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, freestanding, franchisee guaranteed, Denny’s investment property located in New Port Richey, Floria (Tampa MSA). The tenant recently extended their lease an additional 15 years with 4 (5-year) option periods, demonstrating their long-term commitment to the site. The lease features 8% rental increases every 5 years throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Founded in 1953, Denny’s is among the largest diner-style restaurant chains with over 1,700 locations around the world.

Denny’s is strategically located at the signalized, hard corner intersection of Trouble Creek Road and U.S. Highway 19, averaging a combined 79,000 vehicles passing by daily. U.S. Highway 19 is a major north-south commuter route that connects Lake Erie in Pennsylvania to St. Petersburg, Florida. Denny’s is ideally situated as an outparcel to a 145,000+ SF Sam’s Club. In addition, the asset is near Holiday Mall (126K+ SF), Universal Plaza (149K+ SF), Southgate Center (298K+ SF), and other major shopping centers. The surrounding national/credit tenants consist of Publix, Big Lots!, Winn-Dixie, Advance Auto Parts, Walgreens, and Starbucks, among many others. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the property is within proximity to numerous single-family communities and multi-family complexes including Cheri Court (27 units), Sunshine Christian Homes (85 units), Southgate Apartments (135 units), and more, providing a direct residential consumer base for the site. The 5-mile trade area is supported by over 145,700 residents and 45,400 daytime employees, with an average annual household income of $69,703.

---