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McAlister’s Deli Sale-Leaseback, Salina, KS

McAlister’s Deli Sale-Leaseback, Salina, KS


Investment Summary

Price $1,895,000
Cap Rate
NOI
Lease Term 20 years
Lease Type Absolute NNN sale-leaseback, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 8% rental increases every five (5) years
Year Built 2021
Building Size 3,226 SF
Lot Size 0.69 acres (29,933 SF)
Status Closed
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

LONG-TERM ABSOLUTE NNN SALE-LEASEBACK WITH SCHEDULED RENTAL INCREASES
» 20-year absolute NNN lease plus two (2) five-year renewal options
» Leased to The Saxton Group, one of the largest McAlister’s Deli franchisees, with over 70 McAlister’s Deli locations
» The Saxton Group has been ranked #84 on Franchise Times Restaurant 200 list of franchisees.
» No landlord management, ideal for an out-of-area investor
» 8% rental increases every five years throughout the primary term and renewal options

PROMINENT LOCATION ON SALINA’S PRIMARY RETAIL CORRIDOR
» Surrounded by major national retailers on South Old Highway 81 / South 9th Street, Salina’s primary retail corridor, including Walmart, Supercenter, Target, Lowe’s, Sam’s Club, Dick’s Sporting Goods, ALDI, Kohl’s, Hobby Lobby, Chick-fil-A, Chipotle, Olive Garden, Longhorn Steakhouse, Starbucks, McDonald’s and many others
» Just down from Central Mall, the largest mall in Salina, with almost 500,000 SF of retail space and 43 tenants including AMC Theatres, Ross, Old Navy, Dunham’s Sports, JOANN Fabrics and others
» McAlister’s Deli is strategically located on 9th Street, Salina’s primary retail and transportation corridor, with over 15,000 vehicles per day in front of the property and close access to Interstate 135 with over 23,000 vehicles per day

CENTRAL LOCATION IN AN AFFLUENT AREA NEAR MANY MAJOR EMPLOYERS
» Close proximity to many of Salina’s major employers including Stryten (2,500 employees), Great Plains Manufacturing (1,900 employees), Schwan’s Supply (1,200 employees), Kasa Companies (205 employees), Advance Auto Distribution Center and several others
» Strong surrounding customer base with 47,284 residents and 34,683 employees working within five miles of the property
» Surrounded by an affluent customer base with an average household income of $84,098 within one mile of the property and projected to increase by almost 13% over the next five years, poising Salina and McAlister’s Deli for strong concurrent growth

2021 CONSTRUCTION FEATURING A DEDICATED DRIVE-THRU PICK-UP WINDOW
» Features latest McAlister’s Deli prototype
» New building, limiting near-term deferred maintenance or capital costs
» Includes drive-thru pick-up window for take-out orders made online or via phone

Property Description

SOLD

» 20-year absolute NNN lease plus two (2) five-year renewal options
» Leased to The Saxton Group, one of the largest McAlister’s Deli franchisees, with 70+ McAlister’s Deli locations
» Surrounded by major national retailers on 9th Street, Salina’s primary retail corridor, including Walmart, Supercenter, Target, Lowe’s, Sam’s Club, Dick’s Sporting Goods, ALDI, Kohl’s, Hobby Lobby, Chick-fil-A, Chipotle, Olive Garden, Longhorn Steakhouse, Starbucks, McDonald’s, and many others
» Just down from Central Mall, the largest mall in Salina, with almost 500,000 SF of retail space and 43 tenants including AMC Theatres, Ross, Old Navy, Dunham’s Sports, JOANN Fabrics, and others
» Close proximity to many of Salina’s major employers including Stryten (2,500 employees), Great Plains Manufacturing (1,900 employees), Schwan’s Supply (1,200 employees), Kasa Companies (205 employees), Advance Auto Distribution Center, and several others
» 2021 construction featuring a dedicated drive-thru pick-up window

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