Overview

Description

SRS Real Estate Partners, LLC in collaboration with Hoty Enterprises, Inc. is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Floor & Decor investment property located in West Chester, Ohio. The tenant, Floor and Decor Outlets of America, Inc., will sign a brand new 15-year 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 limited landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. The property is currently a Cabela’s retail property, however it will soon be undergoing a significant remodel (approximate $7M-$9M range) and conversion into a prototype Floor & Decor.

The property is located along Liberty Way; which averages 29,100 vehicles passing by daily and is a major retail thoroughfare serving the city of West Chester, OH. The Floor and Decor is located directly across from Liberty Center, a 911,000 square foot mixed-use lifestyle center. Liberty Center has over 500,000 square feet of retail space and is anchored by major tenants such as Dick’s Sporting Goods, Dillard’s, Old Navy, H&M, AC Hotels and more. Additionally, the asset is positioned just north of Voice of America Centre, a 504,000 square foot shopping center anchored by Target and Michael’s. Furthermore, the property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Lowe’s Home Improvement, The Home Depot, Big Lots!, ALDI, Esporta, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 143,900 with an affluent average household income of $156,491.

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