Destin, FL - Cracker Barrel

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, corporate signed, investment grade (S&P: BB), Cracker Barrel Old Country Store (NASDAQ: CBRL) investment property located in Destin, Florida (Pensacola MSA). The tenant has over two years remaining in the initial term with 3 (5-year) options to extend. The lease features a 5% rental increase at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed by Cracker Barrel Old Country Store, Inc. (S&P: BB) and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment for a passive investor. Cracker Barrel Old Country Store, Inc. currently operates 664 restaurants in 45 states.

The subject property is strategically located near the signalized, hard corner intersection of Emerald Coast Parkway and Hutchinson Street, averaging a combined 82,000 vehicles passing by daily. The site is ideally situated as an outparcel to Shoppes at Paradise Isle (171,837 SF), a premier retail destination anchored by Michaels, Best Buy, and PetSmart. Located within an immense retail corridor, the asset is within close proximity to several prominent retail centers including Destin Commons (500,000+ SF), Paradise Key at Kelly Plantation (150,000+ SF), and Plantation Commons (120,963 SF), significantly increasing consumer draw to the immediate trade area and promoting crossover store exposure for the site. Notable tenants within the trade area include Walmart Supercenter, Lowe’s Home Improvement, The Home Depot, Ross Dress for Less, Michaels, Whole Foods Market, and more. Additionally, the site is positioned in a prime location along Florida’s Emerald Coast which connects Destin to Downtown Pensacola, and is visited by approximately 4.5M tourists and residents each year. The immediate trade area consists of several golf courses including the Emerald Bay Golf Club, as well as numerous luxury hotels including The Palms of Destin Resort & Conference Center (258 rooms) and The Henderson Beach Resort & Spa (170 rooms). The 5-mile trade area is supported by more than 25,000 residents and 25,000 employees, with a peak seasonal population of 65,000. Residents within 1 mile of the subject property boast an affluent average household income of $154,696.