Description
The investment is an absolute NNN lease with 20 years remaining. The lease
commenced on December 31, 2007 and includes two 10-year options. The property
has an attractive cap rate of 9%, 1.75% annual rent increases, and absolutely
no landlord responsibilities. The building is 7,680 square feet and it sits on
1.67 acre parcel of land.
The subject property is located amongst a bustling retail area as the
property is an outpad to The Waterford Lakes Town Center, a regional mall by
Simon Development Company. The property is located at a busy highway
intersection of North Alafaya Trail and Interstate 408, also known as the
East-West Expressway.
The lease is guaranteed by Barbecue Integrated, Inc, an affiliate of Sun
Capital Partners. Barbecue Integrated has over $10 million in equity and
operates over 70 Smokey Bones locations nationwide. Smokey Bones Barbecue &
Grill opened in 1999 and employs 6,000 people in 17 states.
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Rent increases 1.75% annually