Charlotte, NC - Red Robin

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding, Red Robin investment property located in Charlotte, North Carolina. The tenant has over 13 years of firm term remaining with 4 (5-year) options to extend, demonstrating their long-term 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. Founded in 1969, there are now more than 500 Red Robin restaurants across the United States and Canada, including those operating under franchise agreements.

The asset is ideally located along State Highway 24, an arterial thoroughfare that serves over 57,600 vehicles per day. Furthermore, the site benefits from nearby access to Interstate 85 (152,500 VPD) and U.S. Highway 29 (30,900 VPD), making this an ideal, centralized location with easy commutes. Furthermore, the site is directly adjacent to Wells Fargo’s CIC campus, a 2 million square foot customer information center which houses 10,000 employees and is currently undergoing a $500 million dollar renovation (click here for more info). Moreover, the site is ideally positioned less than 2.50 miles east of the University of North Carolina Charlotte Campus which is the 3rd largest campus in the UNC system and supports over 30,500 students. In addition, the subject property is within walking distance from the Shoppes at University Plaza, a 650,000 SF power center anchored by Sam’s Club, Office Depot, Rooms to Go, Ross, Michaels, Conn’s, Guitar Center, and more. Other nearby national/credit tenants include Walmart Supercenter, Food Lion, Hobby Lobby, Ikea, TJ Maxx, Burlington, Marshalls, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. In addition, the site is within close proximity to multiple apartment complexes such as the Autumn Park Apartments (586 units), The Vinoy at Innovation Park Apartments (356 units), Alexan Research Park Apartments (334 units),
and more, providing a direct residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 212,000 residents and 108,000 daytime employees. Residents within a 1-mile radius earn an average household income of more than $97,000.