Graves Commercial Realty, L.L.C.

• Price:                                                    $2,550,000
• Building Size:                                         3,743 SF
• Price/SF:                                                   $681.27
• Property Type:                                             Retail
• Property Sub-type:                             Restaurant
• Property Use Type:
  Net Lease Investment with 10+ years left on lease
• Cap Rate:                                                           8%
• Tenancy:                                                       Single
• Lot Size:                                                     1.05 AC

Net Operating Income                          $204,000

Description

This investment is a 3,743 square foot Taco Cabana on 43,996 square
feet of land. The tenant is structuring a sale-leaseback in which they will
execute a new 20-year lease at the close of escrow. The lease will be
absolute triple net with no landlord responsibilities. In addition to the
primary term, the tenant will also have the right to 4-five year options.
The lease will contain 1% annual increases starting in year 11.
Beginning as a taco stand in San Antonio in 1978, growing to over 154
restaurants, Taco Cabana is a real force as an alternative to traditional
Mexican restaurants or fast food establishments. Each day, Taco Cabana
kitchens prepare homemade tortillas, a variety of salsas, grilled fajitas
and other Mexican favorites. The result is great food and drinks in a
relaxing atmosphere for a reasonable price. Carrols Restaurant Group operating through its subsidiaries, is one of the largest restaurant companies in the United States. They are also the largest Burger King franchisee. Carrols Restaurant Group Inc is a publicly traded company on the Nasdaq (symbol: TAST) currently operating 559 restaurants; 314 Burger King, 91 Pollo Tropical and 154 Taco Cabanas

The subject property is located within a shopping center that is home to
many national retailers. The center is located at the intersection of
Lebanon and Preston Road. Traffic counts in the immediate area exceed
55,000 cars per day.
The Frisco area of Texas is a rapidly growing city. It has seen an 87%
increase in population since 2000 and is expected to increase another
25% within the next five years. The average household income within a
three mile radius for 2008 was approximately $104,000.
This Taco Cabana is located within an area that is seeing a lot of new
development. Within the same center are national tenants such as
Whataburger, Arby's, CiCi's Pizza, Einstein Bagel, Monarch Dental, and
Hobby Lobby. Across Preston Rd is a new Land Rover dealership and
full service Citibank branch. Diagonal from the property is a Walgreen's
and Bank of America. Across Lebanon Rd is another center anchored by
Tom Thumb. Also in this center is a Chase bank, Shell gas station, and
Popeye's.