Charlie Corson, founder and CEO of Dallas-based Centric, says he heard the ground-leased pads were coming to market and immediately put in an offer to locally based Westmount Realty Capital LLC, which owns the five-acre tract as WRC Central Forest LP. "The underlying land is valuable and will certainly be more valuable in the future for redevelopment," he tells GlobeSt.com. The restaurants, all built since 1998, have 750 feet of frontage along North Central Expressway in addition to its Forest Lane access.
Corson says the billboard purchase, which is a rarity, was a must-have. "I wanted to control it," he stresses, "because there is a redevelopment opportunity way out in the future." He says the restaurant chains' ground leases for the ground-up quintet were inked with 20-year terms and several options to extend.
The largest building is KFC, which has Pizza Hut and Taco Bell in the 4,778-sf structure at 8001 Forest Lane. Whataburger's building at 11880 N. Central Expressway totals 3,330 sf. The others are Burger King in a 3,240-sf structure at 11830 N. Central Expressway; Popeye's, 2,357 sf at 8835 Forest Lane; and Sonic's 1,457-sf eatery at 8045 Forest Lane.
Corson won't discuss the size of the offer that he put before Westmount's Cliff Booth to win the deal. "You've got an educated seller," he says, "and a seasoned buyer." And, he adds that it was a smooth transaction with buyer-seller expectations out in the open and aligned.
"The opportunity to purchase that much beachfront at such a notable intersection made it very attractive to us," Corson says in a press release. Newt Walker, an independent broker in Dallas, represented buyer and seller.
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