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Views: 30 DOM: 49 Updated: 10.18.24 Posted: 10.03.24 Status: Active

Summary

Price $1,390,488
Built/Renov 2003
Tenant Chili's (GL)
Cap Rate 6.15%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 5,780
Lease Start 03-11-2004
#Units 1,605
Price/SF $240.57
Expiration 03-31-2029
Tenant Type Casual Dining
NOI $85,515
R. Term 4.4
Ownership Ground Lease
Rent/SF $14.79
Increases 10.0%/5/yrs
Pop 5Mi 36,758
Lot/AC 3.99
Options 1/5yrs/10%
AHHI 5Mi $117,453

Lease Highlights

  • Chili’s has operated at this location for 20 years and just executed the 3rd of their 4 original 5-year options
  • The lease has 4 years remaining with 1 (5-year) renewal option
  • The lease features a 10% rental increase at the start of the remaining option period
  • Absolute NNN ground lease | Zero landlord responsibilities
  • Corporate guaranteed lease (NYSE: EAT)

Location Description

Chili’s is strategically located on Cranberry Highway, with access to 30,972 vehicles passing by daily. The property is situated on a pad site at the entrance to Cranberry Plaza, a grocery-anchored shopping center on Cranberry Highway (US Route 6) just outside of Cape Cod. The site offers convenient access to the Cape and is in close proximity to the I-495/I-195 Junction. The immediate area...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Chili’s Grill & Bar is an American casual dining chain serving American food , Tex-Mex cuisine , and Mexican-inspired dishes . Founded in 1975 on the corner of Greenville Avenue and...


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Listing Broker

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