Charleys Cheesesteaks
Retail | 6.75% CAP | 2,100 SqFt
Marketing description
SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Charleys Cheesesteaks investment property located in North Las Vegas, Nevada. The tenant, LV Food Service Concept LLC, recently signed a brand new 10-year lease with 2 (10-year) options to extend, demonstrating their commitment to the site. The tenant is a subsidiary of LV Petroleum, which operates over 80 travel center locations, 180 quick-service restaurants, and 30 convenience stores. The lease features 2% annual rental increases throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. The project is currently under construction and is expected to be completed by mid-July, with a public opening scheduled for August 1. All equipment located on the property is included in the sale, providing the potential for bonus depreciation (consult a tax advisor)
Investment highlights
- The lease is signed by LVP Food Service Concept LLC, a growing operator with locations across 9 brands and subsidiary of LV Petroleum
- LV Petroleum operates over 80 travel center locations, 180 quick-service restaurants, and 30 convenience stores, see page 18
- New 10-year lease with 2 (10-year) option periods to extend
- The lease features 2% annual rental increases throughout the initial term and option periods
- The project is currently under construction and is expected to be completed by mid-July, with a public opening scheduled for August 1
- All equipment located on the property is included in the sale, providing the potential for bonus depreciation (consult a tax advisor)
- Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
- No landlord responsibilities
- Ideal, management-free investment for a passive investor
- The asset is a part of a new development that will feature tenants such as Rally's, Bojangles, Black Bear Diner, Conoco, and more
- The property is in the center of a primary retail corridor with other nearby national/credit tenants including The Home Depot, Albertson's, Smith's, EOS Fitness, Planet Fitness, Chick-fil-A, Starbucks, McDonald's, and more
- More than 457,500 residents and 102,400 employees support the trade area
- $100,664 average household income
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