Carl's Jr.: Buckeye, AZ
Retail | 5.25% CAP | 3,058 SqFt
Marketing description
The CBRE Net Lease Property Group is pleased to offer for sale the Carl’s Jr. ground lease situated on 1.25 acres in Buckeye, AZ—a western component of the Phoenix, AZ MSA (Population: 5.1M). The absolute NNN ground lease features ±1.7 years of primary term remaining with 10% rent increases in the two 5-year renewal options. Carl’s Jr.’s 3,058-square-foot building was constructed in 2010, and the site boasts a long-term operating history of 15 years.
The property is located on irreplaceable real estate within the ±600,000-square-foot Sundance Towne Center, which welcomed nearly 725,000 unique visitors across 7 million total visits during the last 12 months (Placer.ai). Carl’s Jr. is situated on a hard corner at the signalized, high traffic intersection of South Watson Road (61,961 VPD) and Interstate 10 (88,764 VPD).
Investment highlights
- Absolute NNN Ground Lease | Long Operating History: Carl’s Jr.’s absolute NNN ground lease features ±1.7 years of primary term remaining with 10% rent increases in the two 5-year renewal options. The 3,058-square-foot building was constructed in 2010, and the site boasts a long-term operating history of 15 years. In 2009, the lease was assigned to Carlees Holdings, LLC in connection with the development of 20 Carl’s Jr. and/or Hardee’s restaurants (Source: 2009 Restaurant Sublease).
- Strong Sales: This store is an excellent performer with a rent-to-sales ratio under 6.0%.
- Prime Interstate Location with Exceptional Traffic Counts: Positioned roughly 28 miles west of downtown Phoenix, Carl’s Jr. is situated on a hard corner at the signalized, high traffic intersection of South Watson Road (61,961 VPD) and Interstate 10 (88,764 VPD). This site is located immediately adjacent to the exit ramp, providing direct visibility and instant accessibility off Interstate 10 eastbound at Exit 117.
- Outpad to Sundance Towne Center: Carl’s Jr. is an outpad to the ±600,000-square-foot Sundance Towne Center which welcomed nearly 725,000 unique visitors across 7 million total visits during the last 12 months (Placer.ai). With a ±98% occupancy rate, Sundance Towne Center is a premier retail power center that is home to a collection of highly sought-after national tenants, including Walmart Supercenter, Lowe’s Home Improvements, PetSmart, Beall’s Outlet, Dollar Tree, Boot Barn, BMO Bank, AutoZone, AT&T, T-Mobile, Mattress Firm, Cracker Barrel, Chipotle, Wendy’s, Taco Bell, El Pollo Loco, Jimmy John’s, and more. The center serves as a vital player in the local retail market due to its robust tenant lineup, strategic interstate location, and placement within a dynamic and growing community.
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