Indianapolis real estate investor buys S.R. 70 Texas Roadhouse

BUYER: JSNT Florida LLC (JSNT Real Estate LLC), Indianapolis
SELLER: Casvak River Club LLC
PROPERTY: 5710, 5770 and 5820 Ranch Lake Blvd., Bradenton
PRICE: $1.71 million
LAW FIRM ON DEED: Greene Hamrick Quinlan Schermer & Esposito PA, Bradenton

PLANS, DESCRIPTION: Indianapolis investor Nick Tuttle purchased a new 7,136-square-foot Texas Roadhouse restaurant building for $1.71 million.

The price equated to $240 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The steakhouse opened on a 2.62-acre outparcel to a Walmart Supercenter fronting State Road 70 earlier this year. The chain's parent company, Texas Roadhouse Inc., agreed to a 10-year triple-net lease, which obligates it to pay all property taxes, insurance and maintenance on the property.
The purchase price equated to a payoff ratio based on the $100,000 annual income (capitalization rate) of 5.8%.

“Bank rates are pretty bad right now,” Tuttle says. “That has guys like me looking to invest in this type of commercial real estate. Bradenton, Florida is a great area right now to invest in right now. [Texas Roadhouse] is a very stable corporation.”