Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an Absolute NNN, freestanding, drive-thru equipped, Freddy’s investment property located in Linden, New Jersey. The tenant, Linden Steakburgers LLC has over 12 years remaining on their lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 9% rental increases every 5 years throughout the initial term and at the beginning of each option, 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. Freddy’s Frozen Custard & Steakburgers is a leading fast-casual franchise concept with more than 440 locations across 36 states nationwide.

The subject property is strategically located along W. Edgar Road (70,100 VPD), and is located in close proximity to Interstate 95, one of the busiest highways in the United States with daily traffic exceeding 251,400 vehicles per day. The newly-constructed building features a state-of-the-art design and high-quality materials. In addition, the property is equipped with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. Furthermore, the site benefits from excellent visibility via significant street frontage and a large monument sign. The Freddy’s is ideally situated as an outparcel to Legacy Square, a newly-constructed shopping center anchored by Walmart Supercenter. Legacy Square is adjacent to Aviation Plaza, a 550,000 SF power center anchored by Target, The Home Depot, Marshalls, Old Navy, AMC, Staples, and more. Other nearby national/credit tenants include TJ. Maxx, Aldi, Whole Foods, Ashley Furniture, Burlington, Joann Fabrics, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes significant crossover store exposure to the site. The 5-mile trade area is supported by over 460,000 residents and 160,000 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an affluent average household income of $113,495. Linden, New Jersey is part of the New York City Metropolitan Area, conveniently located roughly 20 miles from Manhattan and 11 miles from Newark, New Jersey.

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