Ground Leased McDonald’s Sold in Texas Date March 19, 2026
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant ground leased McDonald’s located at 185 Wonder World Drive in San Marcos, Texas for $3,000,000. The new construction McDonald’s property is situated along the Interstate 35 growth corridor between the Austin and San Antonio metropolitan areas.
The McDonald’s property at 185 Wonder World Drive in San Marcos, Texas sits at the signalized intersection of Wonder World Drive and Hunter Road with direct access to Interstate 35. Interstate 35 carries approximately 150,000 vehicles per day through the San Marcos corridor. Wonder World Drive carries approximately 20,550 vehicles per day. The property is located just 0.35 miles from the combined Tanger Outlets and San Marcos Premium Outlets, which together comprise approximately 1.2 to 1.5 million square feet and attract more than 14 million visitors annually. Nearby national retailers include H-E-B, Target, CVS, Walmart, Best Buy, Lowe’s, Sam’s Club, Academy Sports + Outdoors, JCPenney, IKEA, Ross Dress for Less, and Marshalls. Texas State University, enrolling more than 44,000 students and employing over 3,700 faculty and staff, is located less than two miles from the property. CHRISTUS Santa Rosa Hospital San Marcos, a 105-bed facility, is also within two miles. Hernandez Elementary School, Doris Miller Middle School, and San Marcos High School are all located in the immediate trade area. The population within three miles of the McDonald’s in San Marcos exceeds 54,000 residents across more than 21,000 households. The average household income within one mile is approximately $85,353. San Marcos, Texas has a population exceeding 85,000 residents and is one of the fastest-growing cities in Texas. Major employers in San Marcos include Amazon Fulfillment with 5,000 employees, the H-E-B Distribution Center, and San Marcos Consolidated Independent School District. A new 665,760-square-foot industrial business park and the 2,000-acre Axis Logistics Park are under development along the I-35 corridor in San Marcos, further strengthening the city’s economic base.
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the repeat 1031 exchange buyer in the transaction. The seller was a Texas based developer represented by Ed Benton of Secure Net Lease.
The McDonald’s ground lease at 185 Wonder World Drive in San Marcos, Texas is structured as an absolute NNN ground lease. The initial lease term is 20 years. The tenant has eight 5-year options to renew, providing a potential total occupancy of 60 years. Rental escalations of 10% occur every five years throughout the primary term and all option periods. The absolute NNN ground lease structure requires zero landlord responsibilities for maintenance, insurance, or property taxes. Texas is a state with no personal income tax, which provides additional benefit to the property owner.
McDonald’s USA, LLC is a wholly-owned subsidiary of McDonald’s Corporation, headquartered in Chicago, Illinois. The company was founded in 1955 and has grown to operate more than 44,000 restaurant locations in over 100 countries worldwide, including approximately 13,700 locations across the United States. McDonald’s is recognized as the world’s most valuable restaurant brand. The company reported trailing-twelve-month revenue of approximately $26 billion as of the third quarter of 2025. Roughly 95% of McDonald’s restaurants are franchised, generating stable and predictable cash flows. McDonald’s carries an investment-grade credit rating. The company continues to invest in digital ordering, delivery platforms, and modernized drive-thru formats to drive long-term growth across all markets.
“Investor demand for corporate ground leased McDonald’s properties remains exceptionally strong as buyers continue to prioritize long-term, absolute NNN investments backed by investment-grade credit,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “This new construction McDonald’s in Texas attracted significant interest due to its prime Interstate 35 location, proximity to Tanger Outlets and San Marcos Premium Outlets drawing 14 million annual visitors, and the brand new 20-year corporate lease term with scheduled rental increases.” John Feeney, Senior Vice President of The Boulder Group, noted, “The buyer was attracted to the passive nature of the absolute NNN ground lease structure with zero landlord responsibilities, the benefit of acquiring in a no-income-tax state like Texas, and the long-term growth trajectory of the San Marcos market along the Austin-San Antonio corridor.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high-net-worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $11 billion of single tenant net lease real estate transactions. From 2013–2025, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.
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