Lansing, MI - Bob Evans

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, corporate signed, Bob Evans investment property located in Lansing, Michigan. The tenant, Bob Evans Restaurants, LLC, recently signed a brand new 20 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features annual 2% rental increases starting in May 2027 and continuing throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.

The property is located near the signalized, hard corner intersection of S. Cedar St. and American Rd with a combined (56,000 VPD). S Cedar St, is a major retail thoroughfare serving the city of Lansing. The Bob Evans is an outparcel to a Menards anchored center that also features national/credit tenants including Wendy’s and KFC. The asset is adjacent to Edgewood Town Center, a 346,000 square foot Target anchored center. In addition, the site is located just northwest from Cedar Park Shopping Center, a 125,000 square foot center anchored by Kroger. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Lowe’s Home Improvement, Meijer, ALDI, Planet Fitness, Dollar General, and more, further increasing consumer traffic to the site. The subject property is in close proximity to multi family properties, including Woodbridge Manor Apartments (288 Units) and Woodland Lakes Apartments (344 Units). The 5-mile trade area is supported by a population of over 114,400 with an average household income of $71,152.