This property is Off-Market

6501 Grape Road
Mishawaka, IN 46545 ·

9,000 SF · Retail For Sale

N/A

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GRANITE CITY FOOD & BREWERY CORP GUARANTEE 10 CAP

Price N/A Commission Split 2%
Building Size 9,000 SF Cap Rate 10%
Property Type Retail Occupancy 100%
Property Sub-type
Restaurant
More...
  • Free Standing Bldg
  • Vehicle Related
  • Retail Pad
Tenancy Single
Property Use Type Net Lease Investment with 10+ years left on lease
Listing ID: 15900581 Date Created: 09/18/2008 Last Updated: 12/02/2008

Description

This offering is for one of eight leasehold interest properties that can be delivered as a portfolio or individually. The subject property is located in South Bend, Indiana and the other seven available for purchase are noted below. The subject properties are being offered at a 10 CAP and the blended CAP over the 35 year leasehold period is 13.5%. All land expenses are paid directly from the tenant to the land owner leaving zero responsibility on the leasehold owner. Landlord is responsible for roof and structure (warrantee in place).

Granite City Food & Brewery have corporately guaranteed each location for a term of 20 years with 10% increases every five years during the initial term and at the three, five year options.

Rockford, Illinois NOI $180,000 Price $1,800,000
Minneapolis, Minnesota NOI $115,500 Price $1,155,000
Fort Wayne, Indiana NOI $166,500 Price $$1,665,000
South Bend, Indiana NOI $150,712 Price $1,507,120
Indianapolis, Indiana NOI $160,665 Price $1,606,650
Toledo, Ohio NOI $166,500 Price $1,665,500
Madison, Wisconsin NOI $78,511 Price $785,110
St. Louis, Missouri NOI $150,000 Price $1,500,000

This offering has a five (5) mile population exceeding 150,000 people and a MSA of 316,663. South Bend is home to University of Notre Dame and Holy Cross University, with a total student population exceeding 10,000. The location is at the Intersection of SR 23 and Grape Road, with a traffic count of 41,000. University Park Mall which the only super-regional mall is serving South Bend/Mishawaka, has a GLA of 820,000 square feet of space and is anchored by JC Penny, Macy' s, Sears, and Marshal' s.

Highlights

  • Out Parcel to University Park Mall 820K SQ FT of Retail
  • Across Street from Wal-Mart Supercenter
  • 20 Year NNN with 10% Bumps Every Five Years
  • Fully Depreciable Assets
  • 10% CAP Return-Leasehold Interest
  • Corporate Guarantee

Research

6501 Grape Road, Mishawaka, IN 46545 (St Joseph County)

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