Property Description
HMX Realty Advisors exclusively presents for sale a new Whataburger. The property was recently repriced to a 5.0 cap rate. We believe this is the best Whataburger on the market currently, given its location within the 335,000 square foot Market at Czech Hall and its new 20-year base term with 10% escalations every 5 years in the base term and options. Czech Hall receives over 2.2 million shoppers per year. The Whataburger is a pad site to Academy Sports, Burlington Coat Factory, and HomeGoods. It is also visible from the 92,000 square foot Crest Foods, which has the second-highest sales of all 16 Crest Foods.
The property has a double drive-thru lane to accommodate high volume. There is a new apartment complex being built behind the center with access directly adjacent to Whataburger. Additionally, the property is visible to I-40 with 60,000 VPD. Other tenants in the center include Ross, Petco, Marshall’s, 5 Below, ULTA, Rack Room Shoes, Qdoba and UPS. Pad sites include Cheddar’s, Hooters, LongHorn Steakhouse, Taco Casa, Jam, Winston, Mo’Bettahs and SWIG. The center receives over 2.2 million visits per year, 1.5 million of which are repeat customers. Average household income is ~$96,000 and population growth is ~2.7% annually in 1, 2 and 3 miles.
Whataburger has a devoted fanbase and the highest average unit volume of all burger chains at $3,500,00 per restaurant. Their loyal following is centered around Texas and Oklahoma. The restaurant brand is well established in the OKC market, opening their first restaurant there in 1967. Whataburger operates 24 hours a day, seven days a week. They serve breakfast from 11:00 PM to 11:00 AM. According to Creditsafe, the company has an A-84 credit rating which equates to very low risk. The company is headquartered in San Antonio TX and has been in business for over 72 years.
As of October 24th, 2023 there are 979 Whataburger restaurants in the United States. The state with the second greatest number of Whataburger locations is Oklahoma. The company has over 50,000 employees and serves 60 million customers per year. Restaurant Business recognized Whataburger as one of the ten fastest growing burger chains. The company had revenue of over $3 billion in 2022.
This Whataburger is operated by Vibe Restaurants https://www.viberestaurants.com. Vibe Restaurants operates 118 restaurants and is a franchisee of Little Caesars, Wingstop and Whataburger. The company has 2,350 employees. Vibe Restaurants operates 32 restaurants in the State of Oklahoma. Vibe built and paid for the building. Upon lease expiration the building reverts to the landlord.
