Newly Constructed Jaggers Ground Lease
10690 Westport Road, Louisville, KY, USA Map
Listing Price $2,188,889
| Status | Closed |
| Lease Type | Ground Lease |
| Property Type | Retail |
| CAP Rate | 4.5% |
| GLA (Sq. Ft.) | 2,824 |
| NOI | $98,500 |
| Lease Term Remaining | 11 Years |
| Increases | 10% in Year 6; 10% in Options |
| Options | 3 x 5 Years |
| State (BOR) | KY |
| Broker of Record | Colby Haugness |
| License # (BOR) | 242197 |
| Close Date | Feb 6, 2024 |
Investment Highlights
- The Ford Plant in Louisville, Kentucky is Less than a Mile Away from
the New Jaggers and is a Massive Driver for the Location - Jaggers is the New Fast Casual Concept Started in 2014 by Subject
Guarantor Texas Roadhouse (NASDAQ:TXRH), which has a B2 Credit
Rating, 700+ Locations, and Over 73,000 Employees - At the Intersection of Westport Road (33,774 Vehicles Per Day), and
US-265 (104,118 Vehicles Per Day) (Source: LandVision, CoStar,
2022) - Exciting and New Retail Corridor | Nearby National Retailers Include:
Walmart, Target, Starbucks, Cinemark, Steak ‘n Shake, Wendy’s, Bob
Evans, Holiday Inn, Taco Bell, Office Max, Chipotle, Home Depot, and
Others - Newer Residential Developments Include Legends Apartments, the
Indian Springs Subdivision, Champion Farms Apartments, and the
Exclusive Owl Creek Neighborhood - Jaggers is Next Door to Aloft Louisville East, an 126-Room Boutique
Marriot Concept that Won the 2021 Tripadvisor Travelers Choice Award - Affluent Community with an Average Household Income of Over
$127K Within Five Miles of the Subject Asset, as of 2022 - Subject is 14 Miles from Louisville International Airport, Serving 4.2
Million Passengers Annually (flylouisville.com) - Parks and Outdoor Recreational Facilities Nearby Include: Churchill
Downs, Louisville Zoo, Long Run Park, Valhalla Golf Club, Tom Sawyer
State Park, Iceland Sports Complex, and More - Subject is 13 Miles from Downtown Louisville and All the Amenities it
has to Offer, with a Population of 628,594
Investment Overview
High Visibility Jaggers Fast Casual Ground Lease | Newly Constructed Prime 2,824 Square-Foot Jaggers on One Acre with a Double Lane Drive-Thru, Ample Parking, Pylon Signage, and Easy Ingress/Egress. Low Rent Ground Lease with a 11-Year Base Term and Zero Landlord Responsibility | 10% Rent Escalation in Year 6 and in Each of the 3 x 5-Year Options.
