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Englewood, OH - Freddy's
910 S Main St | Englewood, OH 45322
Description
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding, Freddy’s investment property located in Englewood, Ohio. The tenant, Ram-Z Restaurant Group, recently signed a new 20 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7.5% 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.
Ram-Z Restaurant Group is a leading second generation operator in the Midwest. The guarantor successfully operates 35+ Freddy’s and 35 Schlotzsky’s locations and is rapidly growing its prowess as it is currently the largest Schlotzsky’s operator and in the top five Freddy’s operators nationwide. Freddy’s Frozen Custard & Steakburgers is a leading fast-casual franchise concept with more than 500 locations across 36 states nationwide.
Location
Freddy’s is located at the hard corner intersection of S. Main Street and Dresden Drive, and is nearby on/off ramps of Interstate-70 (67,200 VPD). The asset has excellent visibility along S. Main Street (27,400 VPD), a major retail thoroughfare featuring nearby grocers ALDI and Meijer, and the Planet Fitness-anchored Northmont Plaza Shopping Center, which receives 1.3M+ annual visits (per Placer.ai). The asset will receive increased consumer traffic from the concentration of nearby fast-food retailers including McDonald’s, Taco Bell, Popeyes, Panera Bread, Dunkin’, and Arby’s. Strong tenant synergy promotes crossover shopping to the subject property. The immediate area provides a direct consumer base for the tenant, supported by a dense residential community of single family homes and apartment communities such as the Stoneridge Apartments (150 units), Carriage House Apartments (145 units), and Englewood Villas & Residences (122 units). The 5-mile trade area is supported by a population of over 76,600 and 29,300 employees with an average household income of $85,037.