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Restaurant

Hacienda Mexican Restaurant

990 S Green River Rd, Evansville, IN 47715

Listing Price: $3,000,000

Cap Rate
6.00%
Tenant Name
Hacienda Mexican Restaurant
Years Remaining On Lease
15.5
Gross SF
11,565
Guarantor
Corporate Guarantee
Rentable SF
11,565
Price/Gross SF
$259.40
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$15.56

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the Hacienda Mexican Restaurant in Evansville, Indiana. The 11,565 square foot building is positioned on about 1.50 acres at the signalized hardcorner of Washington Avenue and South Green River Road. The building has excellent frontage and visibility with exposure to almost 30,000 cars per day along South Green River Road. Hacienda sits as an outparcel to the Schnucks Grocery anchored shopping center which is also anchored by tenants like Planet Fitness, Dollar Tree, Pet Supplies Plus and Midwest Furniture. Hacienda Mexican Restaurant has a 40-year history operating at this location, it is a staple restaurant in the Evansville market and is well-known to both local residents and people in surrounding markets. In March 2021, Hacienda elected to extend their lease more than 6 years early, extending the lease for another 10 years to November 23, 2037. There are five percent rent increase every five years in the remaining base term and in each of the four, five-year renewal options. The lease is classified as a ground lease, with the landlord having zero responsibility. Hacienda Mexican Restaurant was founded in 1978 in Mishawaka, Indiana and has now exploded to 15 different locations. Evansville is a college town and home to the University of Evansville, which has 2,000 students, and the University of Southern Indiana which has 10,701 students.

Investment Highlights

  • Corporately Guaranteed Ground Lease with Zero Landlord Responsibility
  • 15.5 Years Remaining on the Lease
  • Hacienda has 15 Locations across Indiana
  • 40-Year Operating History at this Location | Hacienda is a Staple of the Evansville Community
  • In March 2021, Hacienda Elected to Extend (6 Years Early) their Lease by 10 Years | Clear Demonstration of the Tenants Success & Desire to Remain at this Location
  • 5% Rent Increases Every 5 Years | Four, Five-Year Renewal Options (5% Rent Increases)
  • Positioned as an Outlot to a Schnucks Anchored Shopping Center | Signalized, Hard Corner Location with Excellent Visibility & Frontage
  • Ample Parking & Easy Accessibility | College Town with Two Universities

Exclusively Listed By

Restaurant

Hacienda Mexican Restaurant

Listing Price: $3,000,000

Cap Rate
6.00%
Tenant Name
Hacienda Mexican Restaurant
Years Remaining On Lease
15.5
Gross SF
11,565
Guarantor
Corporate Guarantee
Rentable SF
11,565
Price/Gross SF
$259.40
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$15.56

Investment Highlights

  • Corporately Guaranteed Ground Lease with Zero Landlord Responsibility
  • 15.5 Years Remaining on the Lease
  • Hacienda has 15 Locations across Indiana
  • 40-Year Operating History at this Location | Hacienda is a Staple of the Evansville Community
  • In March 2021, Hacienda Elected to Extend (6 Years Early) their Lease by 10 Years | Clear Demonstration of the Tenants Success & Desire to Remain at this Location
  • 5% Rent Increases Every 5 Years | Four, Five-Year Renewal Options (5% Rent Increases)
  • Positioned as an Outlot to a Schnucks Anchored Shopping Center | Signalized, Hard Corner Location with Excellent Visibility & Frontage
  • Ample Parking & Easy Accessibility | College Town with Two Universities

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the Hacienda Mexican Restaurant in Evansville, Indiana. The 11,565 square foot building is positioned on about 1.50 acres at the signalized hardcorner of Washington Avenue and South Green River Road. The building has excellent frontage and visibility with exposure to almost 30,000 cars per day along South Green River Road. Hacienda sits as an outparcel to the Schnucks Grocery anchored shopping center which is also anchored by tenants like Planet Fitness, Dollar Tree, Pet Supplies Plus and Midwest Furniture. Hacienda Mexican Restaurant has a 40-year history operating at this location, it is a staple restaurant in the Evansville market and is well-known to both local residents and people in surrounding markets. In March 2021, Hacienda elected to extend their lease more than 6 years early, extending the lease for another 10 years to November 23, 2037. There are five percent rent increase every five years in the remaining base term and in each of the four, five-year renewal options. The lease is classified as a ground lease, with the landlord having zero responsibility. Hacienda Mexican Restaurant was founded in 1978 in Mishawaka, Indiana and has now exploded to 15 different locations. Evansville is a college town and home to the University of Evansville, which has 2,000 students, and the University of Southern Indiana which has 10,701 students.

Exclusively Listed By

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