2530 N Story Rd, Irving, TX
CAP Rate: 6.50%
Square Footage: 1,103
Lot Size: 0.41 AC
This is the rare opportunity to purchase a 9 year absolute NNN leased Church’s Chicken in Irving, Texas. The NNN lease provides for zero landlord obligations and calls for 1.5% annual increases in rent during the base term and option periods. The tenant has two, 5 year options to renew. The asset is well positioned just off of Airport Freeway. It benefits from surrounding retailers and hotel chains as well.
Irving is a principal city located in Dallas County in the U.S. state of Texas. According to a 2013 estimate from the United States Census Bureau, the city population was 228,653, making it the thirteenth most populous city in Texas. Irving is part of the Dallas–Fort Worth metroplex.
Irving includes the Las Colinas community, one of the first master-planned developments in the United States and once the largest mixed-use development in the Southwest with a land area of more than 12,000 acres (4,856 ha). Las Colinas is home to the Mustangs at Las Colinas, which is the largest equine sculpture in the world, as well as many Fortune 500 companies, such as ExxonMobil, Kimberly-Clark and Fluor Corporation. In January 2011 the city completed the Irving Convention Center at Las Colinas and continues to develop the area into a mixed-use complex including a special entertainment district.