NNN Pro Group is pleased to present the Red Lobster located at 7607 Day Drive in Parma, Ohio. The site consists of roughly 7,491 rentable square feet of building space on an estimated 1.67-acre parcel of land. This property is subject to an absolute triple net (NNN), which expires on July 31, 2039. The rent is scheduled to increase by 2% annually every and in each of the option periods.
About the Investment
✓ Long-Term, Absolute Triple Net (NNN) Lease | Over 15 Years Remaining
✓ World’s Largest Seafood Restaurant | Serving Customers in 11 Countries
✓ Corporate Guaranty | Over 640 locations in North America
✓ Strong Inflation Hedge | Attractive 2.0% Annual Increases
✓ Ideal Demographics | Population Exceeds 770,900 Within a Ten-Mile Radius
✓ The Shoppes at Parma Located Down the Road | Several Anchor Tenants
NNN Pro Group is pleased to present the exclusive listing for an Sgt. Clean Car Wash located at 7875 Day Drive, Parma, OH. The site consists of roughly 7,027 rentable square feet of building space on estimated 0.83-acre parcel of land. This Sgt. Clean Car Wash is subject to a 20-year absolute triple-net (NNN) lease, which will commence at the close of escrow. The current annual rent is $437,500 and is scheduled to increase by 2.00% annually and in each of the 4, 5-year renewal options.
✓ 20-Year Triple-Net (NNN) Sale-Leaseback: At Closing the Tenant Will Execute a Brand New 20-Year Absolute Triple-Net Lease. The Lease Will Have No Landlord Responsibilities.
✓ Corporate Guaranty: The Lease will be subject to a Corporate Guaranty
✓ Accelerated and Bonus Depreciation: The Properties Qualify for 15-Year Accelerated Depreciation as well as Bonus Depreciation
✓ Rental Increases: The Leases will Include 2.00% Annual Rental Increases
