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Laredo, TX - Alamo Drafthouse
11210 Eastpoint Dr | Laredo, TX 78045
Description
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Alamo Drafthouse Cinema investment property located in Laredo, Texas. The tenant, Reel Dinner Partners - Laredo, LLC, has 18+ years remaining on its 20-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 3% annual rental increases throughout the initial term and increases of the greater of 3% or fair market value in the option periods, 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. Alamo Drafthouse’s goal is to deliver the best cinema experience in the world, accomplished through 4 main pillars: creative film programming, unique food and beverage offerings, innovation, and stable, consistent growth strategy. The company has over 35 locations throughout the country. After pandemic restrictions were lifted, Alamo Drafthouse recovered faster than any other theater brand. ADH continues to be a leader in the theater space. As an additional demonstration of commitment to the site, the tenant originally built these theaters, before selling them to a public REIT.
Location
The Alamo Drafthouse is located near the signalized, hard-corner intersection of Bob Bullock Lp and International Blvd. The property is located right off of US Highway 59, a major thoroughfare, which averages over 37,900 vehicles passing by daily. The asset is located less than a mile from Independence Plaza, a 295,000+ square foot H-E-B anchored shopping center that features tenants such as T.J. Maxx, Starbucks, Hobby Lobby, Ulta, Chili’s, Ross, Petco, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Academy, Burlington, Chick-fil-A, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by approximately 95,300 residents and 45,000 employees, providing a direct consumer base from which to draw. Residents within 1 mile of the subject property boast an affluent average household income of $134,529.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215