Whataburger

Whataburger Net Lease Investment – Tampa MSA

National Tenant in a High-Growth Florida Market

This opportunity features a single-tenant Whataburger net lease property located in the heart of the Tampa, Florida metropolitan statistical area (MSA)—one of the most dynamic and fastest-growing markets in the Southeast. As a nationally recognized quick-service restaurant (QSR) brand with deep roots in the South, Whataburger has built a reputation for operational excellence, customer loyalty, and unit-level profitability. The location is positioned within a thriving suburban corridor and offers a stable, long-term income stream backed by a tenant with a strong expansion plan and multi-unit franchise support.

Tenant Overview – Whataburger

Founded in 1950, Whataburger is a beloved fast-food chain known for its made-to-order burgers, breakfast offerings, and iconic orange-and-white branding. The company has grown to over 950 locations across the Southern U.S., with continued expansion underway throughout Florida, Tennessee, Georgia, and Alabama. Whataburger’s entrance into the Florida market is strategically targeted at fast-growing MSAs with strong population inflows, and Tampa represents one of the brand’s most critical growth hubs.

The company’s business model emphasizes drive-thru efficiency, late-night and 24-hour service at select locations, and high-volume kitchen operations capable of serving customers around the clock. This emphasis on throughput and all-daypart revenue generation allows Whataburger locations to outperform traditional QSR benchmarks and provides a strong foundation for lease security. The brand is privately owned and supported by BDT Capital Partners, a long-term investor with a track record of backing high-performing consumer brands.

Absolute NNN Lease Structure – Passive Income with Zero Landlord Responsibility

Whataburger properties are typically leased on an absolute triple-net (NNN) basis, meaning the tenant is responsible for all taxes, insurance, maintenance, and repairs, including roof and structure. This structure makes the property ideal for passive investors, family offices, 1031 exchange buyers, or institutions seeking to preserve wealth and generate stable monthly income without active involvement.

The lease offers long-term durability with built-in rent escalations and renewal options, enhancing income security while preserving upside potential. Absolute NNN leases are favored by income-focused investors because they eliminate landlord risk and allow for predictable, hands-off ownership over the lease term.

Location Overview – Tampa, Florida MSA

The property is located within the Tampa MSA, a nationally ranked metro for population growth, job creation, and real estate investment. Tampa is home to over 3.2 million residents and continues to benefit from steady in-migration, pro-business government policy, and a diverse economic base including finance, healthcare, logistics, technology, education, and military.

Within the local trade area, the site draws from a five-mile population exceeding 250,000 residents, with average household incomes over $85,000. The immediate neighborhood is a blend of established residential subdivisions, newly built multifamily communities, and active retail centers. This provides a balanced customer base of families, young professionals, and retirees—ideal demographics for a QSR operator like Whataburger.

Florida’s lack of state income tax, growing employment sectors, and coastal appeal continue to drive demand for commercial real estate in the state, particularly for net lease retail assets. Tampa’s combination of lifestyle amenities, affordability, and economic expansion makes it one of the most attractive metros in the country for long-term real estate investment.

Retail Synergy and Strategic Positioning

The Whataburger site is positioned along a major commercial corridor with visibility to tens of thousands of vehicles daily. It is surrounded by a complementary mix of national brands that drive daily traffic and generate strong cross-shopping. Neighboring tenants include Walmart, Publix, Aldi, Chick-fil-A, Starbucks, Walgreens, McDonald’s, and multiple auto service retailers and banks.

This clustering of national tenants contributes to consistent foot traffic and destination-driven shopping patterns throughout the week. The surrounding retail presence not only enhances the performance of the Whataburger site but also reinforces its real estate value through long-term demand from both operators and investors.

Additionally, the site benefits from strong proximity to high schools, hospitals, government offices, and large employment centers. This creates reliable weekday lunch and dinner traffic and bolsters evening and weekend volume from residential neighborhoods.

Demographics & Economic Fundamentals

• Population Growth: The Tampa metro added over 50,000 new residents in the last year alone, fueled by domestic migration and natural growth. Florida is projected to remain one of the fastest-growing states through the next decade.
• Household Income: The local market offers a strong middle-class base, with average household incomes above $85,000 and a rising median due to white-collar employment, low cost of living, and the expanding service sector.
• Employment Drivers: Tampa boasts one of the most diversified economies in Florida. Key employers include the University of South Florida, BayCare Health System, Raymond James Financial, and MacDill Air Force Base.
• Housing & Development: Surrounding the site are several active and planned residential developments, contributing to year-over-year population density and increased demand for quick-serve food options.

Florida – A Magnet for Capital and Business

Florida remains a top destination for both individuals and institutional capital due to its favorable tax laws, population growth, and regulatory flexibility. Investors continue to favor the state’s Sunbelt positioning and low barriers to entry, making single-tenant NNN assets in Florida one of the most competitive sectors in the market today.

Whataburger’s continued expansion in Florida signals long-term commitment to the state and aligns with the ongoing suburban development pattern observed throughout Tampa, Orlando, Jacksonville, and surrounding metros. As development pushes further into suburban submarkets, pad-ready sites leased to national tenants like Whataburger become highly sought after due to limited supply and high residual land value.

Investment Highlights

• Absolute NNN Lease – Zero Landlord Responsibilities
  Stable long-term income ideal for 1031 exchange buyers, passive investors, and institutions
• Strong National Tenant – Whataburger
  Top-tier QSR brand with nearly 1,000 locations and aggressive growth plan in Florida
• Located in the Tampa MSA
  One of the fastest-growing metro areas in the U.S., with a strong employment base and rising household income
• Surrounded by National Retailers
  High-performing corridor with traffic-driving anchors and complementary tenants
• Trophy Location in a Growth Corridor
  Situated on a major commercial artery with excellent visibility and access
• Florida Tax Advantage
  No state income tax and business-friendly regulations support continued investment demand
• Growing Residential and Commercial Density
  Surging population, multifamily development, and commercial construction support long-term trade area strength

Conclusion

This Whataburger NNN property offers a compelling opportunity to acquire a passive, income-producing asset in one of Florida’s strongest and most resilient metros. With a long-term lease in place, zero landlord responsibilities, and a nationally recognized tenant on site, this investment delivers all the core attributes sought by today’s net lease investors: stability, predictability, tenant quality, and strong real estate fundamentals.

The Tampa market’s demographic trends, pro-growth policies, and Whataburger’s regional momentum combine to create a uniquely positioned asset for both short-term yield and long-term appreciation. Investors seeking premium locations in income tax-free states, along with credit-grade tenants in essential retail sectors, will recognize this offering as a strategic and secure addition to their portfolio.