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Restaurant

Smokey Bones | 9+ Years Remain | Hampton Roads, VA MSA | Expanding Concept with 61 Locations

1405 Greenbrier Pkwy, Chesapeake, VA 23320

Listing Price: $3,587,632

Cap Rate
7.00%
Tenant Name
Smokey Bones
Years Remaining On Lease
9.6
Guarantor
Private Guarantee
Rentable SF
7,028
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$34.51

Investment Overview

RECENT LEASE RENEWAL – The Tenant has shown commitment to the location by extending their lease in 2020 to give investors 9 years of base term. The lease features annual rental increases during both the base term and two, 10-year option periods based upon the Consumer Price Index (CPI) not to exceed 1.75%. HIGH-TRAFFIC LOCATION IN DOMINANT CORRIDOR – The Property is prominently positioned with frontage along Greenbrier Parkway near its intersection with Eden Way, an extremely high traffic corner that averages a combined 89,000 vehicles per day. Smokey Bones is situated in a premier location across the street from the TJ Maxx-anchored Crossways Center and on the opposing corner from the Target and Harris Teeter-anchored Greenbrier Market Center. According to Placer.ai geofencing data, these two centers rank in the top 5% of centers in the state by customer traffic with a combined 7.75 million. SYNERGY WITH NEIGHBORING FOOD AND RETAIL USES – The Greenbrier Parkway corridor features countless upscale dining, casual dining and fast-food brands, national credit tenants and big box retailers. Notably, the Tenant is on the opposing corner from a Towne Bank with $858 million in deposits last year, the highest amount in the area by far. The property is also just over one-mile from Dollar Tree’s corporate headquarters and a brand new $300 million mixed-use development project zoned for 1 Million SF of office space, 500,000 SF of retail space, over 1,400 residential units and a 250,000 square-foot hotel. EASY ACCESS FROM INTERSTATE-64 (138,000 VPD) – The property is positioned three-tenths-of-a-mile from Interstate-64, the Hampton Roads Beltway. It is the main highway that runs a loop around the Tidewater Region connecting Chesapeake with Virginia Beach, Norfolk, Hampton, and Newport News. I-64 continues west into Richmond and overlaps with Interstate-95, the highway connecting the entire East Coast. EXPANDING CASUAL DINING BRAND – Smokey Bones found a way to triple in size during the pandemic by expanding its virtual, delivery-only restaurants, The Wing Experience and The Burger Experience, to all of its brick-and-mortar restaurants. Smokey Bones launched its first virtual restaurants in 2019 in partnership with Uber Eats, and capitalized on the high demand for delivery during the pandemic. In addition, the brand operates 61 traditional Smokey Bones locations in the eastern United States with plans to open additional locations in the coming year. RAPID POPULATION GROWTH – Chesapeake is one of the fastest growing cities in the Hampton Roads area and has seen population growth of 20% since 2000. The Property benefits from more than 98,401 people within a three-mile radius and the benefit of business and retail traffic that contributes to a daytime population of 114,156. Population has steadily increased at a rate of 10 percent since 2010 and is expected to increase an additional five percent by 2025.

Investment Highlights

  • Net Lease Renewal with 9 Years Remaining
  • Annual Increases The Lesser of 1.75% or CPI Annually
  • Dominant, High-Traffic Retail Corridor (77,000 VPD)

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Associate Regional Manager

    (804) 205-5008

    License(s) VA: 0225215181

    Virginia

Restaurant

Smokey Bones | 9+ Years Remain | Hampton Roads, VA MSA | Expanding Concept with 61 Locations

Listing Price: $3,587,632

Cap Rate
7.00%
Tenant Name
Smokey Bones
Years Remaining On Lease
9.6
Guarantor
Private Guarantee
Rentable SF
7,028
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$34.51

Investment Highlights

  • Net Lease Renewal with 9 Years Remaining
  • Annual Increases The Lesser of 1.75% or CPI Annually
  • Dominant, High-Traffic Retail Corridor (77,000 VPD)

Investment Overview

RECENT LEASE RENEWAL – The Tenant has shown commitment to the location by extending their lease in 2020 to give investors 9 years of base term. The lease features annual rental increases during both the base term and two, 10-year option periods based upon the Consumer Price Index (CPI) not to exceed 1.75%. HIGH-TRAFFIC LOCATION IN DOMINANT CORRIDOR – The Property is prominently positioned with frontage along Greenbrier Parkway near its intersection with Eden Way, an extremely high traffic corner that averages a combined 89,000 vehicles per day. Smokey Bones is situated in a premier location across the street from the TJ Maxx-anchored Crossways Center and on the opposing corner from the Target and Harris Teeter-anchored Greenbrier Market Center. According to Placer.ai geofencing data, these two centers rank in the top 5% of centers in the state by customer traffic with a combined 7.75 million. SYNERGY WITH NEIGHBORING FOOD AND RETAIL USES – The Greenbrier Parkway corridor features countless upscale dining, casual dining and fast-food brands, national credit tenants and big box retailers. Notably, the Tenant is on the opposing corner from a Towne Bank with $858 million in deposits last year, the highest amount in the area by far. The property is also just over one-mile from Dollar Tree’s corporate headquarters and a brand new $300 million mixed-use development project zoned for 1 Million SF of office space, 500,000 SF of retail space, over 1,400 residential units and a 250,000 square-foot hotel. EASY ACCESS FROM INTERSTATE-64 (138,000 VPD) – The property is positioned three-tenths-of-a-mile from Interstate-64, the Hampton Roads Beltway. It is the main highway that runs a loop around the Tidewater Region connecting Chesapeake with Virginia Beach, Norfolk, Hampton, and Newport News. I-64 continues west into Richmond and overlaps with Interstate-95, the highway connecting the entire East Coast. EXPANDING CASUAL DINING BRAND – Smokey Bones found a way to triple in size during the pandemic by expanding its virtual, delivery-only restaurants, The Wing Experience and The Burger Experience, to all of its brick-and-mortar restaurants. Smokey Bones launched its first virtual restaurants in 2019 in partnership with Uber Eats, and capitalized on the high demand for delivery during the pandemic. In addition, the brand operates 61 traditional Smokey Bones locations in the eastern United States with plans to open additional locations in the coming year. RAPID POPULATION GROWTH – Chesapeake is one of the fastest growing cities in the Hampton Roads area and has seen population growth of 20% since 2000. The Property benefits from more than 98,401 people within a three-mile radius and the benefit of business and retail traffic that contributes to a daytime population of 114,156. Population has steadily increased at a rate of 10 percent since 2010 and is expected to increase an additional five percent by 2025.

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Associate Regional Manager

    (804) 205-5008

    License(s): VA: 0225215181

    Virginia

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