Investment Highlights
Executive Summary
- Single-tenant Freddy?s Frozen Custard and Steakburgers investment opportunity, offering a brand-new 20-year absolute triple-net (NNN) sale-leaseback with 10% rental increases every five years and four (4), five (5) year option periods.- Freddy?s has more than 500 restaurants nationwide and was ranked #8 on the Restaurant Business list of the 10 Fastest Growing Chains in the United States.- Founded in 2011, JRI Hospitality is the largest Freddy?s franchisee with ?83 Freddy?s restaurants in 15 states and nearly 94 total restaurants across their portfolio. JRI is projected to expand their reach with 4 to 8 projects per year.- In addition to the Freddy?s, currently under development at the northeast corner of 99th Ave and Van Buren St is the Village at Paseo de Lucas, a 272-unit gated single-family rental community, a WoodSpring Suites hotel, Starbucks and more. Other major retail right here is Tractor Supply, Cobblestone Carwash, Service King, Burger King and more.- The Property is located within a 10-minute drive of several large industrial employers including Amazon (?4,399 employees), JBS (?1,575 employees), Albertsons (?800 employees), Papa Johns (?633 employees), Target (?558 employees), PepsiCo (549 employees), and many more.- The Property is located just north of the intersection of S 99th Ave and W Van Buren St (?44,100 VPD) and half a mile south of the I-10 freeway (?301,673 VPD) and US-101 freeway (?169,623 VPD) (Source: ADOT, 2022).- Strong nearby demographics with an average household income of $97,137 within a 3-mile radius and a total population of ?894,573 within a 10-mile radius.
