Investment Highlights
Property:
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Smokey Bones
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Type:
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Absolute NNN Ground Lease
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Acres:
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1.87 Acres
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SF:
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6,883 SF
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Term Remaining:
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±11 Years Remaining
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NOI:
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$165,000
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Price:
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$3,143,000
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CAP:
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5.25%
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Tenant: Smokey Bones Bar & Fire Grill, owned by Barbeque Integrated, Inc.—an affiliate of Sun Capital Partners Inc.—currently operates 66 restaurants in 17 eastern states
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Absolute NNN Ground Lease: No landlord responsibilities
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Recently Extended Lease: Smokey Bones extended the lease to an 11-year term in July 2014, signalizing their long-term commitment to this location
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Rent Escalations: 10% rent increases in Year 7 and in each of the two remaining 5-year option periods
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Excellent Access and Visibility: Situated on an oversized, signalized hard corner parcel with frontage on US-54, the area’s major east-west thoroughfare (42,410 VPD)
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Outparcel Location: Outparcel to a shopping center anchored by Staples and occupied by IHOP, Longhorn Steakhouse, Chili’s, Pike Nurseries, Ethan Allen and Taco Mac among others
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Dominant Retail Corridor: Over 3 MSF of retail within a 3-mile radius—other major retailers with a presence in the immediate area include: Walmart Supercenter, The Home Depot, Sam’s Club, Best Buy, Kmart, PetSmart, Kroger, Target and The Fresh Market
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The Avenue | Peachtree City Advantage: Directly across from and shares an intersection with the 182,817-SF The Avenue | Peachtree City Lifestyle Center which is occupied by Gap, Rack Room Shoes, American Eagle, Books-A-Million, Banana Republic and Victoria’s Secret among others (currently 98% leased)
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