Rodeo Goat

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Investment Overview

Marcus & Millichap is pleased to exclusively present for sale the Rodeo Goat located at 1926 Market Center Boulevard, Dallas, Texas. The subject property presents the rare opportunity to acquire a single-tenant, triple-net lease investment opportunity located in the heart of the Dallas Design District and proximate to multiple new vertical developments. The Rodeo Goat in the Design District is the top-performing restaurant among the ten other locations regionally across the state of Texas. The tenant originally opened their doors at the property in 2014 and recently executed a new ten-year lease renewal, which features one five-year renewal option, with a landlord-favored redevelopment clause. The new extension is a triple-net lease, with two percent annual increases, and a percentage rent feature. Ideally, the subject property provides a new investor with the opportunity to acquire a strongly performing 5,500-square-foot restaurant building situated on 0.92 acres in highly favorable zoning for future vertical development opportunities.

The Dallas Design District is a vibrant neighborhood that showcases the pinnacle of artistic and cultural offerings, all nestled within a 37-acre, pedestrian-friendly district. Once exclusively designated for trade only showrooms, this area has naturally transformed, welcoming a fresh wave of retail establishments, restaurants, and apartment buildings that have sprouted alongside the enduring home-décor showrooms and warehouses that have long been a cornerstone of this neighborhood. Additionally, the subject property is strongly-situated proximate to multiple new vertical developments including the Urby, a 27-story luxury high-rise apartment complex, as well as the recently announced Hi-Line Square. The new project includes a proposed 186,000 -square-foot office tower, and a 30-story, 300 unit apartment complex including 45,000 square feet of retail.

The Dallas-Fort Worth metroplex is widely considered one of the top commercial real estate markets in the United States and one of the fastest-growing submarkets in the entire country. Notably a top job market, the Dallas-Fort Worth metroplex features 24 Fortune 500 company headquarters, eight Fortune Global 500 headquarters, and 49 Fortune 1,000 headquarters. The Metroplex has also ranked as the top market for year-over-year job growth, adding over 132,000 jobs in the past 12 months, a 3.3 percent annual increase.

The city of Dallas has also gained tremendous press lately with the recent introduction of the Texas Stock Exchange, which is backed by several Wall Street investment groups such as Black Rock, Citadel Securities, and many more. With the massive influx of corporate relocations of Fortune recognized companies and job growth, this has driven a tremendous amount of new residents to the Metroplex, further driving the need for additional housing and retail establishments to sustain this increased demand.

Overall, the Rodeo Goat located in the Dallas Design District provides a new investor the rare opportunity to acquire a well-located net lease investment opportunity to be strongly positioned with increasing rents over a ten-year period, with the option to extend an additional five years. Should the new owner decided to redevelop the property, after the initial extension term, there is a favorable redevelopment clause within the lease, allowing the landlord to access the land for future development usage. The subject property is located within the highly-desirable MU-3 zoning, allowing for strong density with multiple vertical development options and a maximum buildable height potential of 270 feet.