Overview
Prime Location Restaurant Investment Opportunity
This property presents an investment opportunity with a restaurant tenant having 10 years remaining on the lease. The lease includes attractive 10% rental escalations every 5 years, along with two 5-year options to renew. The operator strategically manages 8 distinct brands with 13 locations in Arizona and Texas, and plans to open 4 additional restaurants (2 in Arizona, 1 in Tennessee, and 1 in Nevada). The lease is personally guaranteed. The property is well-positioned on a hard corner at a signalized intersection, directly across the street from Santan Village, a 1,196,000 square foot lifestyle center serving as a retail hub for Gilbert, Queen Creek, and Pinal County trade areas. The asset is a pad site to an At Home and Trader Joe’s anchored shopping center, situated on a large approximately 1.615-acre parcel. Located on the southwest corner of East Williams Field Road and South Santan Village Parkway, the site benefits from traffic counts exceeding 52,280 cars per day. Other tenants in the At Home anchored shopping center include Ashley Store, Natural Grocers, and Urban Air Trampoline & Adventure Park. The location is across the street from Walmart, Sam’s Club, Old Navy, Marshalls, Kirkland’s Home, Ulta Beauty, and DSW, and near Costco, WinCo Foods, Kohl’s, Sprouts Farmers Market, Dollar Tree, Macy’s, Dillard’s, Dick’s Sporting Goods, Banana Republic, Best Buy, Barnes & Noble, Total Wine & More, and Harkins Theatres. It is located 4 miles from Arizona State University (ASU) Polytechnic Campus with 6,036 students (Fall 2023), and 13 1/2 miles from Mesa Community College with 16,624 total enrollment (Fall 2023). Gilbert is an educated community with 45% of residents holding a Bachelor’s Degree or higher out of nearly 279,000 residents. Additionally, the property is 9 miles east of a 320-acre family sports and entertainment park featuring a 3,000 seat outdoor stadium, indoor arena, and various sports fields and courts, which had over 4.3 million visitors in 2022. The property size is 9,987 square feet.
