Horseheads, NY - Red Robin

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, freestanding, corporate signed, Red Robin investment property located in Horseheads, New York. The tenant, Red Robin International, Inc., has over 6 years remaining on their current term, with 3 (5-year) options to extend. 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. There are more than 510 Red Robin restaurants across the United States and Canada, including those operating under franchise agreements

The Red Robin is strategically located along County Road 64 which averages 13,600 vehicles per day. The site benefits from nearby direct on/off ramp access to Interstate 86, a major thoroughfare averaging over 37,000 vehicles per day The Red Robin is an outparcel to a Walmart Supercenter (96th percentile in visits nationwide) anchored center that also features national/credit tenants including Kohl’s, Petsmart, Aldi, Ulta, and Dick’s Sporting Goods. The asset benefits from close proximity to an immense retail corridor that includes Arnot Mall, a 1,057,000 SF regional mall anchored by Bath & Body Works, Old Navy, T-Mobile, Lids, American Eagle, and more. Furthermore, other nearby national/credit tenants include Sam’s, Hobby Lobby, Petco, Dollar Tree, Target, Best Buy, Rite Aid, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 35,000 residents and 25,000 employees, providing a direct consumer base from which to draw. Residents within a 1-mile radius of the subject property boast an affluent average household income of $119,706.