Brooklyn, NY - White Castle

Description:

SRS Capital Markets is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a White Castle sale-leaseback investment property located in Brooklyn, New York. At close of escrow, White Castle System, Inc. will execute a new 15-year absolute NNN lease with four (4) additional 5-year renewal options, providing long-term contractual income with zero landlord responsibilities. The lease will feature scheduled 10% rental increases every five years throughout the primary term and at the beginning of each renewal option, driving NOI growth and providing a hedge against inflation. White Castle System, Inc. is
the corporate entity behind White Castle, an established national brand with more than 336 locations. The subject property has also demonstrated strong store-level performance, ranking in the 92nd percentile nationally among comparable White Castle locations according to Placer.ai.

The property benefits from strong frontage along Pennsylvania (Granville Payne) Avenue (27,800 VPD), additional frontage and access via Sheffield Avenue, and existing drive-thru infrastructure, providing excellent visibility and convenient access. The site is located minutes from Gateway Center, a 3.9 million square foot regional power center attracting approximately 7.4 million annual visits, and is surrounded by additional national brands including Burlington, Five Below, and Planet Fitness. The 5-mile trade area is supported by more than 2,079,600 residents and 355,900 employees, with an average household income of $124,879. Situated in Brooklyn, one of the nation’s most densely populated and supply-constrained real estate markets, the property benefits from strong underlying market fundamentals which, together with a corporate-signed absolute NNN lease, create a rare opportunity to acquire management-free income backed by well-located New York City real estate.

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Listing ID: a28TP000003FjEPYA0