Cincinnati, OH - Frisch's Commissary Kitchen

Description:

SRS National Net Lease Group & Hoty Enterprises, Inc. is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, corporate guaranteed, Cincinnati Food Distributor - Exclusive Frisch’s Commissary Kitchen investment property located in Cincinnati, OH. The tenant, FKC, LLC, has over 13 years remaining in their initial term with 1 (5-year) option to extend, demonstrating their commitment to the site. The lease features rare annual rental increases of at least 1.5% throughout the initial term and option period, steadily growing NOI and hedging against inflation. The lease is corporate guaranteed by Frisch’s Holding Company, LLC (a large, national company with 6,100 employees and an annual revenue of $209M) and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. In 2015, Frisch’s Restaurants was acquired by NRD Capital out of Atlanta, Georgia. NRD Capital’s focus on innovation and outstanding unit economics, combined with an operator-centric approach, has led them to operate more than 900 locations and $1.5B in annual revenues. Frisch’s Big Boy operates or franchises over 121 restaurants with annual revenues of over $200M. This site serves as a mission critical commissary kitchen serving all of Frisch’s locations. The subject property has been classified as an essential business, has remained open during the COVID-19 pandemic, and has paid full rent. The need for commissaries has heavily increased in recent years, providing a lower financial barrier to entry for food entrepreneurs. The facility is equipped with all the necessary tools and equipment to continue supplying Frisch’s and other restaurants for the foreseeable future. Moreover, the lease features no pandemic clauses and the business itself is pandemic insured - contact agent for details.

Frisch’s Commissary Kitchen is strategically located at the signalized, hard corner intersection of Stanton Avenue and Lincoln Avenue, with a convenient loading zone directly at the corner of the two cross-streets. The Property is a 78,000 SF commissary kitchen with an R&D department on-site, utilized for Frisch’s brand innovation. The Commissary building includes first floor offices, food processing and packaging, cold storage, blast freezers, dry storage, and a basement used for maintenance and mechanical areas. In addition to the commissary kitchen, there is the one (1) two-story, 13,000-square-foot warehouse building with office space, located on the northern portion of the lot; and, one (1) one-story, 1,800-square-foot storage building located to the west of the Linde building. The site benefits from nearby on/off ramp access to Interstate 71 (127,700 VPD), the primary north/south thoroughfare traveling into the heart of Downtown Cincinnati, and serves as a gateway to major markets throughout the Midwest. The property sits adjacent to a 5.80-acre parcel of land that will become Uptown Gateway, a 560,000 SF, $200M mixed-use development that is estimated to bring over 2,000 jobs in the tech and innovation segment of various industries. The development will be anchored by premier institutions including the University of Cincinnati’s Digital Futures Complex and 1819 Innovation Hub. For more information regarding Uptown Gateway, please see the attached link < http://uptown-gateway.com/making-room-for-drones-construction-underway-at-uptown-innovation-corridor/>. In addition, the site is located just 1.2 miles east of the University of Cincinnati College of Medicine, 2.1 miles east of Good Samaritan Hospital (392 beds), and just 1.8 miles north of The Christ Hospital (555 beds). Moreover, the asset is surrounded by several apartment complexes including Walnut Hills (198 units), Haddon Hall (432 units), and East Oak Manor (282 units). The sites centralized location within a major MSA positions it for convenient distribution capabilities and success for years to come. The 5-mile trade area is supported by more than 321,500 residents and 318,000 daytime employees with an average household income of nearly $73,000. According to the United States Census Bureau, Greater Cincinnati is the 29th most populous metropolitan area in the United States and the largest in the state of Ohio.

---

Report Listing This listing was syndicated through:

Listing ID: a284o000000iCGRAA2