SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a vacant 160,950 SF former Sears building with a multi-tenant pad (16,650 SF) occupied by Longhorn Steakhouse (6,350 SF), situated on a 15.04 acre parcel in North Little Rock, Arkansas. Rare Hospitality Internation, Inc. dba Longhorn Steakhouse (Ground Lease), has over 9 years remaining on their initial lease term with 4 (5-Year) option periods to extend. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period. The property is zoned as Commercial Zone (C-3) - Community Shopping District, providing for a wide range of uses and opportunities for a new owner.
Buyer will be responsible for any capital expenditures, demising costs, tenant improvements, leasing commissions, and all other re-tenanting costs.
The subject property is located near the signalized, hard corner intersection of McCain Blvd and U.S. Highway 67 (combined 112,000 VPD). In addition, Interstate 40 (112,000 VPD) is located just 0.6 miles south of the site with convenient on/off ramp access. The building is part of McCain Mall (793,700 SF, owned and operated by Simon Property Group) which is anchored by Dillard’s, JCPenney, and Regal Cinemas. The immediate trade area features notable national/credit tenants including a Walmart Supercenter, Lowe’s Home Improvement, Target, Sam’s Club, Kroger, The Home Depot, and Barnes & Noble, which increases consumer traffic and promotes crossover shopping to the site. Moreover, the asset is adjacent to two power centers, McCain Plaza (a 300,000 SF power center anchored by TJ Maxx, Michael’s PetSmart, Bed Bath and Beyond, and Dick’s Sporting Goods) and Lakewood Village Shopping Center (a 360,000 SF center anchored by SteinMart, JoAnn Fabrics, and LA Fitness), further increasing consumer traffic to the trade area. The 5-mile trade area is supported by a population of over 98,600 residents, and within the 1-mile immediate trade area surrounding the site, the average household income is $106,200.