Overview

Description

RDO Investments is pleased to present a fee simple, single tenant, 9,662 square foot Cracker Barrel located in Phoenix, Arizona. The property was constructed in 1998 and was previously owned by Cracker Barrel. In 2020, Cracker Barrel completed a multi-store sale leaseback and signed a RARE 20 YEAR LEASE. The property is strategically located directly off Interstate 10 on Chandler Boulevard which is the first major off ramp from traffic coming from Tucson. The property is at a high traffic location with over 171,263 VPD on Interstate 10 and over 42,617 CPD on Chandler Boulevard. The site has visibility from both the Interstate and Chandler Boulevard. The lease is structured with one percent annual rental increases throughout the primary term and four, 5-year renewal options.

The lease is Absolute NNN with no landlord responsibilities whatsoever. Cracker Barrel, which is publicly traded on the NASDAQ under the ticker symbol “CBRL”, reported annual revenues in excess of $3.267 billion in 2022 and a Market Cap of $2.18 billion as of October 2022.

The Phoenix metropolitan area (“Phoenix Metro”), often referred to as the “Valley of the Sun”, has a population of 4,845,832 and is one of the fastest growing super-regional city areas in the United States. Phoenix Metro is the tenth largest metropolitan area in the United States and has an expanding diverse economy generating a $281 Billion GDP (2020). Freeport McMoRan, Avnet, Republic Services, Magellan Health, Go Daddy, and Sprouts Famers Markets are Fortune 500 companies located in the Phoenix Metro. Honeywell, Intel, Wells Fargo, U-Haul, and PetSmart are large employers also in the area. The Valley boasts a robust Healthcare industry lead by Banner Health and HonorHealth employing over 50,000 healthcare workers in the medical field.
 
The Valley is a dynamic cultural center with a vibrant sports and entertainment scene. State Farm Stadium’s 63,400 seat arena hosts Arizona Cardinals NFL home games, other marquee sporting events and an array of concerts. BCS college and NFL Super Bowl games have been hosted at State Farm Arena. Phoenix Suns basketball team’s home games and other events at Footprint Center attract an enthusiastic fan base as well. Arizona State University, with its main campus located across the Phoenix Metro, offers high quality college education to over 100,000 student enrollees. With its abundant golf courses, resort hotels and sunshine days, Phoenix Metro is very attractive to visitors from across the U.S. and beyond.
 
Ahwatukee is a highly regarded neighborhood in the Phoenix and is known for its master-planned residential communities, beautiful golf courses, quality schools, range of shopping and food retail establishments, and ready access to major transportation corridors that allow its residents a fast commute to nearby employment centers. Ahwatukee ranks #1 as the best neighborhood to live in Phoenix. The average household income within Ahwatukee is a staggering $133,555 and a population of 82,054.

Highlights

• Extremely Rare 20 Year Lease
• 1% Annual Increases
• Absolute NNN - Fee Simple Lease
• One of the highest grossing Cracker Barrels in Phoenix
• Combined Traffic Counts of over 213,000 VPD
• Ahwatukee Ranks #1 as Best Neighborhood in Phoenix - Over $133K in HH Incomes

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