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Restaurant

Hooters - Early Lease Extension

4 Gateway Blvd W, Savannah, GA 31419

Listing Price: $2,650,000

Cap Rate
5.85%
Tenant Name
Hooters
Years Remaining On Lease
5.1
Gross SF
4,526
Guarantor
Corporate Guarantee
Rentable SF
4,526
Price/Gross SF
$585.51
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$34.25

Investment Overview

Hooters was founded in 1983 in Clearwater, Florida, and has since expanded globally to more than 420 locations in 42 U.S. states and 29 countries. Known for its world-famous Hooters-style chicken wings, Hooters offers great quality food and beverages at reasonable prices, served in an energetic and inviting environment, all with exceptional service from the world-renowned Hooters Girls. In 2020, Hooters saw total sales of over $841 million, with 2.7% sales growth and 2.2% unit growth across the year. The brand achieved these figures by implementing certain systems and strategies well before the COVID-19 pandemic, which ultimately helped the brand come out of the pandemic on top. Hooters capitalized on takeout and delivery by partnering with Uber Eats and developing new spin-off fast casual restaurant concepts. Savannah is the oldest city in the state of Georgia and is the county seat of Chatham County. Home to approximately 404,800 residents, it is Georgia’s fifth largest city, and the Savannah metropolitan area is Georgia’s third-largest metro. According to 2020 Census numbers, Savannah is among the fastest growing areas in Georgia. Located on the Georgia coast and known for its historic downtown district, Southern architecture, famous golf courses, and beaches, Savannah attracts millions of tourists year round. More than 14 million visitors to the region each year provide a #3 billion economic impact annually to the local economy.

Investment Highlights

  • Absolute Triple-Net (NNN) Corporate Lease
  • Tenant Renewed the Lease for Five Years, Showing Commitment to the Site
  • 10 Percent Rental Increases in Each Option Period
  • Rapidly Growing Trade Area, with Population and Households in the Immediate Area Increasing Approx. 11 Percent Over the Next Five Years
  • 40,609 Residents within a 5-Mile Radius - Savannah, GA Infill
  • Easily Accessible and Highly Visible Location Along the I-95 Freeway (86,900 Cars/Day)
  • Situated in a Dense Hotel and Restaurant Corridor (McDonald's, IHOP, Cracker Barrel, Waffle House, Applebee's, etc.)
  • Average Household Income Exceeds $85,000 within Five Miles of the Subject Property

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s) GA: 252904

    Georgia

Restaurant

Hooters - Early Lease Extension

Listing Price: $2,650,000

Cap Rate
5.85%
Tenant Name
Hooters
Years Remaining On Lease
5.1
Gross SF
4,526
Guarantor
Corporate Guarantee
Rentable SF
4,526
Price/Gross SF
$585.51
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$34.25

Investment Highlights

  • Absolute Triple-Net (NNN) Corporate Lease
  • Tenant Renewed the Lease for Five Years, Showing Commitment to the Site
  • 10 Percent Rental Increases in Each Option Period
  • Rapidly Growing Trade Area, with Population and Households in the Immediate Area Increasing Approx. 11 Percent Over the Next Five Years
  • 40,609 Residents within a 5-Mile Radius - Savannah, GA Infill
  • Easily Accessible and Highly Visible Location Along the I-95 Freeway (86,900 Cars/Day)
  • Situated in a Dense Hotel and Restaurant Corridor (McDonald's, IHOP, Cracker Barrel, Waffle House, Applebee's, etc.)
  • Average Household Income Exceeds $85,000 within Five Miles of the Subject Property

Investment Overview

Hooters was founded in 1983 in Clearwater, Florida, and has since expanded globally to more than 420 locations in 42 U.S. states and 29 countries. Known for its world-famous Hooters-style chicken wings, Hooters offers great quality food and beverages at reasonable prices, served in an energetic and inviting environment, all with exceptional service from the world-renowned Hooters Girls. In 2020, Hooters saw total sales of over $841 million, with 2.7% sales growth and 2.2% unit growth across the year. The brand achieved these figures by implementing certain systems and strategies well before the COVID-19 pandemic, which ultimately helped the brand come out of the pandemic on top. Hooters capitalized on takeout and delivery by partnering with Uber Eats and developing new spin-off fast casual restaurant concepts. Savannah is the oldest city in the state of Georgia and is the county seat of Chatham County. Home to approximately 404,800 residents, it is Georgia’s fifth largest city, and the Savannah metropolitan area is Georgia’s third-largest metro. According to 2020 Census numbers, Savannah is among the fastest growing areas in Georgia. Located on the Georgia coast and known for its historic downtown district, Southern architecture, famous golf courses, and beaches, Savannah attracts millions of tourists year round. More than 14 million visitors to the region each year provide a #3 billion economic impact annually to the local economy.

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s): GA: 252904

    Georgia

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