heavy Traffic Area with Strong Restaurant Sales
Executive Summary
NEW PRICING! 6.51% CAP DFW ASSET! Colonial Commercial Real Estate LLC is pleased to exclusively present a prime investmentopportunity: a well-situated Saltgrass Steak House in Grapevine, Texas. This notableoffering encompasses a 7,545-square-foot restaurant facility on a 2.58-acre lot with 203parking spaces, strategically located just 5 minutes from the Dallas-Fort Worth Airport.Currently under an absolute triple-net (NNN) lease, the Saltgrass Steak House boasts ?8.5years remaining on a 15-year extension term, the lease originating in 1996. The leaseincludes two additional 5-year renewal options, with rent adjustments set at the greater ofa) 15% increase over the preceding term's base rent or b) the prevailing market rate.Moreover, the lease terms for the south parking lot, with about ?8.5 years remaining,feature a 10% increase per 5-year option period exercised (Supplementary Rent).Corporate Backed Tenant: Saltgrass Steak House, is 100% owned by Landry?s Inc. Landry?s is a privately held conglomerate with over 600 restaurants, hotels, casinos, and entertainment venues around the world.Long Operating History: Saltgrass has operated at this location since 1996. They currently have 8.5 years remaining from their most recent 15-year extension in 2018.Strong Options: Currently Two 5-year options remaining, each with a minimum of 15% increases. See OM for more detailsHigh Traffic Area: Located at the intersection of South Main Street and East State Highway 114 (219,809 VPD), the property benefits from significant daily vehicle traffic enhancing its appeal and potential for sustained business performance.Global Accessibility via DFW International Airport: Its proximity to the second-largest airport in the world by passenger volume, Dallas/Fort Worth International Airport, provides unparalleled global connectivity, making it an attractive investment for both local and international investors.No State Income TaxDense Retail & Hospitality Corridor: The property is positioned within a dense retail corridor, surrounded by over 3.4 million square feet of retail space within a 1.5-mile radius. Additionally, the property has 15.3 MSF of retail, 60.6 MSF of industrial, 15.4 MSF of office/healthcare, 20,226 multi-family units, and 11,763 hotel rooms within a 5-mile radius.
