Address: 12272 Morris Bridge Road, Temple Terrace, Florida, United States 33637
Cap Rate: 4.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $92,062
Net Operating Income: $92,062
Lease Term Remaining: 20 Years
Rental Increases: 2 Percent Annually
Options: Six, Five-Year Options
Rentable Sq/Ft: 5,797 SF
Rent Sq/Ft: $15.88
Price Sq/Ft: $334
Lot Size: 3.33 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans Property. The property consists of approximately 5,797 square feet of building space and is situated on approximately 3.33 acres of land.
The property will be subject to a 20-year triple net (NNN) lease. The lease will commence on April 28, 2017. The base rent is $92,062 with two percent annual rental increases. The increases will continue through the six, five-year tenant renewal options. The tenant will be a newly formed entity consisting of all Bob Evans Restaurants.
Bob Evans Restaurants was started more than 60 years ago with a single restaurant in Rio Grande, Ohio. The concept has since grown to 524 family restaurants in approximately 18 different states. Their wide variety of menu options appeals to a wide demographic, whether its breakfast, lunch, or dinner Bob Evans has something for everyone. Bob Evans Restaurants generated over $900 million in sales during fiscal year 2016.
This Bob Evans is located at 12272 Morris Bridge Rd in Temple Terrace, Florida. Temple Terrace is a city in the northeastern part of Hillsborough County, Florida. The city is adjacent and within nine miles of Tampa. Temple Terrace is known for its landscape, scenic views and proximity to Tampa.
The subject property is strategically positioned in a dense hospitality corridor, benefitting from it’s proximity to major national and local tenants. Nearby national tenants include: Hampton Inn & Suites, Holiday Inn, Hilton Garden Inn and Courtyard by Marriott among various others. There are a total of 10 hospitality providers within a two-mile radius of the subject property. In total, these 10 providers have over 1,020 rooms available. Some major retailers in the area include Wendy’s, Dunkin’ Donuts, Starbucks and Bank of America among various others. There are nine K-8 schools within a five-mile radius: four elementary schools, two middle schools, two private schools and one charter school. The current total enrollment is over 4,800 students. The University of South Florida is within two miles of the Bob Evans. The university is known for their research programs and boasts roughly 50,000 students.
There are approximately 41,283 people within a three-mile radius of this property and more than 142,525 within a five-mile radius. The property is situated on Morris Bridge Road, which is nearby East Fletcher Avenue and Interstate-75. East Fletcher Avenue has average daily traffic counts of 48,407 vehicles. Interstate-75 has average daily traffic counts of more than 136,978 vehicles. Temple Terrace also has Interstate-4 and Interstate-275 cross through the city. These three major highways connect Temple Terrace to Tampa, St. Petersburg, Orlando and Sarasota.
Temple Terrace is suburban city adjacent to Tampa, Florida. The city is also adjacent to the University of South Florida, which is the second largest university in the Southeast. Temple Terrace is a growing city with multiple areas of land currently in development for both residential and commercial properties. The city has recently launched a development initiative to maintain a competitive edge against surrounding neighborhoods. Temple Terrace is within two miles of Busch Gardens. The theme park has seen a consistent increase in attendance of about one percent for the past few years.
Broker of Record: Kirk Felici – License # BK 672851