Chili's Restaurant / Brinker International
Brinker International Chili's @ 6.87% CAP with 1.5% annual bumps
Marketing description
+/-1.5+ years remain on this 20 year initial term NNN lease with 1.5% annual increases and four 5 year options. Tenant is Brinker International, Inc. (NYSE: EAT, www.Brinker.com), one of the world’s leading casual dining restaurant companies and the home of Chili’s® Grill & Bar and Maggiano’s Little Italy®. Brinker owns, operates and/or franchises more than 1,600 restaurants in 29 countries and two U.S. territories. Current property owners have enjoyed 18 years of unblemished full lease performance since their 2008 purchase. In late 2019, Brinker acquired the +/-70 Chili's unit operator at this Chili's location in Muncie, Indiana. Brinker retains this within their owned portfolio indicating strong confidence in this specific location's long term performance. Located on West McGalliard Road (31,077 VPD), a main commercial thoroughfare in Muncie among many restaurants serving the 84K+ population within 5 miles of surrounding residences and employment centers. Outstanding location for casual dining: Ball State University's 20K+ students & staff are only ~1.5 miles away. IU Health Ball Memorial Hospital is ~2.5 miles away. Located between a Walmart Supercenter 2.5 miles west and the Muncie Mall 1 mile east.
Investment highlights
- 6.87% Cap Rate
- 1.5% annual increases
- +/-1.5 years left on 20 year initial term NNN lease (through October 2027)
- Four 5 year options (same terms)
- OUTSTANDING location for casual dining
- 1.5 miles from Ball State University
- 84K+ population within 5 miles
- 31,077 VPD in front of location
- +/-5,312 SF with abundant parking
- +/-1.52 acres (2 parcels)
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