Buddy Brewster's - Lakewood, NY_Property for Sale
Buddy Brewster's - Lakewood, NY_Property for Sale
318 East Fairmount Avenue, Lakewood, NY, 14750, US

Buddy Brewster's - Lakewood, NY

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Buddy Brewster’s Ale House (the “Property” or “Asset”) located at 318 E. Fairmount Avenue in Lakewood, NY. The Property totals 4,976 SF and features a 10-year lease with one (1), five-year renewal option, an 18.4% rent bump in year 6 of the primary lease term, and a 10% rent bump in the renewal option. The lease structure is an absolute NNN ground lease and offers investors long-term cash flow with no landlord expenses.


The Asset is located in Lakewood, a scenic city on the coast of Chautauqua Lake in Chautauqua County. The Property sits along Fairmont Avenue (19,200 VPD) within a dense commercial corridor, down the street from a Walmart (2.5 million annual visitors) Home Depot, Target, Advance Auto Parts, Tractor Supply, Harbor Freight, and more. The Property is an out-parcel to the Chautauqua Mall, which hosts 1.9 million annual visitors, and is fully leased to Buddy Brewster’s (the “Tenant”). This is the Tenant’s second location since its inception less than four years ago. After opening its first location in 2020 during the COVID-19 pandemic, the original restaurant’s performance warranted an expansion to a second location. In its first full calendar year of operations (2023), the Property achieved sub-four percent rent-to-sales ratio.


The Offering provides investors with the opportunity to acquire over 8 years of passive cash flow from an expanding retail tenant with in-place renewal options.

...

Attributes

Asking price
₩1,602,877,000
Cap rate
6%
Building area net
462 m²
Occupancy
100%
Year built
2022
Land area gross
0.57 ha
Remaining lease term
8.6 years

Media

Investment Highlights

  • 18.4% Rent Bump in July of 2027 (7.11 Cap Rate on List Price)


  • 2023 rent-to-sales ratio below 4% in first full year of operation


  • Frontage along Fairmont Avenue, which sees +19,200 vehicles per day


  • Outparcel to Chautauqua Mall, which sees 1.9 million annual visitors, and down the street from a top 10% nationally-ranked Walmart (2.5 million annual visitors)


  • Long-term, Absolute NNN Lease expiring in 2032 with zero landlord responsibilities and one (1), five-year extension option
Buddy Brewster's - Lakewood, NY 4_Property for Sale
Buddy Brewster's - Lakewood, NY 4_Property for Sale

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Buddy Brewster's - Lakewood, NY (0 Properties)

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Last updated
3 Apr 2024