St. Peters, MO - Red Robin

Description:

SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding, Red Robin investment property located in St. Peters, Missouri. The tenant has over 13 years remaining on its 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. Founded in 1969, there are now more than 500 Red Robin restaurants across the United States and Canada, including those operating under franchise agreements.

Red Robin has excellent visibility and multiple points of access along Mid Rivers Mall Drive (31,800 VPD), a main retail thoroughfare featuring tenants such as ALDI, Barnes & Noble, McDonald’s, Wendy’s, Starbucks, Arby’s, Taco Bell, and Hardee’s. The concentration of established fast-food tenants in the area establishes strong tenant synergy, increasing consumer traffic to the site. Furthermore, the asset receives additional crossover retail exposure from the Mid Rivers Mall. The retail center is the primary retail destination in St. Peters, featuring national tenants including Macy’s, Best Buy, Planet Fitness, and JCPenney. The shopping mall has over 1 million SF of retail space and ranks in the top 95th percentile among shopping centers nationwide with 5M+ annual visits (per Placer.ai). The subject property is easily accessible via nearby on/off ramps of Interstate 70 (75,300 VPD), a major east/west highway serving commuters to downtown St. Louis, the second largest city in the state with over 2.7M+ residents in its MSA. Moreover, the tenant has access to a dense residential community comprised of many single family homes and 1,300+ multi-family/apartment units within 1-mile. The 5-mile trade area is supported by a population of over 165,500 residents and 65,100 employees with an affluent average household income of $120,846.