Restaurant

Hooters (Absolute Net)

7669 Grapevine Hwy, North Richland Hills, TX 76180

Listing Price: $3,360,000

Cap Rate
6.90%
Tenant Name
Hooters
Years Remaining On Lease
11.10
Gross SF
4,922
Guarantor
Corporate Guarantee
Rentable SF
4,922
Price/Gross SF
$682.65
Lease Type
Absolute Net
Rent Per Square Feet
$47.05

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire an absolute net lease Hooters in North Richland Hills, Texas. The property consists of a 4,922-square foot, freestanding building that sits on approximately 0.78 acres of land. There are approximately 8.4 years remaining on the current lease term, with 10 percent rental escalations scheduled every five years, as well as each option thereafter. The property is located at the signalized hard corner of Interstate 820 and Grapevine Highway, where combined traffic counts exceed 194,783 vehicles per day. The area is extremely dense with more than 276,125 residents within a five-mile radius. Surrounding retailers in the immediate area include Kroger, Academy Sports + Outdoors, Walgreens, Waffle House, Arby’s, Sonic Drive-In, Red Lobster, Golden Corral, QuikTrip and many more. Hooters is next to the City Point redevelopment project. The 52-acre project is transforming the former North Hills Mall into a master-planned, mixed-use development that will include 70,000 square feet of commercial space, 370 residential homes, 400 multi-family units, and an upscale hotel. In addition, 350,000 square feet of medical office space sits near City Point. It is anchored by Medical City North Hills, a 176-bed hospital.

Investment Highlights

  • Corporate Guaranty - Hooters has Been Operating at This Location More Than 15 Years
  • Absolute Net Lease with Approximately 8.4 Years Remaining
  • Signalized Hard Corner Location on I-820 and Grapevine Highway; Combined Traffic Counts Exceed 194,783 VPD
  • Adjacent to the City Point Redevelopment Project (70,000 SF in Planned Retail Space)
  • 10 Percent Rental Escalations Every Five Years
  • More than 276,125 Residents Within a Five-Mile Radius

Exclusively Listed By

Listing Price: $3,360,000

Cap Rate
6.90%
Tenant Name
Hooters
Years Remaining On Lease
11.10
Gross SF
4,922
Guarantor
Corporate Guarantee
Rentable SF
4,922
Price/Gross SF
$682.65
Lease Type
Absolute Net
Rent Per Square Feet
$47.05

Investment Highlights

  • Corporate Guaranty - Hooters has Been Operating at This Location More Than 15 Years
  • Absolute Net Lease with Approximately 8.4 Years Remaining
  • Signalized Hard Corner Location on I-820 and Grapevine Highway; Combined Traffic Counts Exceed 194,783 VPD
  • Adjacent to the City Point Redevelopment Project (70,000 SF in Planned Retail Space)
  • 10 Percent Rental Escalations Every Five Years
  • More than 276,125 Residents Within a Five-Mile Radius

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire an absolute net lease Hooters in North Richland Hills, Texas. The property consists of a 4,922-square foot, freestanding building that sits on approximately 0.78 acres of land. There are approximately 8.4 years remaining on the current lease term, with 10 percent rental escalations scheduled every five years, as well as each option thereafter. The property is located at the signalized hard corner of Interstate 820 and Grapevine Highway, where combined traffic counts exceed 194,783 vehicles per day. The area is extremely dense with more than 276,125 residents within a five-mile radius. Surrounding retailers in the immediate area include Kroger, Academy Sports + Outdoors, Walgreens, Waffle House, Arby’s, Sonic Drive-In, Red Lobster, Golden Corral, QuikTrip and many more. Hooters is next to the City Point redevelopment project. The 52-acre project is transforming the former North Hills Mall into a master-planned, mixed-use development that will include 70,000 square feet of commercial space, 370 residential homes, 400 multi-family units, and an upscale hotel. In addition, 350,000 square feet of medical office space sits near City Point. It is anchored by Medical City North Hills, a 176-bed hospital.

Exclusively Listed By

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