Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant property triple net leased to Texas Roadhouse (NASDAQ: TXRH) on a long-term basis in Savannah, Georgia. Brandon Duff, Daniel Herrold and Austin Duff of Stan Johnson Company exclusively marketed the property on behalf of the Atlanta, Georgia-based seller and procured a Florida-based 1031 exchange buyer, who paid approximately $2.7 million.
“Texas Roadhouse is one of the premier restaurant brands that thrived throughout the COVID-19 pandemic and continues to do so. The restaurant chain opened net new locations and sustained their trend of 40 straight quarters of comparable sales growth,” said Brandon Duff, Managing Director and Partner in Stan Johnson Company’s Chicago, Illinois office. “Once buyers understand the Texas Roadhouse story, their exceptional unit-level performance numbers, and cost invested into their restaurant build-outs, as well as their high level of customer brand loyalty, investors are immediately interested in adding them to their portfolios.”
Situated on 1.96 acres at 23 West Montgomery Cross Road in Savannah, Georgia, the property was constructed in 2019 and is a new relocation from an existing Texas Roadhouse location in the nearby Savannah Mall. The property is positioned within Savannah’s largest retail submarket and is surrounded by other national retailers including Kroger, Best Buy, Kohl’s and Food Lion, among dozens of others. Additionally, the site is only 1.5 miles from Hunter Army Airfield.
“The level of investor demand right now for comparable ground lease properties is the highest we have ever seen,” added Austin Duff, Associate. “We executed a highly competitive marketing process that procured multiple offers and drove maximum value for our seller.”