Property Name

Shell Shack

GLA 5,558 SF

Percent Leased 100% Leased

Property Description

Shell Shack signed a 10-year absolute net leased single tenant asset within the East Texas regional retail submarket of Tyler, Texas.  Located approximately 20 minutes south of Downtown Tyler along a booming throughfare of Tyler, the Property sits just north of the signalized intersection of South Broadway Avenue (US-69) and Cumberland Road with combined traffic counts in excess of 38,600 vehicles per day.  Shell Shack features a 5,558 SF full service restaurant with exceptional visibility fronting South Broadway Avenue and a two-sided pylon sign.  The lease features 10% rent escalations every 5 years with two, 5-year renewal options.  Average household income exceeds $122,900, $100,700 and $92,500 within a 1, 3 and 5 miles radii, respectively.  Founded in 2013 by local restaurant entrepreneur Dallas Hale, Shell Shack currently has seven locations in Texas and Florida.  The lease is personally guaranteed by Dallas Hales through August 2025.  TriSpan, a leading private equity firm out of London and New York with over $750 million in assets under management, acquired a majority stake in Shell Shack in 2021.  The Property benefits from a favorable location in close proximity to the major grocery chains Super Target and Walmart Supercenter (both just moments north).  National area retailers include AMC Theaters, Kohl’s, Bed Bath & Beyond, Bath & Body Works, T.J. Maxx, Old Navy, H&M, Word Market, DSW and Petco amongst others.