The Denny’s leased NNN Investment property (Photo courtesy of Orion Investment Real Estate)
Denny’s leased NNN Investment sold
ORION Investment Real Estate announced the sale of the single tenant, NNN Investment property leased to Denny’s for $1,933,000 ($339/SF) at a 6 percent cap rate.
This ±5,695 square-foot freestanding building was built in 1974 and is undergoing renovations in 2016. The property is alongside the I-17 Black Canyon Freeway, with approximately 202,570 vehicles passing per day.
It is ideally situated in a retail and business core area. Located just across the Arizona Canal from Metro Center Mall, a super regional enclosed mall consisting of ±1.3 million square feet, the property is in a densely populated area with strong restaurant demand. This transaction was negotiated by Nick Miner, CCIM, and Andrew Harrison of ORION Investment Real Estate.
This Denny’s sale was from a large franchisee contributor that owned several franchises. Denny’s is America’s diner, where guests have come for over 60 years now to sit back, relax and enjoy delicious, hearty meals 24/7, every day of the year. The franchise was ranked #1 Family Restaurant franchise by Entrepreneur Magazine and #8 Overall franchise. Denny’s has an international footprint with restaurants in Canada, Guam, the Middle East, Japan, New Zealand, and many more, with the focus to continue expanding into the available markets.
“This was an off market opportunity that we were able to find for the Buyer, who was in a 1031 Exchange. The Seller is in the process of remodeling and re-tenanting the center behind the property,” Nick Miner, CCIM, noted. “This is a highly desirable infill area with the expanded light rail services going to Metro Center Mall, which is undergoing a major redevelopment,” Miner continued.
The property was sold by Jeff Geyser of GM Metro LLC, and purchased by Max Taylor of Max Taylor and Company, LLC.