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Riverdale, UT - Fiiz Drinks
4023 Riverdale Road Building B | Riverdale, UT 84405
$827,000
Price7.25%
Cap Rate$60,000
NOI2,000
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, newly-constructed, drive-thru equipped FiiZ Drinks investment property located in Riverdale, Utah (Salt Lake City-Ogden MSA). The tenant, Delta Bravo Holdings, LLC (dba FiiZ Drinks), recently signed a brand new 10-year lease with 2 (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 options, growing NOI and hedging against inflation. The ground lease is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment for a passive investor. Founded in Salt Lake City, Utah in 2014, FiiZ Drinks is a growing and popular soda shop chain with over 50 locations, and is expanding across the country.
Location
The newly-constructed FiiZ Drinks is located along Riverdale Road, a major retail road serving the city of Riverdale averaging nearly 54,100 vehicles passing by daily. The site benefits from nearby direct on/off ramp access to Interstate 15, a major thoroughfare serving the state of Utah averaging over 119,000 vehicles per day. In addition, the subject property is ideally situated in a heart of an immense, regional retail corridor, and is an outparcel to Riverdale Shopping Center, a 650,000+ SF power center anchored by Lowe’s, Ross Dress for Less, TJ Maxx, Staples, Old Navy, and Petco. Furthermore, the asset is located next to Newgate Mall, a 725,000 SF regional mall anchored by Burlington, AT&T, Footlocker, and CineMark. Other nearby national/credit tenants include Costco, Walgreens, Savers, Planet Fitness, 7-Eleven, Advance Auto Parts, and many 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 over 176,000 residents and 84,000 employees, providing a direct consumer base from which to draw. Residents within a 5-mile radius of the subject property have an average household income of $88,687. Riverdale, Utah is conveniently located 3 miles southwest of Ogden, and roughly 30 minutes from Salt Lake City.