NN Leased Single Tenant Quick Service Retail Investment
Listing was updated at: 01/23/2019
Property Overview
Price/Rent PSF $ 310,000.00
Asset Type Retail
Trade Type Sale
SQ. FT. Available 1,270
Date Available 01/23/2019
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Description

Location
Located on the northeast corner of 11th street and "E" Street between D Street and F Street. Prime location in the middle of the downtown and newer shopping centers surrounded by a dense mixture of housing and apartments. Surrounding tenant's include US Postal Service, 76 Fuel, Chicago Title, Dollar General, Chase Bank, Kings Canyon Unified School District, Chevron, Bank of America, Chevrolet, and many more.

Sale
Single-tenant NN leased freestanding Fosters Freeze Restaurant investment with long term tenant on a 10-year lease with consistent rent increases. Fosters Freeze has occupied the space since 1962 and just inked another corporate guaranteed lease extension through May 2026 with no termination clause. The lease rate is very conservative at only $1.45/SF/month, making this a very profitable location. The tenant just completed a $50K+ remodel in 2017, showing their commitment to the market and location. The vibrant downtown of Reedley attracts various quality tenants surrounding the location bringing great synergy for Fosters Freeze to flourish. Well known and established corner restaurant building in a highly traveled area off the "Main and Main" of Downtown Reedley. The freestanding building has a functional floor plan that tenant has made substantial improvements to. The deal is operated by a quality multi-unit family partnership/operator with a long history in fast food operations. The only Landlord responsibility is the County property taxes; the Tenant bears all other responsibilities, costs, and obligations. The rent increases in 2020 to $1,950/month, 2022 to $2,100/month, and 2024 to $2,200/month.

Location