Taco Cabana 15 Year Absolute Triple Net Ground Lease w/10% escalations every 5 years At Target, Mervyn s & TJ Maxx Anchored Center 4250 N. Expy 77/83 (NEC US 77 Expy & Morrison Rd), Brownsville, TX 78526 Property Summary: This ground leased fee interest consists of 1.129 acres on which the tenant constructed a 3,669 sf building. The property is is located on a pad to the 377,930 Las Tiendas Plaza. The centers tenants include Target, TJ Maxx, Mervyn s, PetSmart, Michaels, Fashion Bug and Famous Footwear among others. Hibernia National Bank (also for sale), is is on another pad located at Las Tiendas Plaza. Other tenants in the area include Home Depot, Best Buy, Circuit City, Bed, Bath & Beyond, Super Wal-Mart, Sam s Club, Kmart and Marshall s among others. Daily traffic counts for US 77 are 24,000 northbound and 19,000 VPD eastbound. Brownsville is is approximately 25 miles southwest of South Padre Island and 130 miles south of Corpus Christie. Brownsville is is the sixth fastest growing manufacturing region in the United States according to a national ranking by Industry Week Magazine. The same survey rates Brownsville 55 th th out of 310 metropolitan areas nationwide as a good place to do business - the highest rating of any other border city. Brownsville is is the largest city in the Rio Grande Valley. Price and Cap: We offer this property at $1,307,692 which is is a 6.5% cap rate on NOI of $85,000 ($23.17 psf). Tenant: Texas Taco Cabana, L.P. A division of quick-service restaurant firm Carrols, Taco Cabana operates and franchises about 140 Mexican patio cafes located primarily in Texas. The restaurants are highlighted by Southwestern design accents and courtyards and serve Tex-Mex and traditional Mexican fare, including fajitas, enchiladas, tacos, and breakfast foods. Patrons can also take advantage of its salsa and seasoning bar. Most units are open 24 hours a day. The chain was started by Felix Stehling in 1978 and acquired by Carrols in 2000. Carrols is is one of the largest restaurant companies in the United States, operating over 520 restaurants in 17 states and Latin America. Taco Cabana and Pollo Tropical of Florida are the Carrols Corporation s latest acquisitions. Lease Summary: Term: 15 years and 1 month Rent: $85,000 with 10% escalations every 5 years Rent Commencement: 12/3/2006 Expiration Date: 12/31/2021 Options: 3 (5 yr) options with 10% escalations Lease Type: This is is an absolute triple net ground lease. The tenant constructed and paid for the building. Upon lease expiration, ownership of the building reverts to the owner of the land. Landlord has absolutely no maintenance, repair or replacement responsibility for the building or land, such responsibility being solely that of the tenant.
V AN EXIT Kimco Exchange Place is a subsidiary of Kimco Realty Corporation. AVENIDA DEL SOL (RESIDENTIAL STREET) EXPANSION AREA 10,050 SF AVAIL. 31,170 SF TARGET 126,874 SF TJ MAXX 28,000 SF MERVYNS 80,000 SF AVAIL. 8,000 SF REST. 3,074 SF 3,669 SF 7019SF Developer's Parcel AVAILABLE 5,238 SF DRESS BARN 7,200 SF PAYLESS 3,000 SF RADIO SHACK 2,500 SF 11/21/06 SP-4 Famous Footwear FASHION BUG DOTS PETSMART MORRISON RD 4985SF 6560SF OUTPARCEL 1 0.983 acres OUTPARCEL 2 1.129 acres OUTPARCEL 3 1.374 acres DEVELOPER PARCEL A 4.419 acres TARGET TRACT 8.838 acres DEVELOPER PARCEL B +/-16.68 acres MICHAELS TACO CABANA HIBERNIA BANK OUTPARCEL 4 0.991 acres OUTPARCEL 5 0.8116 acres US EXPRESSWAY NO. 77 & 83 OUTPARCEL 2 1.129 acres 3,669 SF TACO CABANA OUTPARCEL 3 1374 acres
US US 77 77 / / 83 83 Expressway Expressway Morrison Road
Brownsville, TX Demographics Site #1197 2005 Estimates 3.00 mi 5.00 mi 7.00 mi Total Population: 63,942 120,851 178,506 Total Households: 18,487 34,694 49,157 Avg. HH Income: $46,088 $41,828 $40,640 Med. HH Income: $34,416 $29,136 $28,904 Demographic Data Source: Claritas Inc.