Restaurant
Red Robin Ground Lease | 10-Yr Early Extension | 2 Base Term Rent Increases
2524 Chesapeake Square Ring Rd, Chesapeake, VA 23321
Listing Price: $1,427,000
Cap Rate
6.40%
Tenant Name
Red Robin
Years Remaining On Lease
11.2
Gross SF
6,350
Guarantor
No Guarantee
Rentable SF
6,350
Price/Gross SF
$224.72
Lease Type
NNN Ground Lease
Rent Per Square Feet
$14.38
Investment Overview
Marcus & Millichap is pleased to exclusively present for sale Red Robin Ground Lease located in Chesapeake, Virginia. The subject property has a triple-net ground lease with 11.5 years remaining. Red Robin Ground Lease is being offered for $1,427,000.
Red Robin Ground Lease | 10-Yr Early Extension | 2 Base Term Rent Increases
Investment Highlights
- CAP Changes to 6.9 Percent in 2025 with Base Term Increase
- Red Robin Absolute Triple-Net Ground Lease with 11.5 Years Remaining in Chesapeake, Virginia (Norfolk MSA). Corporate, Non-Franchised Lease/Operator; Red Robin International, Inc. Lessee Entity
- Tenant Demonstrated Very Strong Commitment to Site via Early-Extending Lease for 10 Years thru January 2035 with Minimal Inducement from Landlord
- 8 Percent Rent Increase in 2025 Adds 50 BPS to CAP Rate; Over 100 BPS to CAP Rate by End of Current Term with 2030 Rent Increase
- Low Rent Factor of $14.48 per Square Foot on the Building Gross Leasable Area ($91,000 Annually)
- High Growth Area: 30 Percent Population Growth in a One-Mile Radius Since 2010 (2.4 Percent Annually)
- Outparcel to Chesapeake Center – 277,000-Square-Foot Regional Draw Open-Air Shopping Center with Value City Furniture, Gabe's, Big Lots, PetSmart, Dollar Tree, and More
- Directly Across from Chesapeake Square – Regional Mall Anchored by Target, Burlington and Cinemark
Restaurant
Red Robin Ground Lease | 10-Yr Early Extension | 2 Base Term Rent Increases
Listing Price: $1,427,000
Cap Rate
6.40%
Tenant Name
Red Robin
Years Remaining On Lease
11.2
Gross SF
6,350
Guarantor
No Guarantee
Rentable SF
6,350
Price/Gross SF
$224.72
Lease Type
NNN Ground Lease
Rent Per Square Feet
$14.38
Investment Highlights
- CAP Changes to 6.9 Percent in 2025 with Base Term Increase
- Red Robin Absolute Triple-Net Ground Lease with 11.5 Years Remaining in Chesapeake, Virginia (Norfolk MSA). Corporate, Non-Franchised Lease/Operator; Red Robin International, Inc. Lessee Entity
- Tenant Demonstrated Very Strong Commitment to Site via Early-Extending Lease for 10 Years thru January 2035 with Minimal Inducement from Landlord
- 8 Percent Rent Increase in 2025 Adds 50 BPS to CAP Rate; Over 100 BPS to CAP Rate by End of Current Term with 2030 Rent Increase
- Low Rent Factor of $14.48 per Square Foot on the Building Gross Leasable Area ($91,000 Annually)
- High Growth Area: 30 Percent Population Growth in a One-Mile Radius Since 2010 (2.4 Percent Annually)
- Outparcel to Chesapeake Center – 277,000-Square-Foot Regional Draw Open-Air Shopping Center with Value City Furniture, Gabe's, Big Lots, PetSmart, Dollar Tree, and More
- Directly Across from Chesapeake Square – Regional Mall Anchored by Target, Burlington and Cinemark
Investment Overview
Marcus & Millichap is pleased to exclusively present for sale Red Robin Ground Lease located in Chesapeake, Virginia. The subject property has a triple-net ground lease with 11.5 years remaining. Red Robin Ground Lease is being offered for $1,427,000.
