Algonquin, IL - Red Robin

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, corporate guaranteed, Red Robin investment property located in Algonquin, Illinois. The tenant, Red Robin International, Inc., has over 6 years remaining on its lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7% 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.

The asset has excellent position and visibility along S. Randall Road (43,700 VPD), the primary retail thoroughfare serving the affluent Chicago suburb of Algonquin, featuring large-scale retail centers and nearby national/credit tenants including Home Depot, Costco, Walmart Supercenter, Lowe’s, and an adjacent Life Time Fitness, Meijer, Chick-fil-A, Buffalo Wild Wings, and Panera Bread. Red Robin receives significant crossover retail exposure from its position along the thoroughfare in addition to its proximity to nearby shopping centers such as the Algonquin Commons, Oakridge Court, and Woodscreek Commons, all within 2-miles of the site. The shopping centers receive a combined 11M+ annual visits (per Placer.ai) and feature major retailers including Target, Trader Joe’s, Kohl’s, Nordstrom, and Dick’s Sporting Goods. Algonquin is one of the top retail sectors in the Chicago MSA, with 2.5M+ square feet of retail space within 1-mile of the property at a vacancy rate less than 1%. Furthermore, the location is supported by an affluent consumer base of over 151,900 residents and 50,300 employees with an average household income of $138,886 within 5-miles of the subject property.