Greenville, NC - Denny's

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Denny’s investment property located in Greenville, North Carolina. The tenant, RJC, LLC dba Denny’s has over 10 years remaining on the initial term with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% 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 property is located along S Memorial Dr, which averages 32,300 vehicles passing by daily and is a major retail thoroughfare serving the city of Greenville. Additionally, the asset is positioned a few miles northwest of Greenville Square Center, a 251,000 square foot shopping center with major tenants including Publix, Big Lots, Office Depot, and more. Furthermore, Denny’s is situated northwest of Greenville Mall, a 491,000 square foot shopping mall anchored by JCPenney, Belk, Hibbett Sports, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Food Lion, Walgreens, Dollar General, PetSmart, Staples, and more, further increasing consumer traffic to the site. The subject property is located just south of the ECU Health Medical Center (974 Beds), a major regional medical center that helps draw customers into the trade area. The 5-mile trade area is supported by a population of over 104,600 with an average household income of $82,215.