Overview
Freddy's NNN Lease Investment
This property is leased to Freddy's with 18 years remaining on an absolute NNN lease, featuring attractive 7.50% rental escalations every 5 years and four 5-year options to renew. The tenant, Ram-Z Custard, LLC, is an experienced multi-concept owner/operator with 42 Freddy’s restaurants (including those currently under construction), making it the 6th largest Freddy’s franchisee in the U.S., 34 Schlotzsky’s locations (the largest Schlotzsky’s franchisee in the country), and 7 Popeyes locations in Alabama, totaling 83 units with a guaranty backing the lease performance. The asset is positioned on a large ±1.13-acre lot with access and visibility on US-58/ Pearl Rd, a main north/south thoroughfare in Strongsville, with traffic counts of 25,348 CPD. Retailers within 5 miles include Costco, Walmart, Target, BJ’s, Home Depot, Lowe’s, Hobby Lobby, Kohl’s, Marshalls, T.J. Maxx, Gabe’s, Dick’s Sporting Goods, Old Navy, Sierra, Best Buy, Big Lots, Ulta Beauty, Joann Fabric, Party City, OfficeMax, Petco, Harbor Freight Tools, ALDI, Giant Eagle Supermarket, Marc’s Grocery, Heinen’s Grocery, and Market District Supermarket, and Cinemark. It is located 4 miles from Baldwin Wallace University, a liberal arts-based college with 3,318 students (Fall 2024), and 5 miles from Southwest General Middleburg Medical Center, a 358-licensed bed acute care hospital serving the greater Cleveland area.
