Property details
Golden Corral Restaurant For Sale, Southwest Region
Additional Remarks
Rent commences 15 years from close of escrow
Annual Rent: $296,825
Property Description
• Corporate Golden Corral Sale Leaseback
• New 15 Year Triple-Net (NNN) Lease with 5% Escalations Every Five Years
• 165,532 Population in Five Miles | 5.3 Million in the MSA
• New Construction and Larger Pavilion Concept with Higher End Endless Buffet
• Adjacent to Wal-Mart Supercenter with Cross Parking Access on I-10 Frontage Road
• Excellent 1031 Exchange Property
• 151,000 VPD
About the Tenant
Golden Corral
Started in 1973 (North Carolina)
America's #1 buffet/grill concept for last 12 years
Serving breakfast, lunch & dinner
Over 480 locations; 370+ franchised, in 40 states
Expansion planned for 40 new units
Images
Highlights
- Status:
- Sold
- Price:
- $3,957,667
- PSF:
- $280
- Cap Rate:
- 7.50%
- Rent Increases:
- 5% every five years in base term and options
Property Information
- Building Size:
- 14,155 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Restaurant
- Units/Spaces:
- 1
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Golden Corral
- Lease Type:
- NNN
- Lease Commencement:
- 11/10/2011
- Lease Expiration:
- 12/01/2026
- Lease Term:
- 15 years
- Lease Remaining:
- 1.7 years
- Landlord Responsibilities:
- Absolute Triple Net
- Options:
- Five (5) year options
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.