SRS Real Estate Partners has completed the $2.4-million ground-lease (land ownership) sale of a single-tenant restaurant property occupied by Texas Roadhouse in the Knoxville submarket of Alcoa, TN. The 8,354-square-foot, newly constructed property is situated on 2.39 acres along Franck Street and scheduled to open in September 2022.

Morgan Creech and Sarah Shanks of SRS represented the seller, Louisville, KY-based Texas Roadhouse, Inc. The buyer was a private investor from VA who was represented by Feldman Ruel Urban Property Advisors. The property closed at a cap rate of 4.71%.

“This transaction was a pre-sale situation and generated a significant amount of investor interest and offers,” said Creech. “The buyer was attracted to a number of benefits including brand new construction with a successful national restaurant tenant, a 15-year ground lease, and zero landlord responsibilities.”