Steak ‘n Shake Sale
DATE February 28, 2020 / AUTHOR
CATEGORY Just Sold
We are happy to announce a successful closing of a Steak ‘n Shake in Hoover, Alabama. The investment was a brand new 20-year Sale-Leaseback from the current operator and the franchisee at the site. The site was a successful location for Steak ‘n Shake for over a decade and with Whole Foods as an anchor and a market that is fully built out, makes the demand for such property very high. For our client, who was looking for a safe investment, with high intrinsic value and a story, at a below market rent, this was a home run.
While there were very substantial obstacles to a successful close, through navigating the variables in a timely and careful manner, working closely with the clients and their counsel, as well as the team at the other end of the transaction, we brought it to a close.
- Brand New 20-year Sale-Leaseback
- Annual Rental Escalations of 1.5%
- NNN Lease with Zero Landlord Responsibilities
- Outparcel to Whole Foods
- High Barriers to Entry Market
- Strong Demographics
- Below-market rent
- At the Entry Point to the Shopping Center
- Strong Retail Corridor