Red Robin - Manchester, CT

360 Buckland Hills Drive, Manchester, CT, 06042, US

Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the Red Robin located at 360 Buckland Hills Drive in Manchester, Connecticut (“Property” or “Asset”). Red Robin is operating on a NNN ground lease with zero landlord responsibilities, ±3.3 years of lease term remaining, and a 10% rent escalation in the remaining three, five-year options.

Located in Manchester’s dominant retail node with more than 6,000,000 square feet of retail space, the surrounding shopping centers generate more than 11.6 million visits annually and ranks as the #1 most visited retail node in Connecticut and in the top 4% of most visited retail nodes across the U.S. (Placer.ai). National tenancy in the retail node includes Walmart, Costco, The Home Depot, Hobby Lobby, Target, Whole Foods, and ALDI, among others.

This unique opportunity allows investors the ability to acquire a passive income stream from a nationally recognized casual-dining operator with high value intrinsic real estate.

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Attributes

Asking price

₱127,993,000

NOI

₱8,322,000

Cap rate

6.5%

Lease type

Absolute Triple Net

WALT

3.3 years

Building area net

590 sm

Land area gross

1.01 ha

Media

Investment highlights

Located in the #1 most visited retail node in Connecticut and in the top 4% of most visited retail nodes across the U.S.
±3.3-year, franchise-guaranteed NNN ground lease with rent increases of 10.0% every five years and three (3), five-year extension options
Red Robin is a casual dining operator with 498 locations across the U.S. with $1.2 billion in annual sales
Strong demographics with a ~$120,000 average household income in a five-mile radius
Located at the interchange of I-81 / I-291 with direct access to 153,000 VPD