Single tenant outparcel located at the Central Mall in Port Arthur, TX
- JLL is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant, NNN ground lease property leased to Panda Express, Inc. (the “Property”) in Port Arthur, TX. In December 2018, Panda Express commenced their long-term, 20-year ground lease in their newly constructed building. They are required to pay attractive, 10% rental increases every 5 years throughout the term. The rental escalations shall also continue throughout the six (6), five (5) year options that remain. The Property is situated on a 1.00-acre parcel that sits alongside E Farm to Market Rd (FM) 365 – a main artery in the area that carries more than 31,000 VPD. This strategic location combined with the available drive-thru feature, will bode extremely well for this Panda Express, which is 10 miles away from its next closest location.
- Consumer traffic in and around the premises is extremely dense in large part due to the close proximity of US-69. US-69 is a 345-mile corridor that carries more than 58,000 VPD and connects Port Arthur to major cities such as Beaumont, Lufkin, Tyler and Denison. The region is also heavily supported by I-10, which provides east-west access to Houston, TX and Lake Charles, TX, respectively. These transportation avenues, among others, allow the Central Mall to draw from a surrounding trade area that consists of more than 330,000 residents within a 20-mile radius and an average household income exceeding $72,000.
- Panda Express is America’s favorite Chinese restaurant with more than 1,900 stores and 30,000 associates across the United States, Mexico, Puerto Rico, Canada, South Korea and Dubai. Most notably known for their sweet and spicy Orange Chicken, and crispy Beijing Beef, the company has reached $2 billion in sales and is now the largest family-owned restaurant in the country.