Address: 298 Memorial Avenue, West Springfield, Massachusetts, United States 01089
Cap Rate: 5.50%
Lease Type: Triple-Net (NNN)
Annual Rent: $92,500
Net Operating Income: $92,500
Lease Term Remaining: 23 Years Remaining
Rental Increases: Two Percent Annually
Options: Four, Five-Year Options
Rentable Sq/Ft: 2,108 SF
Rent Sq/Ft: $43.88
Price Sq/Ft: $798
Lot Size: 0.46 Acres
The subject investment opportunity is a Taco Bell/Pizza Hut triple-net (NNN) sale-leaseback. The property is located at 298 Memorial Avenue in West Springfield, Massachusetts and consists of 2,108 square feet of building space and sits on approximately 0.46 acres of land.
This Taco Bell/Pizza Hut will be subject to a brand new, 20-year triple-net (NNN) lease commencing at the close of escrow. The proposed base rent shall be $92,500 and will be subject to 10 percent rental increases every five years. The increases will continue through the six, five-year tenant renewal options.
This Taco Bell/Pizza Hut is operated by the franchisee G.F. Enterprise LLC, which is a 28-unit YUM! operator with Taco Bells, Pizza Hut/Taco Bells, and KFC locations throughout the northeast. Formed in 2012 by George Fellows, the G.F. Enterprise includes individuals with extensive Taco Bell operations experience and a senior corporate executive with a record of over 40 successful years of driving growth and profitability for both domestic and international businesses.
This Taco Bell / Pizza Hut property is located at 298 Memorial Avenue in West Springfield, Massachusetts. West Springfield is a city in Hampden County and is part of the Springfield, Massachusetts Metropolitan Statistical Area. The city is also known as “West Side”, in reference to the fact that it is on the western side of the Connecticut River from Springfield, a fact which played a major part in the town’s early history.
West Springfield is a densely populated. There are approximately 124,421 people within a three-mile radius of this property and 277,436 people within a five-mile radius. The property is situated on Memorial Avenue, which has an average daily traffic count of 17,033 vehicles. The property benefits from its proximity and ease of access to U.S. Interstate-91, which brings in an additional 95,415 vehicles to the immediate area.
The subject property is well-positioned in a dense retail corridor, benefitting from its proximity to major national and local retailers. Major national retailers in the area include McDonald’s, Subway, Dunkin Donuts, Family Dollar, Big Lots, CVS Pharmacy, Price Rite, T.J. Maxx, as well as many others. Three miles north, tenants include The Home Depot, Costco Wholesale, Kohl’s, Olive Garden and KFC, amongst others. The Connecticut River is to the right of the property and connects West Springfield to downtown Springfield.
This Taco Bell/Pizza Hut property is located half a mile from downtown Springfield. Springfield is the economic center of Western Massachusetts. It features the Pioneer Valley’s largest concentration of retail, manufacturing, entertainment, banking, legal, and medical groups. With 25 universities and colleges within a fifteen-mile radius from Springfield, including several of America’s most prestigious universities and liberal arts colleges, and more than six institutions within the city itself, the Hartford-Springfield metropolitan area has been dubbed the Knowledge Corridor by regional educators, civic authorities, and businessmen.
Broker of Record: Tim Thompson- License #151664