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Storming Crab

$ 1,722,500
Fort Wayne, Indiana
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Address: 520 E Coliseum Blvd., Fort Wayne, Indiana, United States 46805

Type: Restaurant

Cap Rate: 8.00%

Lease Type: NNN Ground Lease

Annual Rent: $137,800

Net Operating Income: $137,800

Lease Term Remaining: 10 Years and 8 Months

Rental Increases: 2.0% Annual

Options: Two (2), Five (5) Year Renewal Options with 3.0% Annual Increases

Year Built: 2010

Rentable Sq/Ft: 5,347 SF

Rent Sq/Ft: $25.77

Price Sq/Ft: $322

Lot Size: +/- 1.22 Acres

Marcus & Millichap is pleased to present the exclusive listing for a Storming Crab located at 520 E Coliseum Blvd, Fort Wayne, IN 46805. The property consists of roughly 5,347 rentable square feet of building space on an estimated 1.22 acre parcel of land.
Storming Crab is subject to a new 10 Year 8 Month NNN Ground lease. There are 2.0% annual rent increases, and the tenant has two (2), five (5)-year renewal options with 3.0% annual increases.

The subject investment property is located on Coliseum Blvd in Fort Wayne, IN and is triangulated by 3 major roads including Coliseum Blvd with traffic counts of 54,910 vehicles, Coldwater Rd with traffic counts of 23,245, and N Clinton St with traffic counts of 16,795. Nearby I-69 brings an additional 59,474 vehicles into the immediate area daily. There are 76,662 individuals within a three-mile radius of the subject property and 175,675 within a five-mile radius of the subject property.

The subject property benefits from being well-positioned in a dense retail area. Major retail tenants in the immediate area include: Chick-Fil-A, Panera Bread, McDonalds, Starbucks, Dicks Sporting Goods, IHOP, Best Buy, Olive Garden, Qdoba, Office Depot, TJ Maxx, Old Navy, Chili’s, and many more. The property benefits from its close proximity to Purdue University Fort Wayne located 1-mile east on Coliseum Blvd. Purdue University Fort Wayne has a Fall 2019 enrollment of 10,208 students representing an increase over Fall 2018. The university has 14 men’s and women’s athletic teams competing in the NCAA Division I Summit League. The property also benefits from its close proximity to the Allen County War Memorial Coliseum, which is a 13,000 seat multi-purpose arena.

Fort Wayne is the cultural and economic center of northeastern Indiana. The city is within a 300-mile radius of major population centers, including Chicago, Cincinnati, Cleveland, Columbus, Detroit, Indianapolis, Louisville, Lexington, and Milwaukee. The economy supports a broad range of industries, including medical devices, insurance, vehicles, craftsmanship and e-commerce. Boosted by Lincoln Financial, the metro is home to numerous insurance companies such as Swiss Re, American Specialty, MedPro and Brotherhood Mutual. Access to nearby major markets and the FedEx hub in Indianapolis result in BAE Systems, General Mills and Walmart are all investing in logistics infrastructure near Fort Wayne International Airport. Regional healthcare networks provide more than 10,000 jobs, primarily at Parkview Health Systems and Lutheran Health Network.

 

Broker of Record:  Josh Caruana License #RB14034355

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Glen Kunofsky

President, Founder
(212) 430-5115

Judson Kauffman

Senior Managing Director, Investments
(212) 430-5204

Garreth Kaplan

Associate
(646) 805-1487