Cheddar’s NNN Absolute-Net Ground Lease

3405 South Florida Avenue, Lakeland, FL 33803
$2,870,000

Description

Marcus & Millichap is pleased to present a premier net-leased offering, which benefits from all of the qualities that make for a trophy real estate investment: stellar location, outstanding tenant guarantee, long term lease with robust increases, and zero management. This Cheddars is a brand new ground lease, allowing an investor to passively collect income while also offering the security that the tenant is committed to the site by virtue of its having invested the money to construct the building. Cheddars signed a 15-Year lease, with Four Five Year options, and an Eight percent increase in year Six, and a 10 Percent rent increase in Year 11. This offering comes with a corporate guaranty, and is built on an oversized, 2.6 Acre lot. Cheddars is located in Lakeland, Florida, a growing city, best known as the home of Publix Grocery’s corporate headquarters. The property is situated in a commercial node on South Florida Avenue, just 1,000 feet from the Polk Expressway, with over 37,000 cars passing daily. The property shares a lighted intersection with a Super Walmart, a brand new, 90 room hotel, Verizon, Smoothie King, Chipotle, Hooters, and IHOP. Immediately south of the Walmart is Merchants Walk, a power center anchored by Hobby Lobby, Stein Mart, Marshalls, and Ross Dress For Less. Just Two miles away is Lakeside Village, a 610,000 square foot mall anchored by Kohl’s, Belk, Books-A-Million, and a Cobb Theater enhanced with an Imax, the only one in 30 miles. Given its location, lease structure, tenant strength, and stability, this investment would make a fantastic addition and any investor’s portfolio

 

  • Zero Management, Corporate Guarantee, Ground Lease Investment
  • Corporate Guarantee | Darden Restaurants (NYSE:DRI) agreed to
    acquire all 165 Cheddar’s Scratch Kitchen locations. Darden holds an
    investment grade credit rating of (S&P: BBB)
  • Lighted Intersection
  • Neighbors Include Brand New Hotel, Hooters, IHOP, Verizon, Chipotle
  • Excellent Demos: Five Mile Population Greater then 137,000; and
  • Average Household Income Greater then $60,000
  • 37,000 Cars Daily
  •  Unmatched Location across Street from Super Walmart
  • Address: 3405 South Florida Avenue
  • City: Lakeland
  • State/county: Florida
  • Zip/Postal Code: 33803
  • Country: United States

Detail

  • Price: $2,870,000

Additional details

  • CAP Rate: 4.65%
  • NOI: $138,500

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