Office Supply

Veterans Crossing Portfolio (Louisville Metro: 1.3m Pop.)

1205 Veterans Pkwy, Clarksville, IN 47129

Listing Price: $9,038,951

Cap Rate
5.21%
Tenant Name
Outback Steakhouse
Years Remaining On Lease
7.4
Guarantor
Corporate Guarantee
Rentable SF
18,665
Lease Type
NNN Ground Lease
Rent Per Square Feet
$25.23

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% fee simple interest in a portfolio of three absolute net ground leased restaurants: First Watch, Outback Steakhouse, and Mission BBQ, and a standalone triple net Sleep Number build-to-suit. The properties are located at 1205, 1209, 1213, and 1219 Veterans Parkway, Clarksville, Indiana (the “Property”). Built in 2018, the Property comprises of four single tenant properties with total gross leasable area of +/- 18,665 SF located along a very high visibility, very busy retail corridor, consisting of two parcels with an area of +/- 2.80 -acres, that is strategically positioned to be visible and convenient to a combined 26,000 vehicles per day along primary retail corridor Veterans Parkway and Broadway Street, situated between two lights with Sleep Number adjacent to a standalone Starbucks drive-thru (not a part), and Interstate 94, with over 54,700 vehicles daily. The Property is a prime outparcel, situated next to Clarksville’s Municipal Offices, and is a part of a development including Blaze Pizza, Joella’s Chicken, T-Mobile, Starbucks, among others. The assets are strategically positioned directly to the southwest of major retailers: Walmart, Sam’s Club, Target, Olive Garden, IHOP, Longhorn Steakhouse, Qdoba, among many others. The area is surrounded by over134,000 people with an Average Household Income of $64,835 and 55,904 households within 5 miles. Clarksville, sometimes referred to as Kentuckiana is a part of the Louisville, KY metropolitan area with an estimated population of 1.3 million people, 43rd in the nation. The buildings are 100 percent occupied by tenants First Watch, Outback Steakhouse, Mission BBQ, and Sleep Number. The three restaurants are situated together on a +/- 2.44 acre, hard corner, parcel with shared parking spaces. First Watch is operating on a NNN ground lease with an NOI of $85,000, and about 8 years on a lease ending June 30, 2028, the building is 5,125 SF, tenant is paying a below market rent of $17/SF for the first 5 years, then increases by 10% in year 6, and at the beginning of each of four, 5-year options. Outback Steakhouse is operating on a NNN ground lease with an NOI of $142,500, and about 13 years on a lease ending October 31, 2033, the building is 6,740 SF, tenant is paying a below market rent of $21/SF for the first 5 years, then increases by 10% in year 6 and 11, and at the beginning of each of five, 5-year options. Mission BBQ is operating on a NNN ground lease with an NOI of $120,000, and about 8 years on a lease ending July 31, 2028, the building is 4,200 SF, tenant is paying a below market rent of $29/SF for the first 5 years, then increases by 10% in year 6, and 11, and at the beginning of each of four, 5-year options

Investment Highlights

  • Subject Property Includes Three Restaurant Ground Leases, Situated on a Prime Corner with a Shared Parking Lot on 2.443 Acres +/-
  • Single Tenant Mission BBQ, Outback Steakhouse, First Watch, and Sleep Number
  • The Three Restaurants Share a Parcel and Deliverable Separate From the Sleep Number
  • NNN Sleep Number Available Individually or with the 3 Ground Lease Restaurants

Exclusively Listed By

  • Jesse Limon

    Licensed Real Estate Salesperson

    (212) 430-5291

    Email Jesse

    License(s): IN: RB14048415, NY: 10401271892

    Manhattan

Broker of Record

  • Josh Caruana

    First Vice President/Regional Manager

    License(s): IN: RB14034355

    Indiana

Financing By

Office Supply

Veterans Crossing Portfolio (Louisville Metro: 1.3m Pop.)

Listing Price: $9,038,951

Cap Rate
5.21%
Tenant Name
Outback Steakhouse
Years Remaining On Lease
7.4
Guarantor
Corporate Guarantee
Rentable SF
18,665
Lease Type
NNN Ground Lease
Rent Per Square Feet
$25.23

Investment Highlights

  • Subject Property Includes Three Restaurant Ground Leases, Situated on a Prime Corner with a Shared Parking Lot on 2.443 Acres +/-
  • Single Tenant Mission BBQ, Outback Steakhouse, First Watch, and Sleep Number
  • The Three Restaurants Share a Parcel and Deliverable Separate From the Sleep Number
  • NNN Sleep Number Available Individually or with the 3 Ground Lease Restaurants

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% fee simple interest in a portfolio of three absolute net ground leased restaurants: First Watch, Outback Steakhouse, and Mission BBQ, and a standalone triple net Sleep Number build-to-suit. The properties are located at 1205, 1209, 1213, and 1219 Veterans Parkway, Clarksville, Indiana (the “Property”). Built in 2018, the Property comprises of four single tenant properties with total gross leasable area of +/- 18,665 SF located along a very high visibility, very busy retail corridor, consisting of two parcels with an area of +/- 2.80 -acres, that is strategically positioned to be visible and convenient to a combined 26,000 vehicles per day along primary retail corridor Veterans Parkway and Broadway Street, situated between two lights with Sleep Number adjacent to a standalone Starbucks drive-thru (not a part), and Interstate 94, with over 54,700 vehicles daily. The Property is a prime outparcel, situated next to Clarksville’s Municipal Offices, and is a part of a development including Blaze Pizza, Joella’s Chicken, T-Mobile, Starbucks, among others. The assets are strategically positioned directly to the southwest of major retailers: Walmart, Sam’s Club, Target, Olive Garden, IHOP, Longhorn Steakhouse, Qdoba, among many others. The area is surrounded by over134,000 people with an Average Household Income of $64,835 and 55,904 households within 5 miles. Clarksville, sometimes referred to as Kentuckiana is a part of the Louisville, KY metropolitan area with an estimated population of 1.3 million people, 43rd in the nation. The buildings are 100 percent occupied by tenants First Watch, Outback Steakhouse, Mission BBQ, and Sleep Number. The three restaurants are situated together on a +/- 2.44 acre, hard corner, parcel with shared parking spaces. First Watch is operating on a NNN ground lease with an NOI of $85,000, and about 8 years on a lease ending June 30, 2028, the building is 5,125 SF, tenant is paying a below market rent of $17/SF for the first 5 years, then increases by 10% in year 6, and at the beginning of each of four, 5-year options. Outback Steakhouse is operating on a NNN ground lease with an NOI of $142,500, and about 13 years on a lease ending October 31, 2033, the building is 6,740 SF, tenant is paying a below market rent of $21/SF for the first 5 years, then increases by 10% in year 6 and 11, and at the beginning of each of five, 5-year options. Mission BBQ is operating on a NNN ground lease with an NOI of $120,000, and about 8 years on a lease ending July 31, 2028, the building is 4,200 SF, tenant is paying a below market rent of $29/SF for the first 5 years, then increases by 10% in year 6, and 11, and at the beginning of each of four, 5-year options

Exclusively Listed By

  • Jesse Limon

    Licensed Real Estate Salesperson

    (212) 430-5291

    Email Jesse

    License(s): IN: RB14048415, NY: 10401271892

    Manhattan

Broker of Record

  • Josh Caruana

    First Vice President/Regional Manager

    License(s): IN: RB14034355

    Indiana

Financing By

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