Kinston, NC - Ruby Tuesday

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, corporate signed, freestanding, Ruby Tuesday investment property located in Kinston, NC. 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 2% annual rental increases 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.

Ruby Tuesday is located near the signalized, hard corner intersection of W. Vernon Ave. / U.S. Highway 70 and U.S. Highway 258, two major thoroughfares traveling through the town of Kinston, averaging a combined 54,300 vehicles passing by daily. The site is 1.65 acres and equipped with a large pylon sign, providing excellent visibility and significant frontage along W. Vernon Ave. The asset is positioned in the heart of a dense retail corridor serving Kinston, and is across from Kinston Pointe, a 250,000 square foot neighborhood center anchored by a Walmart Supercenter and features other national/credit tenants including Starbucks, Walgreens, GameStop, Papa John’s, and more. The asset is located in close proximity to a 133,450+ square foot Lowe’s Home Improvement anchored center featuring other tenants including a Chick-fil-A, Wendy’s, and Smithfield’s Chicken ‘N Bar-BQ. Other nearby national/credit tenants include McDonald’s, Planet Fitness, ALDI, Verizon, Cook Out, Walgreens, Petco, Royal Farms, AutoZone, Harbor Freight and more, increasing consumer draw to the immediate trade area. The 5-mile trade area is supported by more than 29,200 residents and over 22,000 employees. Residents within a 3-mile trade radius have an average household income of $76,384.