Charlie Corson, founder and CEO of Dallas-based Centric, says heheard the ground-leased pads were coming to market and immediatelyput in an offer to locally based Westmount Realty Capital LLC,which owns the five-acre tract as WRC Central Forest LP. "Theunderlying land is valuable and will certainly be more valuable inthe future for redevelopment," he tells GlobeSt.com. Therestaurants, all built since 1998, have 750 feet of frontage alongNorth Central Expressway in addition to its Forest Lane access.
Corson says the billboard purchase, which is a rarity, was amust-have. "I wanted to control it," he stresses, "because there isa redevelopment opportunity way out in the future." He says therestaurant chains' ground leases for the ground-up quintet wereinked with 20-year terms and several options to extend.
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