Restaurant

Cracker Barrel's Ghost Kitchen

9350 N Michigan Rd, Indianapolis, IN 46268

Listing Price: $2,000,000

Cap Rate
8.32%
Tenant Name
Cracker Barrel
Years Remaining On Lease
1.2
Gross SF
10,000
Guarantor
Corporate Guarantee
Rentable SF
10,000
Price/Gross SF
$200.00
Lease Type
Ground Lease
Rent Per Square Feet
$15.44

Investment Overview

Marcus & Millichap is pleased to exclusively present for your acquisition review the net leased Cracker Barrel located in Indianapolis, Indiana.

The 10,000 square foot building was built-to-suit in 2006 for Cracker Barrel and is positioned at one of the highest trafficked corners in Indianapolis, directly off of Interstate 465 along Michigan Road. There are several hotels nearby including the Homewood Suites by Hilton and Extended Stay by Marriot directly behind Cracker Barrel. There is a Pear Tree Inn directly nextdoor, as well as a Quality Inn adjacent and a La Quinta Inn by Wyndham, Days Inn & Suites by Wyndham and a Motel 6 all down the street. These hotels provide consistent walk-up and drive-up traffic, in addition to the traffic contributed from Interstate 465 and Michigan Road, which is one of the major thoroughfares in Indianapolis. Costco is just down the street from Cracker Barrel, which is another economic and traffic driver for this corridor, in additional to the several other national retailers nearby including Walmart, Lowes, At Home, The Room Place, Big Lots, JCPenney, Party City, Aldi, Studio Movie Grill and dozens of others. Cracker Barrel is perfectly positioned, with immediate accessibility to the Interstate 465 beltway, exposure to some of the highest traffic counts in the state, in close proximity to a number of traffic/economic drivers and in one of the most robust demographic regions in Indiana.

Cracker Barrel signed an original 5-year ground lease in 2006, and since have negotiated lease extensions in alignment with the original lease, illustrating their success and commitment to stay at this location. The current expiration is set for April 2, 2022 leaving 2 years on the current lease. There are five, five-year renewal options available, each of which having a 10 percent rent increase providing an ideal hedge against future inflation. In addition to the income from the rent, there is a billboard contributing $12,000 annually with a lease through December 31, 2033. There are $500 rent increases every five years for the billboard adding incremental income upside.

Cracker Barrel Old Country Store, Inc. is an American chain of a combined restaurant and gift store with a Southern country theme. The company was founded in 1969 and is now publicly traded on the NASDAQ under the ticker symbol CBRL. There are 660 locations producing annual revenues in excess of $3.07 billion.

Investment Highlights

  • Cracker Barrels First Ghost Kitchen Location
  • Located at One of the Highest Trafficked Corners in Indiana (129,588 VPD on I-465)
  • Costco, Walmart & Lowes Home Improvement down the Street | Major Economic Drivers
  • Cracker Barrels Lease Expires April 2, 2022 | Additional $12,000 in Billboard Income
  • Interstate 465 Beltway Exit Location | Positioned as the First Building off I-465
  • Ghost Kitchens Prepare Food for Off-Site Consumption

Exclusively Listed By

Restaurant

Cracker Barrel's Ghost Kitchen

Listing Price: $2,000,000

Cap Rate
8.32%
Tenant Name
Cracker Barrel
Years Remaining On Lease
1.2
Gross SF
10,000
Guarantor
Corporate Guarantee
Rentable SF
10,000
Price/Gross SF
$200.00
Lease Type
Ground Lease
Rent Per Square Feet
$15.44

Investment Highlights

  • Cracker Barrels First Ghost Kitchen Location
  • Located at One of the Highest Trafficked Corners in Indiana (129,588 VPD on I-465)
  • Costco, Walmart & Lowes Home Improvement down the Street | Major Economic Drivers
  • Cracker Barrels Lease Expires April 2, 2022 | Additional $12,000 in Billboard Income
  • Interstate 465 Beltway Exit Location | Positioned as the First Building off I-465
  • Ghost Kitchens Prepare Food for Off-Site Consumption

Investment Overview

Marcus & Millichap is pleased to exclusively present for your acquisition review the net leased Cracker Barrel located in Indianapolis, Indiana.

The 10,000 square foot building was built-to-suit in 2006 for Cracker Barrel and is positioned at one of the highest trafficked corners in Indianapolis, directly off of Interstate 465 along Michigan Road. There are several hotels nearby including the Homewood Suites by Hilton and Extended Stay by Marriot directly behind Cracker Barrel. There is a Pear Tree Inn directly nextdoor, as well as a Quality Inn adjacent and a La Quinta Inn by Wyndham, Days Inn & Suites by Wyndham and a Motel 6 all down the street. These hotels provide consistent walk-up and drive-up traffic, in addition to the traffic contributed from Interstate 465 and Michigan Road, which is one of the major thoroughfares in Indianapolis. Costco is just down the street from Cracker Barrel, which is another economic and traffic driver for this corridor, in additional to the several other national retailers nearby including Walmart, Lowes, At Home, The Room Place, Big Lots, JCPenney, Party City, Aldi, Studio Movie Grill and dozens of others. Cracker Barrel is perfectly positioned, with immediate accessibility to the Interstate 465 beltway, exposure to some of the highest traffic counts in the state, in close proximity to a number of traffic/economic drivers and in one of the most robust demographic regions in Indiana.

Cracker Barrel signed an original 5-year ground lease in 2006, and since have negotiated lease extensions in alignment with the original lease, illustrating their success and commitment to stay at this location. The current expiration is set for April 2, 2022 leaving 2 years on the current lease. There are five, five-year renewal options available, each of which having a 10 percent rent increase providing an ideal hedge against future inflation. In addition to the income from the rent, there is a billboard contributing $12,000 annually with a lease through December 31, 2033. There are $500 rent increases every five years for the billboard adding incremental income upside.

Cracker Barrel Old Country Store, Inc. is an American chain of a combined restaurant and gift store with a Southern country theme. The company was founded in 1969 and is now publicly traded on the NASDAQ under the ticker symbol CBRL. There are 660 locations producing annual revenues in excess of $3.07 billion.

Exclusively Listed By

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