305 W Coliseum Blvd
Fort Wayne, IN 46805
Retail Property For Sale

Freestanding Cheddar's with Annual Rent Increases Pegasus Investments, as exclusive investment sale advisor to the Seller, is pleased to present an exceptional opportunity to acquire a single tenant freestanding Cheddar' s Scratch Kitchen in Fort Wayne, IN. The property is subject to a corporate absolute NNN lease with zero responsibilities for the landlord. There are currently approx. 10-years remaining on the firm term with scheduled 1.25% annual increases plus (2) 5-year options in favor of the tenant to extend the lease term. Located on the highly trafficked (44,000 VPD) West Coliseum Boulevard with left hand turn access at a signalized intersection, the property benefits from its location as the primary access point to the Glenbrook Mall, the only super-regional shopping center within a 100-mile radius. The Glenbrook Mall is over 1.2M square feet with almost no vacancy. The mall is owned and operated by General Growth Properties, a publicly traded company on the New York Stock Exchange (NYSE: GGP) with a $20B market cap. Current anchor tenants are Target, H&M, Barnes & Noble, Forever21, Carson' s, Macy' s and JCPenney. In addition to the thriving mall, the area has seen a resurgence of development and redevelopment within the last five years. BJ' s Brewhouse is completing their build out of a new store adjacent to the Cheddar' s and is scheduled to open Q2 2017. Directly across from the subject property is Glenbrook Plaza, a Dick' s Sporting Goods and PetCo anchored property with Starbucks, McDonald' s and Chili' s sitting as outparcels. The 400,000 SF Northcrest Shopping Center just to the east was recently renovated with a lineup of best in class retailers including ULTA, TJ Maxx and Old Navy.