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Jones Lang LaSalle Americas, Inc. is pleased to offer the opportunity to acquire a Hooters restaurant comprising 8,026 square feet located in Yuma, Arizona (the “Property” or “Asset”). The Property was recently renovated with over $700,000 ($88 PSF) of capital upgrades and premium interior finishes. Yuma Hooters, Inc. (the “Tenant”) is operating on a long-term absolute net lease with 9.6 years of lease term remaining, 2.0% annual rent increases, and zero landlord responsibilities. The Property features an established restaurant group guarantor (Restaurants of America), who has exclusive franchise rights for all Hooters restaurants in Colorado, New Mexico, and Arizona.
Founded in 1983, Hooters is one of the world’s most recognizable restaurant banners operating more than 420 locations in 42 states and 29+ countries. The Property is strategically located on an outparcel of Yuma Palms Regional Shopping Center – the largest shopping center in Yuma MSA – and surrounded by over 1 million square feet of nationally recognized retailers. This Property possesses excellent real estate fundamentals and presents the opportunity to acquire a long-term investment leased to an industry leading restaurant in the heart of Yuma’s primary retail destination.
WORLD RENOWN CASUAL RESTAURANT TENANCY
With international brand recognition, Hooters operates more than 420 locations across 42 U.S. states and 29+ countries and territories
Established restaurant group guarantor with exclusive franchise rights to all Hooters restaurants in Colorado, New Mexico, and Arizona
OUTPARCEL TO YUMA PALMS REGIONAL SHOPPING CENTER
Largest shopping destination in Yuma MSA home to leading national retailers such as Dillard’s, JCPenney, Target, Best Buy, PetSmart, and Marshalls
Densely populated area benefiting from hosting thousands of military families who train at the expansive regional military bases
Adjacency to the region’s primary U.S. 95 thoroughfare with direct access to Interstate 8, boasting traffic counts over 34,000 VPD
OPTIMAL NET LEASE STRUCTURE WITH ZERO LANDLORD RESPONSIBILITIES
The Tenant operates on an absolute triple net lease with zero landlord responsibilities
Recently renovated with over $700,000 of capital upgrades, the Asset contains over 9.6 years of primary lease term with 2.0% annual rent escalations
Three, 5-year renewal options with 2.0% rent escalations per year offers an attractive hedge against inflation