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JLL is pleased to exclusively offer the opportunity to acquire a single tenant property corporately guaranteed leased to Plaza Azteca in Wyomissing, PA, which is a neighboring town to Reading and 65 miles northwest of Philadelphia. For the preceding twelve months, the restaurant ranked in the 86th percentile in the dining category, within a 15-mile radius, based on estimated foot traffic. Further, they ranked in the 86th percentile in the entire state of Pennsylvania (Placer.ai). Plaza Azteca has more than 8 years of term remaining on its original, twenty-year NNN ground lease and two (2), five (5) year options in place. The Lease calls for attractive 10% rental increases every five (5) years, inclusive of the two remaining option periods.
Plaza Azteca is ideally situated within the main retail trade area in Wyomissing. The restaurant is located just off U.S. Route 422, which boasts 86,000 VPD, across from the Berkshire Mall. The mall contains nearly 100 tenants including Boscov’s, T.J. Maxx, American Eagle Outfitters, A.C. Moore, Chick-fil-A and more. In addition, other popular shopping destinations such as Berkshire Square, The Shoppes at Wyomissing, Broadcasting Square and VF Outlet Reading are nearby. Together, these shopping centers are home to nationally recognized retailers such as Walmart, ROSS, Bed Bath & Beyond, LA Fitness, and Marshalls. Lastly, The Home Depot and Crowne Plaza are across the street from Plaza Azteca, further driving consumers to the area.
Plaza Azteca is home to traditional Mexican flavors combined with a “Tex Mex” flair. During the mid-1990s, the first Plaza Azteca restaurant was established in Virginia Beach, VA. Since then, the company has expanded to over 40 locations that span across seven states. In addition to online ordering and contactless pick-up, Plaza Azteca offers beer, wine, and margaritas for takeout in select locations. Their menu consists of a variety of Mexican dishes that range from quesadillas and enchiladas to tacos and burritos, as well as their fresh cocktails like their famous margaritas.
- Plaza Azteca is located across from the Berkshire Mall, one of the premier shopping destinations in Berks County. The mall consists of approximately 100 retailers including Boscov’s, T.J. Maxx, Outback Steakhouse, Ruby Tuesday, Chick-fil-A and more.
- The Property is located just off U.S. Route 422, one of the most heavily trafficked highways in the eastern portion of Pennsylvania (86,000 VPD), connecting travelers from Hershey, PA to the suburbs of Philadelphia.
- The Property is surrounded by a host of shopping destinations such as Berkshire Square, The Shoppes at Wyomissing, Broadcasting Square and VF Outlet Reading. Together, these shopping centers are home to nationally recognized retailers such as Walmart, ROSS, Bed Bath & Beyond, LA Fitness, Marshalls and more. In addition, The Home Depot and Crowne Plaza Hotel are located across the street.
- Educational opportunities are nearby. Albright College and Penn State University Berks Campus are both 10 minutes away and contribute more than 4,400 students to the daytime population of Wyomissing.
- There are seven hotel options in the immediate trade area, demonstrating the area’s centralized location for business and opportunity. Each day, these hotels contribute to Berks County’s workforce of 32,000 people and make it convenient for those flying into Reading Regional Airport.
- Wyomissing is a member of Berks County, an area conveniently situated equidistant from Harrisburg, Allentown and Philadelphia. The county consists of roughly 420,000 people and contains a diverse economy ranging from manufacturing, health care, and government services to education, retail and agriculture.