Monday, January 5, 2015

Absolute NNN Corporate Ground Lease Available :: Smokey Bones :: Across from 182,817-SF Lifestyle Center :: Affluent Atlanta MSA :: Strong Sales

Investment Highlights

Price: $3,143,000 - CAP: 5.25%

  • 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

  • Absolute NNN Ground Lease: No landlord responsibilities

  • Recently Extended Lease: Smokey Bones extended the lease to an 11-year term in July 2014, signalizing their long-term commitment to this location

  • Rent Escalations: 10% rent increases in Year 7 and in each of the two remaining 5-year option periods

  • 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)

  • 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

  • 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

  • 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)

  • Dynamic Demographics: Located in the “Heart of Peachtree City”, which is an upscale suburban community (3-mile AHHI: $99,597) located approximately 30 miles south of Atlanta’s Central Business District

Additional Tags:
Bar, 1031 Exchange, Grill, Single Tenant net leased, Applebee's, Triple Net Property, Food, off market real estate investment properties, BBQ, real estate, Outback

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