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JLL is pleased to offer for sale the ground lease interest in a newly constructed quick-service restaurant (the “Property” or “Asset”) located in Richmond, Texas. The Property features an established franchisee within a restaurant group (Emerge! Inc.) that operates 131 QSR locations across the KFC, Taco Bell, Sonic, and Pizza Hut banners. The guaranteeing entity (Emerge! Properties Fulshear, LLC) is a wholly-owned subsidiary of the aforementioned restaurant group.
Founded in 1952, KFC is one of the world’s most popular chicken restaurants operating more than 25,000 stores in 145+ countries and territories. The Asset is strategically located on an outparcel to Walmart Supercenter in the Crossing at Katy Fulshear Shopping Center along FM 1093 in the high growth Houston metro area. This property possesses excellent real estate fundamentals and presents the opportunity to acquire a long-term investment leased to an industry leading quick-service restaurant in the dynamic Houston MSA.
WORLD RENOWN QUICK-SERVICE TENANCY
• KFC operates more than 25,000 restaurants in 145+ countries and territories
• Outstanding quick-service chain generating $2.27 billion in total sales annually
• Established franchisee within a restaurant group (Emerge! Inc.) that operates 131 QSR locations across the KFC, Taco Bell, Sonic, and Pizza Hut banners
OUTPARCEL TO WALMART SUPERCENTER
• Anchored by Walmart Supercenter in the expansive Crossing at Katy Fulshear Shopping Center with leading national retailers such as PetSmart, Ross Dress for Less, and T.J. Maxx
• Dense and highly affluent demographic base with over 142,400 residents and average household income of more than $175,000 within a 5-mile radius
• Adjacency to FM 1093 and near FM 1463, boasting combined traffic counts over 55,100 VPD
RAPID GROWTH HOUSTON MARKET
• Booming Texas popularity primarily due to business-friendly and zero income tax environment
• Accelerating Houston MSA population growth adding nearly 700,000 residents in the next five years
• Nicknamed the Energy Capital of the World, Houston has become a corporate hub with the second-most Fortune 500 headquarters of any US municipality
OPTIMAL NET LEASE STRUCTURE WITH ZERO LANDLORD RESPONSIBILITIES
• The Tenant operates on an absolute triple-net ground lease with zero landlord responsibilities
• Nearly 18.2 years of primary lease term with 10% rent escalations every 5 years
• New 2020 construction including four, five-year renewal options with 10% rent increases every 5 years