Spartanburg Retail for Sale - West Side
Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc., as exclusive advisors to seller, are pleased to present the opportunity to acquire a newly constructed corporate Whataburger double drive-thru located in the Greenville/Spartanburg, South Carolina Metro (the “Property”). Strategically situated at the hard corner intersection of W.O. Ezell Boulevard and E Blackstock Road – one of the busiest intersections in all of Spartanburg with average daily traffic counts of 66,000 vehicles per day (VPD) – the Property benefits from exceptional underlying fundamentals, visibility, and outparcel positioning within the Westgate Village Shopping Center at the epicenter of Spartanburg’s commercial retail corridor. The property was previously improved as a freestanding Rite Aid which was ultimately converted to a Walgreens and then closed in connection with their merger, opening up an exceptionally rare opportunity for the owner to redevelop a trophy asset at Spartanburg’s premier retail corner.
The Property is secured by a new 15-year corporate absolute triple net (NNN) lease to Whataburger. The lease features 10% rent escalations every 5 years and three 5-year extension options, offering long-term and stable income for investors. The store‘s opening in 2024, coincided with the opening of another Whataburger location in the Spartanburg market, demonstrating Whataburger’s expansion plans and commitment to the Spartanburg market.
The Property features a corporate lease to Whataburger, the 4th highest-grossing Quick-Service Restaurant (QSR) operator in the country, ahead of McDonald’s. Whataburger achieved $3.2 million average unit volumes (AUVs) in 2024, placing it behind only Portillo’s, Chick-fil-A, and Raising Cane’s nationally, and ahead of McDonald’s, In-N-Out, Shake Shack and Chipotle. Chainwide, Whataburger achieved gross sales of more than $3 billion for the third consecutive year. Whataburger’s success has been accelerated by a recent majority stake acquisition by Chicago-based BDT Capital Partners, triggering an extensive new unit expansion plan. With 200+ stores added since 2023 through year-to-date, Whataburger can now be found in 17 states across the Southwest, Midwest, Southeast, and Mid-Atlantic regions. Whataburger is on track to expand to 1,200 locations across the U.S., with 1,141 locations already open and operating as of July 2025.
The Property is strategically located adjacent to Dorman Centre, a 388,000+ SF institutionally owned shopping center anchored by The Home Depot and a Walmart Supercenter. Moreover, the Property is exceptionally positioned in the epicenter of the W.O. Ezell Boulevard retail corridor, which boasts a robust lineup of esteemed retailers, including the 950,000+ SF Westgate Mall, Costco, Lowe’s, Sam’s Club, Target, Kohl’s, Ross, and TJ Maxx. Strategically positioned as the first hard corner off US Interstate 26, the new Whataburger benefits from exceptional visibility to the 66,000+ VPD that pass the Property. The Property is the only outparcel to Westgate Shopping Village, which features an Ashley Furniture, Ulta Beauty, Old Navy, Office Depot, and Longhorn Steakhouse.
Spartanburg’s quick-service restaurant sector is poised for sustained growth and profitability as Spartanburg continues to grow. Greenville-Spartanburg was named as a Top 20 fastest-growing metro in the country by for the second consecutive year. Fueling the population growth has been major investments and corporate migrations by national companies such as BMW, Walmart, Ingram Micro, Magna International, and Pan Technologies. Spartanburg’s low cost of living and dense presence of renowned high schools, colleges, and universities have also contributed to the upward trajectory of Spartanburg’s population and demographics, making it an optimal location for Whataburger to continue its accelerated expansion efforts in the Carolinas.
