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Prescott, AZ - Red Robin
3055 Gateway Blvd | Prescott, AZ 86303
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 Prescott, Arizona. The tenant currently has over 13 years of firm term remaining with 4 (5-year) options to extend, demonstrating their long-term 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.
Location
Red Robin is strategically located at the signalized hard corner intersection of Gateway Boulevard and State Highway 96, which serves over 46,900 vehicles per day. Furthermore, the asset benefits from nearby access to State highway 69 (18,900 VPD) , making this an ideal, centralized location with easy commutes. Located in a dense retail corridor, the site is adjacent to Pine Ridge Marketplace, a 534,000 SF regional mall that’s home to numerous regional tenants such as Dillard’s, Michaels, Ashley, JCPenney, and more. Moreover, the asset is less than 1-mile east of Frontier Village a 755,000 SF power center anchored by Home Depot, Target, At Home, Sportsman’s Warehouse, Ross, Total Wine, Planet Fitness, OfficeMax, Petco, Harbor Freight, and more. Other nearby national/credit tenants include Walmart Supercenter, Costco, Lowes, Best Buy, Trader Joes, Dollar Tree, PetSmart, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. In addition, the site is within walking distance from The Winfield at the Ranch (100 units), and 144 recently approved units at 3360 Gateway Blvd (see page 12 for more details), providing a direct residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 53,000 residents and is supported by more than 37,000 daytime employees. Residents within a 3-mile radius boast a healthy average household income of more than
$99,000. Lastly, over the past decade the city of Prescott has experienced an exponential population growth of over 18%, further demonstrating the strength of the area.
Contact
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215