Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land and building) in an absolute NNN, corporate guaranteed, Swensons Drive-In investment property located in Avon, OH (Cleveland MSA). The tenant, Swensons Drive-In Restaurants, LLC, will sign a brand new 20 year lease (sale leaseback) at the close of escrow with 6 (5-year) option periods to extend. The lease features rare 1.50% rental increases annually throughout the initial term and option periods, steadily growing NOI and hedging against inflation The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities. Swensons is a rapidly growing fast food chain in Ohio known for its quality curbside service. The chain has 11 locations with numerous more planned or currently under construction.

The Swensons Drive-In property is strategically located adjacent to State Highway 83
(12,000 VPD) and just a quarter mile north of the Interstate 90 on/off ramps (67,400 VPD). The asset is ideally positioned across from a Lowe’s Home Improvement center, generating crossover traffic to the subject property. Additionally, the site is located in Avon’s emerging retail corridor with nearby national/credit tenants including a 24-hour Walmart Supercenter, Target, Best Buy, The Home Depot, JCPenney, Costco, Michaels, ALDI, Cabela’s, Old Navy, Marshalls, and more, further increasing consumer draw to the asset. The 5-mile trade area is supported by a dense population of over 98,100 residents with an affluent average household income of $110,963.

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