Metro Diner Pembroke Pines, Florida

$2,085,000
Cap Rate: 6.00%
Under Contract
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 6.00%
Year Built: 2018
NOI: $125,000
Building Size: 3,600 sq. ft.
Lot Size: 0.73 Acres

8240 Pines Blvd.
Pembroke Pines, FL 33020

Metro Diner is a brand new, 15-year, triple net lease with four, five-year renewal options. There will be $10k rental increases every five years in the base term and 10 percent every five years in option periods. Metro Diner is a brand new construction, opening in the Spring of 2018.

This opportunity presents itself as a stabilized restaurant with great visibility off Pines Blvd (54,000 vehicles per day) and University Drive (57,000 vehicles per day). The property benefits from its location, one mile from Broward College South Campus; five miles from the Seminole Hard Rock Hotel and Casino and six miles from Nova Southeastern University, with a total enrollment of more than 25,000.

Situated in Pembroke Pines, this listing offers attractive demographics. Pembroke Pines is the second-most populous city in Broward County and the 11th in Florida, with a five-mile population of approximately 450,000; Pembroke Pines is listed among the fastest growing cities in the country.

Metro Diner has more than 40 locations, either currently open or coming soon, throughout nine states. The company is led by Hugh Connerty and Chris Sullivan. Chris is the former co-founder and CEO of Outback Steakhouse and OSI Restaurant Partners, and has received the entrepreneur of the year award. Hugh is the former managing partner of Outback Steakhouse Int. and Outback Steakhouse’s first franchisee, and founder of Longhorn Steakhouse and Hooters of America. The company has been recognized by media outlets in their area and received several awards. In addition, Metro Diner was featured on the popular Food Network show, Diners, Drive- Ins and Dives.

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