Whataburger | Target Outparcel

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3651 Boiling Springs Rd.
Boiling Springs (Spartanburg), SC

Price: $2,889,000

Cap: 4.50%

NOI: $130,000

Building Size: 3,751 SF

Lot Size: 1.28 AC

Investment Highlights

NEW 15 YEAR CORPORATE WHATABURGER GROUND LEASE

• 3,751 SF Whataburger on 1.28 Acres located in Boiling Springs (Spartanburg), SC. The property is currently under construction and rent is scheduled to commence in May 2024.

• 15-Year corporate guaranteed ground lease with 10% rental increases every 5 years in the initial term and each of the three, 5 year option periods.

• Absolute NNN Ground Lease, and the tenant is responsible for all taxes, insurance, CAM, roof, and structure.

OUTPARCEL TO A 147,000 SF NEW CONSTRUCTION TARGET

• Positioned at the entrance to a 147,000 SF new construction Target that is scheduled for delivery in August 2024.

• Other outparcels to the Target include a new construction QuikTrip, Walgreens, First Citizens Bank, Firestone Subs and more.

• Located at the signalized intersection of Hwy 9 & State Rd 42 (combined 45,700 VPD) and is 2.5 miles off Interstate 85 (56,600 VPD).

• Surrounding national retailers include Lowe’s Home Improvement, Walmart, ALDI, Goodwill, and more.

BOILING SPRINGS (SPARTANBURG) | 5 MILE POP GROWTH: 25% (2010-2022)

• Boiling Springs is an affluent and growing suburb of Spartanburg, SC and is about 30 miles northwest of Greenville.

• The 5 mile population from the subject property is 59,824 with 25% growth (2010-2022).

• Spartanburg is the county seat of Spartanburg County and is the second-largest city in the greater Greenville–Spartanburg–Anderson combined statistical area, which had a population of 1,385,045.

• The University of South Carolina Upstate (6,356 Students & 478 academic staff members) is 4 miles from the subject property.

• Other colleges & universities in Spartanburg include Wofford College, Converse University, Spartanburg College and more.

WHATABURGER HAS 945 LOCATIONS IN 16 STATES

• #1 highest average sales per stores of all burger fast food restaurants at $3.46M per store.

• Whataburger was founded in 1950 and is headquartered in San Antonio, TX.

• 945 locations across 16 states, has over 50,000 employees and does over $3 Billion in System wide sales annually.

• In 2019, private equity firm BDT Capital Partners, best known for taking ownership of Krispy Kreme and Panera Bread, acquired a majority interest in Whataburger. Since then, Whataburger has worked to grow its franchised locations into new markets more aggressively as well as re-design its outlets.

• In 2021, Newsweek ranked Whataburger #2 for “Fast-Food Restaurant Chains” in its annual “America’s Best Customer Service” List.

Don McMinn

678-808-2762 | EMAIL >

OFFERING MEMORANDUM

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