2 Tenant NNN Investment | Outparcel to Florence Mall
Florence, KY
Price: $5,307,000Cap Rate: Building SF: 35,647 SFLot Size: 3.3 AcresYear Built: 2012Status: Closed

Investment Highlights: 

100% Leased Two-Tenant NNN Investment – Synergistic Tenant Pairing – The subject property is 100% leased to two tenants, Quaker Steak & Lube and Thoroughbred Harley-Davidson. Quaker Steak & Lube is a unique motorsports themed casual dining restaurant with 50 locations in the U.S. Throughbred Harley-Davidson is part of the Harley-Davidson of Cincinnati dealership, which is the largest and oldest Harley-Davidson dealership in the tri-state area. The two retailers’ proximity to each other enhances their success and offers outstanding synergy.

Long Term Absolute NNN Leases – Strong Rent Growth  – The Quaker Steak lease has 14+ years remaining on the initial lease term and (4) 5-year option periods. Harley-Davidson has 4+ years remaining and has (3) 5-year options. Both leases feature 2% annual rent increases throughout the primary terms as well as in their option periods, offering excellent income growth for an investor. Additionally, the Absolute NNN leases provide for minimal landlord responsibilities. Tenants are responsible for all operating expenses and replacements on the property.

“A+” Real Estate – Outparcel to 890,00-Square-Foot Florence Mall – Destination Retail Trade Area  – The property is located adjacent to the Florence Mall, the regional mall for the Northern Kentucky market. The mall is surrounded by numerous national retailers and restaurants, including Burlington, Old Navy, Cinemark, Kroger, Ulta Beauty, Barnes & Noble, TJ Maxx/HomeGoods, Staples, Men’s Wearhouse, Taco Bell, QDoba, Party City, BP, Chipotle, Five Guys, Raising Cane’s, Red Robin, and many more.

Located Along Interstates 75/71 – Excellent Visibility to 143,000 Cars Per Day – The property is located within a quarter-mile of the on/off ramp to Interstates 75/71, offering quick access to nearby Downtown Cincinnati. Its frontage along this major interstate provides excellent visibility and signage to 143,000+ cars per day.

Strategic Location Within North Kentucky/Cincinnati Area – Dense Infill Location – Excellent Demographics  – The subject property is located in Northern Kentucky which is one of the fastest-growing communities in the state of Kentucky. The site at the crossroads of Ohio, Kentucky and Indiana, and offers outstanding proximity to Downtown Cincinnati, just 12 miles northeast of the subject property. The subject property is located in a dense infill location, with over 136,000 people within a 5-mile radius with an average household income over $78,000.


Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977