Overview

Description

• The tenant, Shake Shack, recently signed a brand new 15-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site
• The lease features 10% rental increases every 5 years and at the beginning of each option, generating NOI and providing a hedge against inflation
• Shake Shack recently crossed its 500th restaurant globally and announced Q3 2023 revenue growth of 21%, in-store sales growth of 9%, and average weekly sales hit $74,000, annualizing to $3.9 million average unit sales

• The asset is located at the signalized, hard corner intersection of W Jefferson Road and Clay Road averaging 44,000 VPD
• W Jefferson Road is the main retail thoroughfare with several retail developments surrounding the subject property such as Market Square, South Town Plaza, The Marketplace Mall, and more
• The site is an outparcel to a newly built Hobby Lobby center
• Ideally located off I-390 (84,800 VPD), allowing users to benefit from direct on/off ramp access to the site and surrounding trade area
• The property will feature cross access with the adjacent strip center currently under construction

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