Overview

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 leased, Longhorn Steakhouse investment property located in Chesterfield, MI. The tenant, Rare Hospitality International, Inc., recently signed a brand new 10 year lease with 6 (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 subject property is strategically located near the signalized, hard corner intersection of Gratiot Avenue and 23 Mile Road, averaging a combined 55,600 vehicles passing by daily. The site benefits from nearby direct on/off ramp access to Interstate 94 (73,200 VPD), the primary north/south highway traveling throughout Chesterfield Township and into the heart of Downtown Detroit. The building is ideally situated as an outparcel to The Home Depot anchored shopping center that also features PetSmart, Michaels, and Autozone. The center is encompassed by a variety of big-box tenants including Target, Lowe’s Home Improvement, and Meijer, significantly increasing consumer draw to the immediate trade area and promoting crossover store exposure for the site. Other nearby national/credit tenants include Walmart Supercenter, Kohl’s, T.J. Maxx, Staples, Dick’s Sporting Goods, Hobby Lobby, Planet Fitness, and more. Moreover, the asset is surrounded by several apartment complexes including Aspen Creek (776 units), Oakview Square (192 units), and Willows Apartments (195 units), providing the subject property with a direct residential consumer base from which to draw. The 5-mile trade area is supported by over 100,000 residents as well as 30,000 employees, and features an average household income of $96,740.

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