Whataburger

Whataburger Net Lease Opportunity – Tampa, Florida MSA

Institutional-Grade Net Lease Asset with Premier Tenant

This offering represents a rare opportunity to acquire a single-tenant net lease investment backed by Whataburger, one of the most iconic and fastest-growing quick-service restaurant (QSR) brands in the United States. With a strong operator in place and strategic positioning in one of Florida’s most desirable markets, this property delivers long-term income stability, minimal landlord responsibilities, and durable tenant performance in a high-demand trade area.

Whataburger has built a loyal customer base across the Southern U.S. and is rapidly expanding across Florida, especially within core population centers like the Tampa metropolitan area. With over 900 locations nationwide, Whataburger is a powerhouse in the QSR industry, offering breakfast, lunch, and dinner menus that drive revenue across all dayparts. Franchise operators are backed by a robust system, supported by strategic capital partnerships and a proven track record of operational excellence.

Tampa MSA – Explosive Population Growth and Economic Expansion

Located in the heart of the Tampa MSA, this Whataburger property benefits from exceptional market fundamentals. The Tampa-St. Petersburg-Clearwater metro area is among the fastest-growing regions in the Southeastern U.S., with a population exceeding 3.2 million and a continued influx of new residents from across the country. Florida’s favorable tax climate, coastal lifestyle, and job opportunities continue to drive in-migration from high-cost states like New York, Illinois, and California.

Within a 5-mile radius of the property, the surrounding population exceeds 250,000 residents, with strong average household incomes north of $85,000. The immediate area features a mix of stable middle-class and affluent households, supported by growing multifamily developments, healthcare campuses, industrial hubs, and educational institutions.

Local infrastructure improvements and transit connectivity continue to attract a mix of retirees, working professionals, families, and young adults seeking affordability and opportunity. Tampa’s position as a logistics and commercial center for West Central Florida ensures a resilient and diverse employment base.

High-Traffic Retail Corridor Surrounded by National Tenants

The property is strategically situated along a major commercial artery with excellent visibility and access. Daily traffic counts in the immediate vicinity routinely exceed 35,000 vehicles, providing a built-in customer base for the tenant. In addition to strong vehicular flow, pedestrian accessibility and regional commuter patterns contribute to consistent foot traffic and brand engagement.

The site benefits from strong national tenant adjacency, enhancing its location fundamentals. Neighboring retailers include Publix, Target, Walmart, Home Depot, Walgreens, AutoZone, McDonald’s, Chick-fil-A, Starbucks, and Planet Fitness, among others. This dense retail synergy generates year-round consumer demand and contributes to the long-term success of in-line and outparcel tenants alike.

Nearby institutional anchors such as schools, medical facilities, and municipal centers further amplify daytime population and drive-through traffic. The site’s location near both residential neighborhoods and core commercial zones makes it a reliable draw for multiple demographic segments.

Tenant Overview – Whataburger: A Regional Favorite with National Backing

Founded in 1950 and headquartered in San Antonio, Texas, Whataburger is a privately held, fast-growing QSR chain recognized for its high-quality offerings, iconic branding, and strong consumer loyalty. The company is known for its customizable burgers, all-day breakfast, and 24-hour service at many locations. Whataburger’s deep roots in the Southern U.S. have translated into a strong cultural identity and consistent market penetration across both urban and suburban locations.

Since partnering with BDT Capital Partners, Whataburger has entered a new phase of national expansion, with aggressive growth planned across Florida, Georgia, Tennessee, and other Sunbelt states. The tenant’s Florida operations are among the most active, with several new locations under construction or in the planning phase throughout the Tampa and Orlando corridors.

Backed by sophisticated franchise operators, Whataburger maintains high unit-level economics and operational reliability. Each location is designed to serve high volumes of drive-thru, dine-in, and digital ordering customers, positioning the brand favorably in today’s multi-channel retail environment.

Passive Investment with True Net Lease Structure

This Whataburger property is leased on an absolute NNN basis, providing investors with stable, long-term income and no management obligations. The lease structure requires the tenant to be fully responsible for all operating expenses, including real estate taxes, insurance, repairs, maintenance, and capital expenditures. This “hands-off” structure is ideal for investors seeking predictable, mailbox income without day-to-day oversight.

The long-term lease in place—typically featuring options to extend—ensures income durability while preserving future flexibility. Whataburger leases are often backed by large regional operators with multi-unit portfolios and strong financial covenants. These factors contribute to the tenant’s long-term commitment to each site and enhance the investor’s risk-adjusted return profile.

Florida Market Fundamentals – No State Income Tax and Rising Demand

Florida remains one of the top states in the nation for net lease investors due to its favorable business climate, consistent population growth, and lack of state income tax. The Tampa region in particular continues to attract young professionals, remote workers, and businesses seeking a cost-effective alternative to other major metros.

As retail demand remains strong and land availability tightens, well-located outparcel and pad sites in high-traffic corridors like this one become increasingly valuable. The supply-demand imbalance for quality net lease assets in Florida creates both current income security and long-term appreciation potential.

Real estate investors, family offices, and private equity groups continue to target Florida QSR assets for their recession-resilient characteristics and strong tenant credit profiles. Properties leased to name-brand tenants like Whataburger command premium interest due to their performance consistency, consumer recognition, and simple ownership profile.

Investment Highlights

• Single-Tenant Whataburger with Absolute NNN Lease
  Zero landlord responsibilities; long-term lease structure ideal for passive investors
• Located in High-Growth Tampa MSA
  Robust population growth, rising household incomes, and attractive demographics
• Surrounded by National Retail Anchors
  Neighboring tenants include Walmart, Publix, Chick-fil-A, Starbucks, and others
• Strong Operator with National Expansion Plan
  Whataburger is aggressively expanding in Florida, backed by private equity and experienced franchisees
• Desirable Florida Market
  No state income tax, business-friendly climate, and one of the top relocation destinations in the U.S.
• Drive-Thru Focused Design
  High throughput and operational efficiency support stable performance across all dayparts
• High Visibility and Traffic Counts
  Prime retail corridor with over 35,000 vehicles per day and strong foot traffic

Conclusion

This Whataburger net lease investment presents an outstanding opportunity to acquire a high-quality QSR asset in a thriving Florida metro. With a premier tenant in place, a fully passive lease structure, and exceptional underlying market fundamentals, this property checks all the boxes for investors seeking durable income, tenant quality, and long-term growth potential. The combination of strong tenant performance, strategic Florida location, and a hands-off lease structure positions this asset as a cornerstone for any net lease portfolio.