Highlights
• New construction 15-year corporate Whataburger drive-thru. • Whataburger: 4th highest-grossing QSR in the U.S., $3.2M AUV, $3B+ annual sales across 1,100+ locations. • Located in Greenville-Spartanburg, a top 20 fastest-growing MSA two years in a row. • Absolute NNN lease: 100% triple net, zero landlord obligations. • Signalized hard-corner on W.O. Ezell Boulevard, just off I-26, with 66,000 VPD. • Central retail corridor location, near Walmart, Home Depot, Lowe’s, Sam’s Club, Costco, and other major retailers.
Description
Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc., acting as exclusive advisors to the seller, are pleased to present a rare opportunity to acquire a newly constructed corporate Whataburger double drive-thru in the Greenville/Spartanburg, South Carolina metro area. The property is strategically located at the hard corner of W.O. Ezell Boulevard and E Blackstock Road, one of Spartanburg’s busiest intersections with 66,000 vehicles per day, within the Westgate Village Shopping Center, the heart of Spartanburg’s premier retail corridor. Previously occupied by Rite Aid (converted to Walgreens), the site offers a unique chance to redevelop a trophy outparcel at a top retail corner. The asset is secured by a 15-year corporate absolute triple net (NNN) lease to Whataburger, featuring 10% rent escalations every five years and three 5-year extension options, providing long-term, stable income. Opening in 2024, this location underscores Whataburger’s commitment to the Spartanburg market and expansion plans. Whataburger, the fourth highest-grossing Quick-Service Restaurant (QSR) operator in the U.S., achieved $3.2 million in average unit volume (AUV) in 2024, ranking behind only Portillo’s, Chick-fil-A, and Raising Cane’s nationally, and ahead of McDonald’s, In-N-Out, Shake Shack, and Chipotle. With over 1,141 locations across 17 states, Whataburger continues its aggressive expansion, with plans to reach 1,200 locations nationwide. The property is positioned adjacent to Dorman Centre, a 388,000+ SF shopping center anchored by The Home Depot and Walmart, and is the only outparcel to Westgate Shopping Village, which includes Ashley Furniture, Ulta Beauty, Old Navy, Office Depot, and Longhorn Steakhouse. It also benefits from proximity to Westgate Mall (950,000+ SF), Costco, Lowe’s, Sam’s Club, Target, Kohl’s, Ross, and TJ Maxx, providing exceptional visibility and traffic exposure in the retail corridor. Spartanburg’s quick-service restaurant sector is positioned for continued growth, supported by the region’s population expansion, low cost of living, and a strong corporate presence including BMW, Walmart, Ingram Micro, Magna International, and Pan Technologies. With its strategic location, corporate tenant, and prime retail positioning, this Whataburger represents a highly attractive, long-term investment opportunity in one of the Carolinas’ fastest-growing metro areas.
Property Documents
Whataburger Spartanburg Flyer.pdf
958.24 KB
Listing Details
- Cap Rate
4.75%
- Tenancy
Single
- Space Type
Retail
- Sub Category
Restaurant
- Sale Type
Investment Sale
- Date Listed
10/8/2025
- Ownership Info
Fee Simple
- Broker/Agent Co-op
Yes
- Investment Type
Net Lease
- Net Operating Income
$189,000
- Parking Info
36 Spaces (11.51 Spaces per 1,000 SF Leased)
- Building FAR
0.07
Property Specifics
- Property Name
Brand New 15-Year Absolute NNN Whataburger | 1510 W O Ezell Blvd
- Property Class
B
- No of Buildings
1
- No of Stories
1
- No of Units
1
- Year Built
2024
- Building Size
3,128 SF
- Lot Size
1 SF
- APN
6-20-04-001.01
- Zoning
B-1 - Neighborhood Shopping
- Occupancy
100%