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Restaurant

Cheesecake Factory

415 S 27th St, Pittsburgh, PA 15203

Listing Price: $8,750,000

Cap Rate
6.39%
Tenant Name
The Cheesecake Factory Restaurants Inc.
Years Remaining On Lease
10.6
Gross SF
12,575
Guarantor
Corporate Guarantee
Rentable SF
12,575
Price/Gross SF
$695.83
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$44.50

Investment Overview

Marcus & Millichap is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single-tenant net-leased Cheesecake Factory, located at 415 S 27th Street in Pittsburgh, Pennsylvania (the “Property”).

The Cheesecake Factory has operated at this location since 2004 and recently extended its lease early, with the primary term now running through 2035, offering over 10 years of lease remaining. The lease includes 10 percent rental increases every five years during the primary term and has two (2) five-year renewal options.

The Property features 12,575 square-feet of rentable building area on approximately 0.38 acres of land along 27th Street (approximately 18,000 vehicles per day). The location benefits from excellent demographics, with nearly 395,000 residents within a five-mile radius and an average household income of around $78,000. It is also near two major universities, The University of Pittsburgh and Carnegie Mellon University, with a combined 43,000 students contributing to a median age of 27.2 within one mile of the property.

Centrally located in Pittsburgh’s vibrant SouthSide Works riverfront development, the property boasts excellent walkability, visibility, and ample parking (approximately 2,500 spaces). SouthSide Works includes over 330,000 square feet of shops, hotels, restaurants, and apartments, and features a modern urban design. Additionally, it offers 700,000 square-feet of office space. Nearby national retailers and restaurants include REI, Hofbräuhaus, Urban Outfitters, and LA Fitness. The property is also just two blocks from the corporate headquarters of American Eagle Outfitters. Recent additions to SouthSide Works include a Rite Aid, opened in April 2022, and Pins Mechanical, a duckpin bowling arcade, opened in July 2022.

The development of a revitalized Town Center Square adjacent to The Cheesecake Factory has been completed, adding to the area’s appeal. The SouthSide Works development is transforming the Town Center Square with new energy and green space. Additions include bosque seating, gathering stairs, lawn games, and a flexible stage for movies and musical performances. Events such as Oktoberfest, a farmer’s market, fire pits, and other outdoor attractions draw visitors to SouthSide Works.

Investment Highlights

  • Over 10 Years Remaining on Triple Net Lease With Five-Year Renewal Options
  • 10 Percent Rent Increases Every Five Years in Firm Term and Renewal Options
  • Percentage Rent Equal to Five Percent of Gross Sales in Excess of Break Point
  • Located in Pittsburgh's New SouthSide Works Riverfront Mixed-Use Development
  • National-Tenant Neighbors Include REI, Hofbrauhaus, Urban Outfitters, LA Fitness, Rite Aid, Jeni's, Hyatt House, Qdoba, GNC, Subway, H&R Block, Papa John's and More

Broker of Record

  • Timothy B. Stephenson Jr.

    Regional Manager

    (215) 531-7000

    License(s) PA: RMR006104

    Pennsylvania

Restaurant

Cheesecake Factory

Listing Price: $8,750,000

Cap Rate
6.39%
Tenant Name
The Cheesecake Factory Restaurants Inc.
Years Remaining On Lease
10.6
Gross SF
12,575
Guarantor
Corporate Guarantee
Rentable SF
12,575
Price/Gross SF
$695.83
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$44.50

Investment Highlights

  • Over 10 Years Remaining on Triple Net Lease With Five-Year Renewal Options
  • 10 Percent Rent Increases Every Five Years in Firm Term and Renewal Options
  • Percentage Rent Equal to Five Percent of Gross Sales in Excess of Break Point
  • Located in Pittsburgh's New SouthSide Works Riverfront Mixed-Use Development
  • National-Tenant Neighbors Include REI, Hofbrauhaus, Urban Outfitters, LA Fitness, Rite Aid, Jeni's, Hyatt House, Qdoba, GNC, Subway, H&R Block, Papa John's and More

Investment Overview

Marcus & Millichap is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single-tenant net-leased Cheesecake Factory, located at 415 S 27th Street in Pittsburgh, Pennsylvania (the “Property”). The Cheesecake Factory has operated at this location since 2004 and recently extended its lease early, with the primary term now running through 2035, offering over 10 years of lease remaining. The lease includes 10 percent rental increases every five years during the primary term and has two (2) five-year renewal options. The Property features 12,575 square-feet of rentable building area on approximately 0.38 acres of land along 27th Street (approximately 18,000 vehicles per day). The location benefits from excellent demographics, with nearly 395,000 residents within a five-mile radius and an average household income of around $78,000. It is also near two major universities, The University of Pittsburgh and Carnegie Mellon University, with a combined 43,000 students contributing to a median age of 27.2 within one mile of the property. Centrally located in Pittsburgh’s vibrant SouthSide Works riverfront development, the property boasts excellent walkability, visibility, and ample parking (approximately 2,500 spaces). SouthSide Works includes over 330,000 square feet of shops, hotels, restaurants, and apartments, and features a modern urban design. Additionally, it offers 700,000 square-feet of office space. Nearby national retailers and restaurants include REI, Hofbräuhaus, Urban Outfitters, and LA Fitness. The property is also just two blocks from the corporate headquarters of American Eagle Outfitters. Recent additions to SouthSide Works include a Rite Aid, opened in April 2022, and Pins Mechanical, a duckpin bowling arcade, opened in July 2022. The development of a revitalized Town Center Square adjacent to The Cheesecake Factory has been completed, adding to the area’s appeal. The SouthSide Works development is transforming the Town Center Square with new energy and green space. Additions include bosque seating, gathering stairs, lawn games, and a flexible stage for movies and musical performances. Events such as Oktoberfest, a farmer’s market, fire pits, and other outdoor attractions draw visitors to SouthSide Works.

Broker of Record

  • Timothy B. Stephenson Jr.

    Regional Manager

    (215) 531-7000

    License(s): PA: RMR006104

    Pennsylvania

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