151 Coffee Ground Lease
151 Coffee signed a 15-year absolute net, corporate ground lease for a 2021 new construction drive-thru asset located in the desirable North Dallas submarket of Coppell, Texas. Positioned approximately 10 minutes north east of Dallas Fort Worth International Airport and 25 minutes north west of Downtown Dallas, the Property is located on 30,519 SF of land along Denton Tap Road just east of US Highway 121 (Sam Rayburn Tollway). 151 Coffee Ground Lease features zero landlord responsibilities with a primary term through 2036 and rent escalations every five years including each of the three, five-year renewal periods. The Property benefits from an annual ground rent of $60,000 which is below market for comparable drive-thru retail space. 151 Coffee is a privately held company founded in 2017 that operates approximately 7 locations throughout the Dallas Fort Worth Metroplex with further plans to expand to more locations in Texas and across the United States. 151 Coffee is founded and financed by Mark Wattles, an established entrepreneur with proven success by starting multiple national companies ranging in value from $100 million to $2 billion, including restaurants, B2C online companies and a 2,000 store retail chain. Newly constructed in 2021, the Property features a highly efficient drive-thru, shaded outdoor patio, masonry construction, multiple ingress/egress points, a monument sign fronting Denton Tap Road.