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Restaurant

The Sandbar & Kitchen

2910 Atlantic Ave, Fernandina Beach, FL 32034

Listing Price: $5,416,667

Cap Rate
6.00%
Tenant Name
The Sandbar & Kitchen
Years Remaining On Lease
20.0
Guarantor
No Guarantee
Rentable SF
7,400
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$43.92

Investment Overview

STRONG REAL ESTATE FUNDAMENTALS Rare Beach Front Investment High Barriers to entry Destination Resort Area which hosted over 662,900 visitors in 2021, generating economic impact of $714,715,700. Walking distance to over 376 hotel rooms, including Marriot Courtyard and Spring Hill Suites (239 rooms) completed in March 2021 The restaurant can accommodate almost 350 guests at its three bars, upstairs and downstairs dining rooms, and the indoor and outdoor music venues Located in Nassau County, 4th fastest growing county in Florida Affluent and growing local market and with strong tourist demand OPTIMAL LEASE STRUCTURE Absolute NNN 20-year base term lease 10% rent escalations every 5 years throughout entire lease Rent based on 8% 2021 Gross Sales 3.35 Rent Coverage Ratio based on 2021 EBITDAR Two (2), 10 year renewal options Triple Net (NNN) lease with no landlord responsibilities EXISTING PROFITABLE OPERATION – EXPERIENCED, VETERAN OPERATING TEAM Operator’s principals have an average of 25 years of experience and have owned and operated more than 130 restaurants representing 26 brands in 19 states Operator currently owns and operates 31 restaurants in the Southeastern U.S., including 16 located in coastal and beachfront communities Operator’s principals were previously instrumental in assembling and operating a portfolio of 98 casual, fast casual, polished casual, steakhouse, seafood, and fine dining restaurants comprised of 13 different brands operatingin 17 states as part of a consolidation strategy for a single private investor NASSAU COUNTY 4th fastest growing county in Florida Located within 750 miles of 13 major US Cities, easily accessible to Jacksonville International Airport. 1,666,836 people within a 90-minute drive 4.92% Population Growth in 2020 – 2021 Forecasted Growth of 36% over the next ten years AMELIA ISLAND Premier travel destination known for its luxury resorts, golf courses and numerous sandy beaches. Hosted over 662,900 visitors in 2021 with an economic impact of $715,715,700 Average Household Income of guests equaled $135,105 Resident Population (±) 38,139 AHHI (±): $116.439 FERNANDINA BEACH Nassau County’s largest municipality and county seat Birthplace of the modern shipping industry at the nearby Port of Fernandina Historic District featuring shopping in downtown waterfront setting, 400 historic homes and regulation to control development Host to the Isle of Eight Flags Shrimp Festival drawing 100,000 people each May Visitors can visit the light house at Fort Clinch along with the pristine beaches within this 1,400-acre State Park Resident Population (±) 20,687 (5-mi) AHHI (±): $103,741 (5-mi) 6.54% Population Growth 2000-2010 6.04% Forecasted Population Growth 2021-2026

Investment Highlights

  • Rare Beach Front Investment
  • Destination Resort Area which hosted over 662,900 visitors in 2021, generating economic impact of $714,715,700.
  • Triple Net (NNN) lease with no landlord responsibilities

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s) FL: BK3154667

    Florida

Financing By

Restaurant

The Sandbar & Kitchen

Listing Price: $5,416,667

Cap Rate
6.00%
Tenant Name
The Sandbar & Kitchen
Years Remaining On Lease
20.0
Guarantor
No Guarantee
Rentable SF
7,400
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$43.92

Investment Highlights

  • Rare Beach Front Investment
  • Destination Resort Area which hosted over 662,900 visitors in 2021, generating economic impact of $714,715,700.
  • Triple Net (NNN) lease with no landlord responsibilities

Investment Overview

STRONG REAL ESTATE FUNDAMENTALS Rare Beach Front Investment High Barriers to entry Destination Resort Area which hosted over 662,900 visitors in 2021, generating economic impact of $714,715,700. Walking distance to over 376 hotel rooms, including Marriot Courtyard and Spring Hill Suites (239 rooms) completed in March 2021 The restaurant can accommodate almost 350 guests at its three bars, upstairs and downstairs dining rooms, and the indoor and outdoor music venues Located in Nassau County, 4th fastest growing county in Florida Affluent and growing local market and with strong tourist demand OPTIMAL LEASE STRUCTURE Absolute NNN 20-year base term lease 10% rent escalations every 5 years throughout entire lease Rent based on 8% 2021 Gross Sales 3.35 Rent Coverage Ratio based on 2021 EBITDAR Two (2), 10 year renewal options Triple Net (NNN) lease with no landlord responsibilities EXISTING PROFITABLE OPERATION – EXPERIENCED, VETERAN OPERATING TEAM Operator’s principals have an average of 25 years of experience and have owned and operated more than 130 restaurants representing 26 brands in 19 states Operator currently owns and operates 31 restaurants in the Southeastern U.S., including 16 located in coastal and beachfront communities Operator’s principals were previously instrumental in assembling and operating a portfolio of 98 casual, fast casual, polished casual, steakhouse, seafood, and fine dining restaurants comprised of 13 different brands operatingin 17 states as part of a consolidation strategy for a single private investor NASSAU COUNTY 4th fastest growing county in Florida Located within 750 miles of 13 major US Cities, easily accessible to Jacksonville International Airport. 1,666,836 people within a 90-minute drive 4.92% Population Growth in 2020 – 2021 Forecasted Growth of 36% over the next ten years AMELIA ISLAND Premier travel destination known for its luxury resorts, golf courses and numerous sandy beaches. Hosted over 662,900 visitors in 2021 with an economic impact of $715,715,700 Average Household Income of guests equaled $135,105 Resident Population (±) 38,139 AHHI (±): $116.439 FERNANDINA BEACH Nassau County’s largest municipality and county seat Birthplace of the modern shipping industry at the nearby Port of Fernandina Historic District featuring shopping in downtown waterfront setting, 400 historic homes and regulation to control development Host to the Isle of Eight Flags Shrimp Festival drawing 100,000 people each May Visitors can visit the light house at Fort Clinch along with the pristine beaches within this 1,400-acre State Park Resident Population (±) 20,687 (5-mi) AHHI (±): $103,741 (5-mi) 6.54% Population Growth 2000-2010 6.04% Forecasted Population Growth 2021-2026

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s): FL: BK3154667

    Florida

Financing By

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