Net Lease Hooters Property For Sale Date February 7, 2017
The Boulder Group is pleased to exclusively market for sale a single tenant net lease Hooters property located in Florissant, a suburb of St. Louis and the 12th largest city in Missouri. The net lease Hooters restaurant is strategically located off of the signalized intersection of Cougar Drive and Lindbergh Boulevard (US Highway 67), the trade areas primary thoroughfare. There are ten years remaining in the primary lease term which expires in April 2027. The triple net lease features a 10% rental escalation in 2022 and in each renewal option period. Hooters corporate has indicated the store is scheduled for a remodel in 2018.
The 5,048 square foot restaurant is located on Lindbergh Boulevard (US Highway 67), the primary thoroughfare in the trade area experiencing traffic counts of roughly 27,900 vehicles per day. The surrounding area is densely populated with over 96,500 people living within a three mile radius of the property. There are a number of new developments in the area as the local community continues to grow. The immediate area features numerous national retailers such as The Home Depot, Marshalls, PetSmart, Target, Five Below, ALDI, Lowe’s, Kmart and Walmart Supercenter to name a few.
Hooters’ has approximately 10 years remaining on their 20 year lease which expires April 30, 2027. This triple net lease features 10% rent escalation in May 2022 and two 5-year renewal option periods with 10% escalations. Hooters of America, LLC, the lease guarantor, operates more than 420 Hooters restaurants in 42 states and 29 countries.
INVESTMENT HIGHLIGHTS
- Corporately guaranteed lease
- No landlord responsibilities
- Located within the St. Louis MSA
- Positioned along the primary thoroughfare which experiences traffic counts of 27,900 vehicles per day
- 10 years remaining on lease with two 5 year renewal option periods
- 10% rental escalation in the primary term and each renewal option
- The immediate area features numerous big box retailers such as The Home Depot, Marshalls, PetSmart, Target, Five Below, ALDI, Lowe’s, Kmart and Walmart Supercenter
- Over 96,500 people living within a three mile radius of the property
- Hooters corporate has indicated the store is scheduled for a remodel in 2018