The Boulder Group, a net leased investment brokerage firm, has completed the sale of a net leased Long John Silvers & A&W Restaurant property located at 2235 Needmore Road in Dayton, Ohio for $975,000. The two tenants occupy the property under a single lease.<\/p>\n
The 2,246 square foot net leased Long John Silvers building is strategically located along Needmore Road, the primary east-west thoroughfare in the area.\u00a0 The property is less than one-quarter mile west of Interstate 75 with a full access interchange. The property is positioned near some national retailers such as Kroger, Chase Bank, PNC Bank, O\u2019Reilly Auto Parts and Advance Auto Parts.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a northeast based real estate group.\u00a0 The purchaser was a west coast based private trust.<\/p>\n
The property has approximately 11 years remaining on the lease which expires in September 2028.\u00a0 This triple net lease features a drive-thru, 1.50% annual rent escalations and two 5-year renewal option periods.\u00a0 Long John Silver’s is the world’s most popular quick-service seafood chain serving nearly four million customers each week.\u00a0 A&W Restaurants is notable for being the first successful food franchise company.<\/p>\n
\u201cProperties priced below one million continue to garner significant interest amongst private investors,\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cSingle tenant quick service restaurants with long-term leases continue to be in the great demand.\u201d<\/p>\n