Panama City Beach - Ruby Tuesday

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Ruby Tuesday investment property located in Panama City Beach, Florida. The tenant, Ruby Tuesday Operations, LLC, just signed a brand new 15 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, 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 Ruby Tuesday is located near the signalized, hard corner intersection of Panama City Beach Parkway and Pier Park Drive which combine to average over 41,500 vehicles passing by daily. Panama City Beach Parkway, is the major retail thoroughfare serving the city of Panama City Beach. The Ruby Tuesday is an outparcel to Pier Park, a 50+ acre shopping center, with national/credit tenants including Target, Dillard’s, Dave & Buster’s, JCPenney, Buffalo Wild Wings, Five Guys, LongHorn Steakhouse, and many others. The asset is across from Pier Park North, a 270,000+ square foot, DICK’S Sporting Goods anchored center with other national/credit tenants including Ulta, PetSmart, Crumbl, Five Below, Jersey Mike’s, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, McDonald’s, Starbucks, Chipotle, Texas Roadhouse, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 23,300 residents with an affluent average household income of $115,433.