Perry's Steakhouse - Cool Springs, TN_Property for Sale
Perry's Steakhouse - Cool Springs, TN_Property for Sale
5028 Aspen Grove Drive, Franklin, TN, 37067, US

Perry's Steakhouse - Cool Springs, TN

Asset Description

JLL is pleased to offer for sale the single-tenant Perry’s Steakhouse & Grille flagship restaurant located at 5028 Aspen Grove Drive in Franklin, TN (the “Property”). The Property is strategically located in the affluent city of Franklin and is part of the thoughtfully curated brand-new McEwen Northside master development district comprised of Class A retailers, restaurants, hotel rooms and upscale residential units. The Property is leased to Perry's Steakhouse under an optimal NNN lease structure. Landlord will benefit from a 9.00% rent increase at April 1, 2026 as well as annual percentage rent to capitalize on the Tenant’s success.


Founded in 1993, Perry’s has grown to be one of the country’s premier, award-winning steakhouses with locations in Denver, Chicago, Birmingham, Miami, Raleigh, Nashville, and across Texas. The subject Property performs exceptionally well with $13.9 million of reported sales in 2023.


The Property benefits from its ideal location within the Cool Springs submarket of Franklin, TN - the 11th wealthiest county in the country and the fastest growing submarket in Nashville. The Property’s location is only getting better given it is an anchor restaurant for the McEwen Northside master development district that is approaching full stabilization. Upon completion, the 45 acre development encompasses 314 hotel rooms, 770 upscale residential units,740,000 SF of Class A office with quality tenants and a wide variety of specialty retailers and restaurants that will bring visitors from throughout the surrounding neighborhoods.


This unique offering provides investors the ability to acquire prime real estate leased to an award-winning, fast-growing steakhouse chain within one of the most affluent submarkets in the country. Investors will benefit from a 9.00% base rent increase during 2026 as well as significant yield upside via incremental rent as a percentage of annual store sales.

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Attributes

WAULT
6.5 years
Building area net
11,273 sf
Year built
2020
Occupancy
100%
Building class
A
NOI
£721,000
Lease type
Net lease (N/NN/NNN)
Tenants
Perry's Steakhouse

Media

Investment Highlights

  • Optimal NNN lease structure with more than 6.5 years of remaining primary term remaining.
  • Base rent increases by 9.00% at April 1, 2026 – creating a sizable yield enhancement for ownership
  • Annual percentage rent at 6.00% of gross sales over $8.5M. In 2023, Perry’s did $13.9M of sales, resulting in significant incremental income for the Landlord
  • Average household income of $168K+ within a 5-mi Radius
  • Over 83K+ Residents within a 5-mi Radius - projected to grow at an impressive 2.2% annually for over the next 5 years
  • The Property sits in a major retail corridor along I-65 and W McEwen Dr (154,300+ vehicles per day) and the area includes national retailers such as Walmart, Chick-Fil-A, Lowe's, Whole Foods, and Trader Joes
  • The master planned development will include approximately 740,000 SF of Class A office space, 126,000 SF of restaurants and specialty retail, a 314-room hotel, and 770 luxury apartments
  • The Perry’s brand has evolved from a Texas staple to now having 20 restaurants in prime markets throughout the country including Denver, Chicago, Birmingham, Miami, Raleigh and the subject Property in Nashville
Perry's Steakhouse - Cool Springs, TN 4_Property for Sale
Perry's Steakhouse - Cool Springs, TN 4_Property for Sale

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Perry's Steakhouse - Cool Springs, TN (0 Properties)

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Last updated
9 Jul 2024