Ares - Cracker Barrel - Smyrna, TN

2697 Highwood Blvd, Smyrna, TN, 37167, US

Description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present for sale the single-tenant Cracker Barrel located in Smyrna, TN (the “Property” or “Asset”). Cracker Barrel (the “Tenant”) executed a 20-year absolute NNN lease with 1.00% annual rental escalations in 2020. The lease has 15 years remaining with five, 5-year renewal options. The Property, boasting over 391,000+ visits annually, is ranked in the top 10% of all Cracker Barrels in the nation and has occupied this space for almost 16 years (per Placer.ai).

This Asset offers secure, long-term cash flow backed by a national brand with tremendous unit-level economics.

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Attributes

Building area net

934 sm

Year built

1999

Asking price

CA$5,079,000

Cap rate

5.75%

Lease type

Absolute Triple Net

NOI

CA$293,000

Remaining lease term

15 years

Media

Investment highlights

Attractive rental escalations during primary term and options
Less than 1.5 miles away from a new 44-acre mixed-use development
$110K+ strong average household income within five-mile radius
Population of 116,000 within five-mile radius
Adjacent to Marketplace at SMYRNA that has 3.6M+ visits annually (per Placer.ai)
Established national tenant (Cracker Barrel) operating for over 55 years
Absolute NNN with zero landlord responsibilities
Positioned along I-24 and SR266 with combined 208K+ VPD