SNL Sells Whataburger in Texas at Aggressive Cap Rate
Ed Benton Orchestrates Transaction with West Coast 1031 Buyer
July 19, 2024 — Secure Net Lease, a nationally ranked brokerage firm, sold a Whataburger in Glen Rose, Texas in mid-July. This deal closed quickly to a 1031 exchange buyer from Washington.
SNL’s Ed Benton facilitated the all-cash transaction with an aggressive cap rate for the seller, a merchant developer from California.
“We did exceptionally well in terms of price and cap rate. This Whataburger deal in Glen Rose, Texas, sold within the first couple of weeks of marketing at list price. We secured an all-cash exchange buyer, brought in from a broker who’s been a long-time friend of mine. He brought in a client he’s done significant business with over the years, who paid a 4.5% cap rate—a great outcome, especially considering Glen Rose is a smaller town. The 21-day due diligence period went smoothly, and the deal closed on time” Ed said.
This brand new, 2,000 square-foot QSR is located on just over an area of land. It is situated on one of the main roads in the town of Glen Rose, which sees over 25,200 vehicles per day. It is strategically located near three schools and other nationally recognized tenants such as Brookshire’s, Taco Bell, Dairy Queen, and Subway. Glen Rose, TX is just 50 miles southwest of Fort Worth, the 16th largest city in the United States.
“Overall, it was a very smooth transaction where we achieved an aggressive cap rate for the seller at a time when selling deals is anything but easy.”
The successful sale of this Whataburger in Glen Rose, Texas highlights Secure Net Lease’s expertise in navigating more challenging markets. SNL remains committed to leveraging its strong industry relationships and market knowledge to achieve favorable cap rates and outcomes for its clients.
Whataburger is an established brand with system-wide sales exceeding $3 billion. Whataburger secured the 34th position on the 2023 Franchise Times 400 list—an advancement of 13 spots compared to the previous year. Presently, the brand boasts 1,000+ restaurants, 769 being in Texas, and continues to expand.
About Secure Net Lease
Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.
Overall, it was a very smooth transaction where we achieved an aggressive cap rate for the seller at a time when selling deals is anything but easy.
