Hooters
Concord, NC
Key Details
| Price: | $3,513,520 |
|---|---|
| Cap Rate: | 6.25% |
| Annual Rent: | $219,595 |
| Address: | 7702 Gateway Lane Northwest, Concord, North Carolina 28027 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 26 Years |
|---|---|
| Lease Commencement: | 8/12/2011 |
| Lease Expiration: | 12/31/2037 |
| Lease Term Remaining: | 13 Years |
| Rental Increases: | Lesser of Change in CPI or 1.25% Annually Starting Year 3 |
| Lot Size: | 1.17 Acres |
| Building Size: | 4,749 SF |
| Year Built: | 1978 |
| Year Renovated: | 2013 |
NNN Pro is pleased to present the exclusive listing for a Hooters located at 7702 Gateway Lane Northwest, Concord, North Carolina 28027. The site consists of roughly 4749 rentable square feet of building space on an estimated 1.17-acre parcel of land. This Hooters is subject to a 26-year Triple Net (NNN) lease, which commenced 8/12/2011. The current annual rent is $219,595 and has scheduled increases of Lesser of Change in CPI or 1.25% Annually Starting Year 3.
About the Investment
- Long-Term, 20-Year Absolute Triple Net (NNN) Lease
- Approximately 13.4 Years Remaining
- The Lesser of Ten Percent (10%) or 1.25 Times Change In CPI Occurring Every Five (5) Years And Each Renewal Option Starting In January 2033
- Initial Lease Commenced In 2011 | Long Operating History | Tenant Exercised First Renewal Option Early, Exhibiting Strong Commitment To The Site
- Three (3), Five (5)-Year Tenant Renewal Options Remaining, Bringing the Potential Remaining Lease Term to 28+ Years
About the Location
- Located Approximately 1.5 Miles Away From Charlotte Speedway (90,000+ Seating Capacity) | 36+ Races Annually | Year-Round Events
- Strong Population Growth | Charlotte, NC Has Seen The Third-Highest Population Growth In America (2022-2023) | Population Exceeds 150,000 Within A Five-Mile Radius The Firs
- Nearby Retailers Include Bojangles, Starbucks, Wendy’s, Jack in the Box, McDonald's, BJ’s Wholesale, Texas Roadhouse, Cracker Barrel, Best Buy, And More
- Situated On A Hard Corner Lot With Multiple Access Points | Ample Parking Spots |Large Pylon Sign With Visibility From Bruton Smith Blvd
- Strong Traffic Counts | Over 25,000 Vehicles Per Day Along Bruton Smith Blvd |Access Route to I-85 | Over 142,400 Vehicles Per Day
- Affluent Community | Average Household Income Approximately $96,000 Within a Three-Mile Radius
About the Tenant/Brand
- Hooters Of America, LLC, Also Known As HOA Brands, Is The Guarantor Of The Subject Property, And Franchisor/Operator Of More Than 430 Hooters Restaurants In 42 States And 29 Countries
- In 2019, HOA Brands Was Acquired By Nord Bay Capital and TriArtisan Capital Advisors
- In Recent Years, Hooters Has Paved The Way For Restaurant Investment In Sports Gambling, Announcing A Partnership With DraftKings And Other Gambling Sites
Key Details
| Price: | $3,513,520 |
|---|---|
| Cap Rate: | 6.25% |
| Annual Rent: | $219,595 |
| Address: | 7702 Gateway Lane Northwest, Concord, North Carolina 28027 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 26 Years |
|---|---|
| Lease Commencement: | 8/12/2011 |
| Lease Expiration: | 12/31/2037 |
| Lease Term Remaining: | 13 Years |
| Rental Increases: | Lesser of Change in CPI or 1.25% Annually Starting Year 3 |
| Lot Size: | 1.17 Acres |
| Building Size: | 4,749 SF |
| Year Built: | 1978 |
| Year Renovated: | 2013 |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Judson Kauffman
jkauffman@nnnpro.com
License: NY: 10401296108
Hannan Ben Yosef
hbenyosef@nnnpro.com
License: NY: 10401358655
Broker of Record
Brian Brockman
Bang Realty-North Carolina, Inc
License: 298998
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.