Mount Pleasant, MI - Bob Evans

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, corporate guaranteed Bob Evans investment property located in Mount Pleasant, Michigan. The tenant has over 18-years remaining on its lease with 4 (5-year) options to extend. The lease features rare 2% annual rental increases, beginning 5/1/2027, throughout the initial term and 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. Bob Evans is an iconic American brand with over 30,000 employees and +/- 500 locations across 18 states, headquartered in Columbus, OH. It is privately owned by Golden Gate Capital, which purchased the chain in 2017 for $565 million and is one of the most active private equity buyers of full-service restaurant companies. The offering represents a very profitable location with compelling unit-level fundamentals (speak with agent for details).

The property is located near a signalized, hard corner with excellent access and visibility from E. Pickard Road which sees approximately 16,660 vehicles per day. It is directly accessible via on/off-ramps to Highway 127 (12,160 VPD) and serves as an outparcel to Home Depot, adjacent to Tractor Supply, increasing consumer traffic to the site. Furthermore, the asset benefits from crossover retail exposure from its position across the street from Starbucks, over 8 hotels/inns, Mid Michigan College with 3,382 students, the Mt. Pleasant Municipal Airport, and the Soaring Eagle Waterpark, a 514-room hotel with a 210,000 square foot gaming floor. Additionally, it is less than 1.5 miles from a Meijer-anchored shopping center and just a 7-minute drive (less than 3 miles) to Central Michigan University, which has over 14,400 students enrolled. The property is strategically situated in a dynamic 5-mile trade area with a population of more than 37,000 residents and 28,600 employees.