Property details
Chili's, Southwest Region
Property Description
This offering presents an investor with the opportunity to purchase a new Chili�s corporate ground leased property (landlord owns �the dirt�), located on the ring road of a Mall in the heart of this major city. This offering consists of a 60,978 square foot parcel of land, subject to a 10 year, absolute net ground lease with 4, 5 year
renewal options. The lease is backed by Chili�s parent company, Brinker Restaurant Corporation.
The location of this investment is excellent � a well positioned and highly visible site directly across the street from the recently renovated Mall. The subject property sits adjacent to a Shoe Pavilion, a high volume Red Lobster and newly redeveloped strip shopping center. A Caf� is located directly across the street.
The mall was purchased in 2005 by one of the largest mall owners in the US, and
since then over $40 million in fa�ade and parking lot improvements have been completed at the development.
The Market Center is currently being offered with attractive, non-recourse financing in place, featuring a below-market
interest rate of 5.875%, maturing in 2014. This allows an investor to eliminate any interest rate or financing uncertainty and
close escrow on this quality asset.
Property lease dates shown are estimates. Actual dates are subject to verification.
Images
Highlights
- Status:
- Available
- Price:
- $2,090,909
- PSF:
- $34
- Cap Rate:
- 5.50%
- Annual Rent:
- $115,000
- Rent Increases:
- Scheduled rent increases of 10% occur every 5 years during the primary term and options.
Property Information
- Building Size:
- 60,978 sq.ft.
- Property Type:
- Ground Lease
- Industry Type:
- Restaurant
- Units/Spaces:
- 1
- Year Built:
- 2007
- Land Area:
- 1.40 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Chili's
- Lease Type:
- NNN
- Lease Commencement:
- 9/1/2007
- Lease Expiration:
- 9/1/2010
- Lease Term:
- 3 years
- Years Remaining:
- 1 years
- Landlord Responsibilities:
- None
- Options:
- four-five years options
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.