1639 W Warner Rd
PDQ - Hotels & Hospitality for sale
JLL is pleased to offer for sale a brand new construction PDQ (the “Property”, or “Asset”) located in Tempe, Arizona. The Property was completed in January 2019 and has commenced a 20 year absolute triple net ground lease (“NNN Ground”) guaranteed by Evergreen Restaurant Group. The lease features zero landlord responsibilities, 10 percent increases every five years, and four, five-year options for renewal, making it an outstanding long term investment for anyone seeking an appreciating passive investment. Additionally, the residual value of the underlying real estate adds value, as Phoenix is one of the top growing MSAs in the nation over the past ten years. The Property is perfectly positioned just 1,500 feet from the exit ramp off Interstate 10 (218,000+ VPD) along West Warner Road (32,300 VPD) and is proximate to many of the main economic drivers of Tempe including the Tempe AutoPlex, the Arizona Cardinals practice facility, IKEA, Costco, Walmart, Target and the hundreds of thousands of residents living in Tempe. This offering represents an outstanding opportunity for passive, long term cash flows which grow every 5 years and are guaranteed by a historically successful restaurant group.
- Long Term Commitment to Location: The tenant signed a 20 year absolute NNN ground lease which commenced in January 2019.
- Outstanding Restaurant/Retail Site: The Property sits just 1,500 feet off the exit ramp of Interstate 10 (218,000+ VPD) along West Warner Road (32,300 VPD).
- Surrounding Economic and Traffic Drivers: Tempe AutoPlex, the Arizona Cardinals practice Facility, and retailers such as IKEA, Costco, Walmart, Target, Lifetime Fitness, and countless others bring tremendous traffic to this corridor.
- Rapidly Expanding Market Anticipating Continued Growth: The Phoenix MSA has been one of the most rapidly expanding markets in the nation over the past 10 years; Phoenix’s population is expected to continue to increase by over 42 percent over the next fifteen years.
- Strong Operator Guaranty: Evergreen Restaurant Group, LLC is a 31+ unit franchisee operator. They are based out of Redmond, Washington and operate Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in the northwest. Alaska, Oregon, Washington, Utah, Wyoming, Montana, Idaho, and Arizona.
|Property Type||Hotels & Hospitality|
|Tenure Type||Sale / Purchase|
|Property Address||1639 W Warner Rd, Tempe, AZ 85284|
|Land In Acres||1.17|
|Building Size||3,340 ft2|
|Guarantor||Evergreen Restaurant Group|
|Lease Expiration Date||01/31/2039|
Download Offering Memorandum
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