Cincinnati, OH - Logan's Roadhouse

Description:

SRS Real Estate Partners in collaboration with Goodman Real Estate Services Group LLC is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, freestanding, corporate signed Logan’s Roadhouse investment property located in Cincinnati, Ohio. The tenant, Logan’s Roadhouse, LLC, has approximately 6 years remaining in their initial term with 4 (5-year) options to extend. The lease features an 8% increase in September of 2023 and 5% increases thereafter throughout the initial term, 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 2006, Logan’s Roadhouse currently operates 113 company-operated and 23 franchised Logan’s Roadhouse restaurants in 23 states. Additionally, the tenant pays far below market rent at just $14.31 PSF, providing a low basis for the investor and upside potential in the future.

Logan’s Roadhouse is strategically positioned as an outparcel at Stone Creek Towne Center, a 546,000 SF shopping center anchored by Meijer, Best Buy, and more, significantly increasing consumer traffic to the center. Furthermore, the asset is ideally situated between Colerain Towne Center (409,960 SF) and Northgate Mall (1,019,118 SF), with notable tenants including Walmart Supercenter, Lowe’s, Marshalls, Burlington, and more. The asset is in the center of the primary retail corridor with other nearby national/credit tenants including Kroger, Aldi, Ross, Big Lots, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The asset is located within walking distance of the Northgate Apartment Meadows, a 3-story, 272-unit apartment complex, providing a direct consumer base from which to draw. Moreover, the site benefits from nearby direct on/off ramp access to Interstate 275 (69,100 VPD) and US Highway 27 (46,100 VPD), providing ease and convenience for customers. The 5-mile subject trade area is supported by more than 147,000 residents and 40,000 daytime employees. Residents within a 1-mile earn a healthy average household income of $91,000.