425 Sparks Blvd
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425 Sparks Blvd
7,767 SF Retail Building Sparks, NV 89434 £3,614,409 (£465/SF) 5.50% Net Initial Yield
Investment Highlights
- Irreplaceable STNL in Sparks, Nevada
Executive Summary
• High Credit Tenancy – 100% leased to BJ’s Restaurants and Brewhouse, Inc (NASDAQ: BJRI), a national brewhouse and casual dining chain with an annual revenue exceeding $1.33 billion and market capitalization of ± $683 million across over 216 nationwide locations
• National Brand, Absolute NNN Ground Lease – Passive “coupon clipper” single-tenant investment leased to the well-known brand BJ’s Restaurant and Brewhouse. The NNN nature of the lease results in zero landlord responsibilities – perfect for out-of-town investors
• Regional Retail Hub Location – The property is an outparcel to the Target and Lowe’s anchored Outlets at Legends, a ±1,000,000 SF regional center located in the core of a vibrant retail trade area with national tenants including Burlington, T.J. Maxx, Chick-fil-a, Crunch Fitness, Petco and others
• Corporate Lease, Scheduled Rental Increases – BJ’s Restaurants and Brewhouse, Inc. is on a long-term 20-year ground lease (6 years remaining), with CPI (max 8%) rental increases every 5-years including options on an established “corporate credit” investment with zero landlord responsibilities
• Strong Historical Occupancy – The property has operated as a BJ’s Restaurant and Brewhouse since its 2010 construction, with vintage rent is ±20% below market producing low occupancy costs while allowing for a future mark-to-market opportunity
• National Brand, Absolute NNN Ground Lease – Passive “coupon clipper” single-tenant investment leased to the well-known brand BJ’s Restaurant and Brewhouse. The NNN nature of the lease results in zero landlord responsibilities – perfect for out-of-town investors
• Regional Retail Hub Location – The property is an outparcel to the Target and Lowe’s anchored Outlets at Legends, a ±1,000,000 SF regional center located in the core of a vibrant retail trade area with national tenants including Burlington, T.J. Maxx, Chick-fil-a, Crunch Fitness, Petco and others
• Corporate Lease, Scheduled Rental Increases – BJ’s Restaurants and Brewhouse, Inc. is on a long-term 20-year ground lease (6 years remaining), with CPI (max 8%) rental increases every 5-years including options on an established “corporate credit” investment with zero landlord responsibilities
• Strong Historical Occupancy – The property has operated as a BJ’s Restaurant and Brewhouse since its 2010 construction, with vintage rent is ±20% below market producing low occupancy costs while allowing for a future mark-to-market opportunity
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
7,767 SF
Building Class
B
Year Built
2006
Price
£3,614,409
Price Per SF
£465
Net Initial Yield
5.50%
NOI
£198,792
Tenancy
Single
Number of Floors
1
Building FAR
0.13
Land Acres
1.39 AC
Opportunity Zone
Yes
Zoning
NUD - New Urban District
Parking
82 Spaces (10.56 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Route
- Signage
- Signalised Intersection
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 037-400-13 | Improvements Assessment | £509,069 |
| Land Assessment | £350,711 | Total Assessment | £859,780 |
PROPERTY TAXES
Parcel Number
037-400-13
Land Assessment
£350,711
Improvements Assessment
£509,069
Total Assessment
£859,780
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