Restaurant

Hooters

Listing Price: $3,388,000

Cap Rate
6.00%
Tenant Name
Texas Wing Holdings, LLC
Years Remaining On Lease
8.10
Gross SF
6,118
Guarantor
Corporate Guarantee
Rentable SF
6,118
Price/Gross SF
$553.78
Lease Type
Absolute Net
Rent Per Square Feet
$33.23

Investment Overview

Hooters is located at 3921 S. Jack Kultgen Freeway in Waco, TX. The subject property is a 6,118 +/- square foot building on approximately 1.831 acres of land. A new 15-year absolute triple-net lease was executed in 2014 with Texas Wings Holdings, LLC (dba Hooters) with a guaranty from HOA Restaurant Group, LLC (Hooters Corporate). There are 10% rent increases scheduled every five years with the next occurring in November 2022. There are three, five year renewal options.

The property lies within the epicenter for many new residential and multi-family developments as well as several large scale commercial projects. Adjacent to the property is the new Cottonwood Creek Market - a new 143 acre master planned, mixed-use development with 285,000 square feet of retail that will include Texas' newest Topgolf & 63 acres of multifamily, hospitality and office. The property is also just three miles south of Baylor University.

Waco is located on the I-35 corridor between Dallas and Austin that draws from a large trade area extending to the cities of Temple, Fort Hood and Killeen.

Investment Highlights

  • Absolute NNN Lease | No Landlord Responsibility | Corporate Guarantee
  • 10% Rent Increase Scheduled in 2022 | Recent Store Remodel | 1.83 Acre Parcel
  • Hyper-Growth Area of Waco MSA | Pad Frontage on I-35 | Excellent Visibility
  • Adjacent to Cottonwood Creek Market - Featuring New Topgolf (Fall 2020)
  • Three Miles South of Baylor University (14,000+ Students)
  • Excellent Demographics | Explosive Population Growth - 1,000+ New Residential Units

Exclusively Listed By

  • Marc Irvin

    First Vice President Investments

    (678) 808-2725

    Email Marc

    License(s): GA: 348971

    Atlanta

  • Matthew Welch

    Associate

    Email Matthew

    License(s): FL: SL 3246912, GA: 358728

    Atlanta

Listing Price: $3,388,000

Cap Rate
6.00%
Tenant Name
Texas Wing Holdings, LLC
Years Remaining On Lease
8.10
Gross SF
6,118
Guarantor
Corporate Guarantee
Rentable SF
6,118
Price/Gross SF
$553.78
Lease Type
Absolute Net
Rent Per Square Feet
$33.23

Investment Highlights

  • Absolute NNN Lease | No Landlord Responsibility | Corporate Guarantee
  • 10% Rent Increase Scheduled in 2022 | Recent Store Remodel | 1.83 Acre Parcel
  • Hyper-Growth Area of Waco MSA | Pad Frontage on I-35 | Excellent Visibility
  • Adjacent to Cottonwood Creek Market - Featuring New Topgolf (Fall 2020)
  • Three Miles South of Baylor University (14,000+ Students)
  • Excellent Demographics | Explosive Population Growth - 1,000+ New Residential Units

Investment Overview

Hooters is located at 3921 S. Jack Kultgen Freeway in Waco, TX. The subject property is a 6,118 +/- square foot building on approximately 1.831 acres of land. A new 15-year absolute triple-net lease was executed in 2014 with Texas Wings Holdings, LLC (dba Hooters) with a guaranty from HOA Restaurant Group, LLC (Hooters Corporate). There are 10% rent increases scheduled every five years with the next occurring in November 2022. There are three, five year renewal options.

The property lies within the epicenter for many new residential and multi-family developments as well as several large scale commercial projects. Adjacent to the property is the new Cottonwood Creek Market - a new 143 acre master planned, mixed-use development with 285,000 square feet of retail that will include Texas' newest Topgolf & 63 acres of multifamily, hospitality and office. The property is also just three miles south of Baylor University.

Waco is located on the I-35 corridor between Dallas and Austin that draws from a large trade area extending to the cities of Temple, Fort Hood and Killeen.

Exclusively Listed By

  • Marc Irvin

    First Vice President Investments

    (678) 808-2725

    Email Marc

    License(s): GA: 348971

    Atlanta

  • Matthew Welch

    Associate

    Email Matthew

    License(s): FL: SL 3246912, GA: 358728

    Atlanta

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