Whataburger Ground Lease
Closed8325 Southside Blvd, Jacksonville, FL 32099
Property type
Retail
Price
$2,533,250
Building size
3,198 sf
Rentable area
3,198 SF
Year built
2023
Year renovated
Occupancy
Zoning code
Lot size
0.99 Acres
Sold/status
Sold · Date unknown
Sale price
$2533250
CAP
4.74%
Net Operating Income
$120,000
Property description
Franklin Street is pleased to present this new construction Whataburger ground lease in Jacksonville, Florida. Jacksonville ranks as the 4th largest MSA in Florida and the 12th largest city in the country. The port is a major employer for the region and has an annual economic impact of over $31 billion, including 138,500 jobs across the state of Florida related to cargo moving throughout the port. The property is located next to one of the most trafficked intersections in the Jacksonville metro and shares access with Walgreens, Autozone, and Aspen Dental. The location provides excellent accessibility to I-95 and I-295, along with the St Johns Town Center retail district. Adjacent at the intersection is a very strong-performing Publix-anchored shopping center with the Publix doing $650+ PSF in sales annually. Publix is demoing and rebuilding their store, further showing commitment to the intersection. Nearby also is the exclusive Jacksonville Country Day School and Deerwood Country Club. Whataburger has been growing rapidly throughout the Southeast to add on to their already 700 locations in their home state of Texas. There are at least 5 new Whataburgers under development in Northeast Florida and many additional signed leases in the market in pre-development being operated by Silvercreek Group. The investment provides an investor an opportunity to acquire a long-term leased investment with a tenant that is ranked among the highest grossing QSRs per unit in a growing state with no income tax. A ground lease requires substantial tenant investment by building their own store at their expense.
Property highlights
- New construction Whataburger ground lease in Jacksonville, Florida
- 15-Year lease with scheduled rent increases every 5 Years
- Excellent visibility: 81,500 VPD travel daily through intersection of Southside Blvd & Baymeadows Rd
- Whataburger has 3rd highest sales per unit average for QSRs: $3.2M per unit
- Double drive-thru location built to handle high volumes
- Whataburger’s sale to BDT Capital Partners has led to expansive growth plans for the Southeast and tracking for over 900 locations in 2023
- Major Office Submarket: 22M SF of office space within 5 miles of the property
- Surrounded by major retailers bringing traffic to corridor including: Publix, Walmart Neighborhood Market, Panera Bread, Walgreens, Autozone, Dunkin, Panda Express, Starbucks, among many others
- Densely populated: 223,000+ residents within 15-minute drive