Whataburger

1701 W Tennessee St
Tallahassee, FL 32304

Marketing Materials

Overview

JLL is pleased to offer for sale an absolute NNN-leased Whataburger (the “Property”), located in Tallahassee, Florida. With over 7.5 years of firm term remaining (plus 10 years of option periods) and zero landlord responsibilities, the offering represents a tremendous passive investment opportunity. The Property is located steps from the 476-acre Florida State University campus, which boasts a student population exceeding 40,000. In addition, the Property is ideally placed along a heavily trafficked highway, offering visibility to an average of 45,000 vehicles per day, and among an agglomeration of other QSR concepts. Given the Property’s location in a premier college town and capital city of the third most populous state, the offering would make a great first-time investment or addition to an existing portfolio. Whataburger is popular in the South and generated an estimated $2.2 billion of systemwide sales in 2016, placing it in the Top 10 burger chains in the country (QSR Top 50). The investment also receives an NOI enhancement from billboard revenues through at least March 2025 from Lamar Advertising (NASDAQ: LAMR).
  • Primary Broker

    Peter Furest - Net Lease Broker
    Peter Furest
    (212) 812-5802

  • Secondary Broker(s)

    Tim Hall - Net Lease Broker
    Tim Hall
    (202) 719-5737

  • In-State Licensee

    Carson Good - Net Lease Broker
    Carson Good
    FL

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Investment Highlights
-Absolute NNN Lease with Over 7.5 Years of Initial Term
-High-Visibility Location with Drive-Thru
-Strong Tenant with Tense Brand Loyalty
-Additional NOI via Billboard Revenue
-Highly Educated, Business-Friendly City
General
Property Type Retail
Property Address 1701 W Tennessee St
Tallahassee, FL 32304
Market Tallahassee
Sub Market West Tallahassee
Land In Acres 0.55
Building Size 3,089 Square Feet
Primary Use Fast Food
Year Built 1981
Tenancy Single-Tenant
Financial
Price $3,740,000
Price PSF $1,210.75
Cap Rate 5.90%
Current NOI $220,558
Lease
Tenant Name Whataburger
Lease Type NNN
Annual Rent $220,558
Rent Escalations 10% Every Five Years
Options 2, 5-year options
Lease Expiration Date 12/31/2025
Remaining Term 7.5Yrs