Skyler Serrano of Lee and Associates-Irvine represented a family trust from Newport Beach in the sale of a NNN Leased Investment located in Indianapolis, Indiana. David LaFosse of Lee and Associates-Irvine represented a local Orange County investor. With offices throughout the United States, Lee & Associates-Irvine has the capability to sell assets nationally.  The building sold for $2,312,500 at 6.5% Cap Rate.

The Offering Stated:

Lee & Associates is pleased to present the opportunity to acquire an absolute NNN leased Denny’s Restaurant in a premium high traffic retail location. This Denny’s is operated by Classic Dining Group, an established and experienced 27 unit owner and operator in the midwest. There is a long term lease in place with more than 11 years remaining on the primary term followed by four (4) option periods of five (5) years each. Strategically located at the I-70 and Post Road interchange, this Denny’s is an outparcel to a Lowe’s Home Improvement Store and operates 24 hours, 7 days a week. It offers excellent access from two streets and benefits from a signalized intersection. It also benefits from the neighboring La Quinta Inn as well as InTown Suites Hotel. Denny’s, Inc. operates a branded chain of more than 1700 full service restaurants across the United States. The restaurants offer a complete menu of breakfast, lunch & dinner. The company was founded in 1953 and is based in Spartanburg, South Carolina.

 

The Details:

Pricing: $2,312,500
Cap: 6.5%
Rent Increase: July 1, 2018
Tenant: Denny’s Restaurant
Guarantor: Classic Dining Group, LLC.
Building Size: 6,486 SF
Land Size: 1.26 Acres
Ownership: Fee Simple
Year Built: 1994 (Remodeled 2015)
APN: 49-08-30-112-009-000-700
Zoning: C-3 Commercial
Parking: Approx. 80 Spaces
Lease Commencement: June 15, 2008
Lease Expiration: June 30, 2028
Lease Term: 11 Years, 7 Months Remaining
Lease Type: Triple Net
Landlord Responsibilities: None