Mesa, AZ - Red Robin

Description:

SRS Real Estate Partners-West, LLC 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 Mesa, Arizona. The tenant has over 13 years remaining on its lease with 4 (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. 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 strategically positioned directly across from the Mesa Grand Shopping Center, a top performing power center encompassing 560K+ SF of retail space occupied by tenants including Walmart Supercenter, AMC, Burlington, Michaels, and Raising Cane’s. Red Robin receives a significant amount of crossover retail exposure from the power center, which ranks in the top 98th percentile among shopping centers nationwide with 4.1M+ annual visits (per Placer.ai), as well as the adjacent
In-N-Out Burger and Chick-fil-A. In addition, the Stapley Center, a Class A office campus boasting 275K+ SF of office space sits directly behind the site, supplying a direct consumer base from which to draw. The property experiences further consumer traffic derived from its location along S. Stapley Drive (46,400 VPD), and its direct accessibility from on/off ramps of U.S. Highway 60 (247,400 VPD), a major east/west highway serving commuters throughout the state and connecting the site to downtown Phoenix. The subject is located 19-miles east of Phoenix, the largest city in the state with nearly 5 million residents within its MSA. The 5-mile trade area is supported by a population of over 419,800 residents and 175,600 employees with an average household income of $102,930.