Taco Bell Wake Forest,North Carolina

$2,588,235
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $2,588,235
  • Cap Rate: 4.25%
  • Annual Rent: $110,000
  • Rentable Square Feet: 2,233
  • Land Area: 0.95 Acres
  • Year Built: 2021
  • Lease Type: Triple Net (NNN)
  • Commencement: Upon Close of Escrow
  • Lease Expiration: 20 Years from COE

Description

951 Gateway Commons Circle
Wake Forest, NC 27587

Investment Highlights

  • Brand New, 20-Year, Triple Net (NNN) Lease With Four, Five-Year Tenant Renewal Options
  • Lease Commencement Upon Close of Escrow
  • New Prototype With Double Drive-Thru, First in the Country, and Patio With Outdoor Seating
  • Strong Franchisee, Luihn VantEdge Partners, LLC Owns and Operates Over 170 Restaurants With More Than 4,500 Employees
  • Part of the Raleigh-Durham-Chapel Hill Metro Area with Nearly 2.3 Million People
  • Part of the Raleigh-Durham-Chapel Hill Metro Area with Nearly 2.3 Million People
  • Outparcel to Gateway Commons, Lowes Foods-Anchored Center
  • New, 306-Unit Apartment Community is Under Construction Directly Behind Gateway Commons

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a new Taco Bell in Wake Forest, NC, Raleigh MSA. This is a new location, built in 2021 and recently opened. The property features a new Taco Bell prototype with double drive-thru lanes and a patio with outdoor seating.

This listing has a brand new 20-year, triple net lease, commencement upon close of escrow. Lease offers four, five-year tenant renewal options with 10 percent rent increases every five years throughout the base term and option periods. Luihn VantEdge Partners, LLC is an experienced franchisee who owns and operates over 170 restaurants spanning over five states with more than 4,500 employees.

This Taco Bell is located in Wake Forest, NC, off Dr. Calvin Jones Highway with a daily traffic count of more than 29,000 vehicles. The average household income is $118,684 in one mile of the Subject Property, and $125,487 in five miles. Wake Forest has exceptional demographics and over the last 10 years had explosive population growth in one, three, and five-mile radius. Wake Forest is 16 miles from Downtown Raleigh, the state capital. And is part of the Raleigh-Durham-Chapel Hill metro, home to nearly 2.3 million people.

The Subject Property is an outparcel to Gateway Commons which is a Lowes Foods-anchored center. Other tenants that make up the center are Subway, Supercuts, Town & Country Hardware, Roasted and Toasted Café, Sushi Siam, Schiano’s Pizza, Farm Table and Big Al’s BBQ. In addition, other outparcels include Dollar Tree, Bank of America, Pep Boys, Burger King, Kiddie Academy of Wake Forest, and Wake Forest Charter Academy. Under construction directly behind Gateway Commons, and walking distance to the Subject Property, is a brand new, 306-unit apartment community.

Broker of Record:

Ben Yelm
Lic #: 303785

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