Ground + Space announced today the sale of a Texas Roadhouse in Lady Lake, Florida. Ground + Space Principal Michael Zimmerman exclusively marketed the property, which just sold at a superior cap rate of 4.6 percent. The listing received multiple back-up offers and boasted a Due Diligence period of only 18 days.
Texas Roadhouse saw a 9.7 percent increase in total revenues in 2019, making it a prime target for future investment. This corporate-guaranteed Texas Roadhouse site features a Ground lease with no landlord responsibilities and rental increases every five years. A 10 percent rental increase is scheduled for January 2021, which will yield an even greater return on the initial investment.
The property is an outparcel to Sam’s Club and is situated across from Village Crossroads and Lady Lake Crossing. Notable nearby tenants include Best Buy, Kohl’s, Petsmart and Ulta. The new development Lady Lake Commons is also close by and features recognizable tenants such as Earth Fare and Miller’s Ale House. Visitors to the site are just minutes away from The Villages—the world’s largest over-55 community—and the city of Orlando, with its many tourist attractions.
About Ground + Space
Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman, Brett Sheldon and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. Ground + Space is rooted in more than 20 years of experience aimed at providing the best data, relationships and success rates in the business. Interested in commercial real estate investment? Contact us today to find out more about our current listings!