Cracker Barrel Riverview, Florida

$2,960,000
Cap Rate: 5.00%
Under Contract
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.00%
Price: $2,960,000
Rentable Square Feet: 10,485 SF
Annual Rent: $148,000
Price PSF: $282.30
Land Area: 2.19 Acres
Year Built: 2019
Lease Guarantor: Corporate
Lease Type: Triple NNN Net
Lease Term: 10 Years
Option Periods: 6, 5-Year Options
Rent Increases: 10% Every 5 Years in Options
Lease Expiration: 2/28/2030 est

9370 Theater Drive
Riverview, FL 33534

Investment Highlights

  • Brand New, 10-Year, Triple Net (NNN) Ground Lease
  • Available for Immediate Purchase with No Contingencies Remaining in the Lease
  • Seller will Fund Rent at the Rate Stated in the Lease from Date of Closing Until Rent Payments Commence by Tenant
  • Brand New Construction, Scheduled to Open in the First Quarter of 2020
  • Six, Five-Year Renewal Options
  • Part of Brand New Retail Complex Which Includes Recently Constructed State of the Art 14-Screen Movie Theatre
  • Located Directly off Interstate 75 With a Daily Traffic Count of More Than 147,000 Vehicles
  • Part of the Tampa-St. Petersburg MSA, With Approximately Three Million Residents

 

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale this Cracker Barrel Old Country Store, a brand new 10,485-square-foot retail investment opportunity in the Tampa Bay MSA. The subject property is new construction, opening first quarter of 2020. This is a 10-year, triple net ground lease. There are six, five-year renewal options with 10 percent rental increases every five years throughout the option periods.

The Cracker Barrel is available for immediate purchase as seller has fulfilled all lease obligations and no contingencies remain in the lease. Seller will fund rent at the rate stated in the lease from date of closing until rent payments commence by tenant.

Cracker Barrel in Riverview, Florida is part of the area’s newest retail development which is conveniently located at the southwest quadrant of Interstate 75 and Gibsonton Drive. Other projects within this master development include a Zaxby’s restaurant, Dunkin Donuts, a state-of-the-art 14-screen movie theater called Riverview 14, Extended Stay hotel, Riverview Plaza and other soon-to-be announced retailers. A very successful Walmart Supercenter is directly across the street to the entrance of the Riverview 14 project and provides additional traffic and exposure for this property.

Uniquely positioned within southeastern Hillsborough County and only one block from the exit/entrance of Interstate 75, the subject property sees substantial traffic and exposure to commuters going to and from work in Tampa, Brandon and St Petersburg. Southeastern Hillsborough County has seen explosive growth over the last 10 years with the population increasing by more than 50 percent. With over 5,000 residential homes under development, and more on the horizon, southeastern Hillsborough and the area immediately surrounding the new Cracker Barrel is expected to see above average rent growth and demand in the near future.

Riverview is situated between Bradenton and Tampa. Downtown Tampa, which is only 15 miles away, is undergoing a $3 billion expansion. The development in downtown Tampa known as Water Street, is expected to bring in several hundred thousand residents to the Tampa Bay market over the next decade.

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