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Restaurant

Hacienda Mexican Restaurant

990 S Green River Rd, Evansville, IN 47715

Listing Price: $2,880,000

Cap Rate
6.25%
Tenant Name
Hacienda Mexican Restaurant
Years Remaining On Lease
14.8
Gross SF
11,565
Guarantor
Corporate Guarantee
Rentable SF
11,565
Price/Gross SF
$249.03
Lease Type
Ground Lease
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 1.47 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. Big Lots and Ruler Food are also nearby in the adjacent center, helping to draw more customer traffic to the area. 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 six years early, with a ten-year extension. The current lease is set to expire on November 23, 2037, leaving more than fifteen years remaining on the lease. There are five percent rent increase every five years in the 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

  • Outparcel to Schnucks Grocery Store
  • Corporate Ground Lease with 15+ Years Remaining
  • Tenant Signed 10-Year Lease Extension in March 2021 (Six Years Early)
  • Very Strong Store Sales | See Agent for Details
  • 40-Year Operating History at this Location
  • 5% Rent Bumps Every 5 Years in Base Term

Exclusively Listed By

Restaurant

Hacienda Mexican Restaurant

Listing Price: $2,880,000

Cap Rate
6.25%
Tenant Name
Hacienda Mexican Restaurant
Years Remaining On Lease
14.8
Gross SF
11,565
Guarantor
Corporate Guarantee
Rentable SF
11,565
Price/Gross SF
$249.03
Lease Type
Ground Lease
Rent Per Square Feet
$15.56

Investment Highlights

  • Outparcel to Schnucks Grocery Store
  • Corporate Ground Lease with 15+ Years Remaining
  • Tenant Signed 10-Year Lease Extension in March 2021 (Six Years Early)
  • Very Strong Store Sales | See Agent for Details
  • 40-Year Operating History at this Location
  • 5% Rent Bumps Every 5 Years in Base Term

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 1.47 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. Big Lots and Ruler Food are also nearby in the adjacent center, helping to draw more customer traffic to the area. 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 six years early, with a ten-year extension. The current lease is set to expire on November 23, 2037, leaving more than fifteen years remaining on the lease. There are five percent rent increase every five years in the 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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