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Connors Steak & Seafood, Alpharetta, GA

Connors Steak & Seafood, Alpharetta, GA


Investment Summary

Price $5,537,000
Cap Rate 6.50%
NOI $359,856
Lease Term 15 Years
Lease Type NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022 (Remodeled)
Building Size 6,426 SF
Lot Size 1.784 acres (77,712 SF)
Status Available
Lead Brokers Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

15-YEAR NNN LEASE
» 15-year NNN lease
» 10% rental increases every five (5) years, providing a hedge against inflation
» Building remodeled in 2022 with ample parking on-site for added customer convenience

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR NEAR MAJOR EMPLOYERS
» High-traffic location on Windward Parkway near a four-way signalized intersection, with excellent visibility and access to a combined 75,000 vehicles per day
» Georgia State Route 400 is located one mile from the property, providing access to 143,000 vehicles per day
» Adjacent to Costco Wholesale and directly across from a Walmart Supercenter, promoting crossover traffic to the location
» Central location in a dense retail corridor with proximity to several large shopping centers with nearby tenants such as Kroger, The Home Depot, Lowe’s Home Improvement, Target, Chick-fil-A, and numerous others
» 10 large hotels with 1,365 guestrooms are situated within a two-mile radius of the property, providing a nearby regular customer base
» Proximity to Alpharetta’s top-10 employers with a workforce of over 14,575 located within a four-mile radius, greatly increasing traffic in the surrounding area
» Minutes from Georgia State University Alpharetta Campus (33.73 acres, 53,737 total students across six campuses) with proximity to many well-attended Fulton County schools (94,000+ student enrollment)

DENSELY POPULATED AND AFFLUENT GEORGIA SUBURB
» Population of 169,099 within a five-mile radius (a 24 percent growth since 2010)
» Affluent community with an average annual household income of $155,269 within five miles (projected to increase 11 percent by 2026)
» Beneficial proximity to several large airports including Cobb County International Airport (the second busiest general aviation airport in the state), and Hartsfield-Jackson Atlanta International Airport (the busiest airport in the world with over 100 million annual passengers)
» Gateway to Atlanta, the most populous city in Georgia (498,715 residents), and the ninth largest metro area in the U.S. (over six million people)
» Alpharetta ranks among one of the top 25 places to live in the entire country according to Money Magazine
» Georgia’s business climate has been ranked #1 in the nation for the eighth consecutive year by Site Selection and Area Development ranked Georgia the top state for doing business for the seventh year in a row

Property Description

» This Connors Steak & Seafood has a high-traffic location on Windward Parkway near a four-way signalized intersection, with excellent visibility and access to a combined 75,000 vehicles per day
» The property is adjacent to Costco Wholesale, directly across from a Walmart Supercenter, and surrounded by major national tenants such as Kroger, The Home Depot, Lowe’s Home Improvement, Target, Chick-fil-A, and numerous others
» The site features excellent Proximity to Alpharetta’s top-10 employers with a workforce of over 14,575 located within a four-mile radius, greatly increasing traffic in the surrounding area
» The property benefits from its proximity to several large airports including Cobb County International Airport (the second busiest general aviation airport in the state) and Hartsfield Jackson Atlanta International Airport (the busiest airport in the world with over 100 million annual passengers)
» This Connors is minutes from Georgia State University’s Alpharetta Campus (33.73 acres, 53,737 total students across six campuses) with proximity to many well-attended Fulton County schools (94,000+ combined student enrollment)
» The location is supported by a population of 169,099 within a five-mile radius (a 24% growth since 2010), with an average annual household income of $155,269 within

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