Miller’s Ale House

Tenant

Miller's Ale House

Location

Rockaway , New Jersey

Price

$5,128,205

CAP Rate

5.85%

NOI

$300,000

Lease Term

10 Years Remaining

Occupancy

100%

Building Size

7,202 SF

Property Type

Single Tenant

Year Built

2019

Lot Size

1.499 Acres

Status

Closed

Property Contacts:

Karly Iacono

Vice President

(201) 742-6119 | Email

  • New Construction NNN Ground Lease
  • Corporate Guarantee from Miller’s Ale House with 88 Locations across 13 States
  • High Traffic Location – 41k+ VPD
  • Replaceable Rent with Increases of 12.50% every 5 Years
  • Great Demographics – Over 112k People within 5 Miles
  • High Demand Retail Area with Cheesecake Factory, Nordstrom Rack, Kirklands, and DSW all opening in the last year next to the subject property

Marcus and Millichap is pleased to exclusively present a net leased Miller’s Ale House investment property in Rockaway, NJ. The property is subject to a NNN lease corporately guaranteed by Miller’s Ale House with a 10 year base term and four 5-year option periods. The lease calls for rental increases of 12.50% every 5 years. The lease also features percentage rent of 4% of gross sales beyond the breakpoint each year.

Miller’s Ale House is a private restaurant chain based in Orlando, FL. They operate 88 locations across 13 states. The chain has been adding 8-10 locations each year. Miller’s is a subsidiary of Roark Capital Group, an Atlanta-based private equity firm. RCG owns and operates 68 multi-unit brands with more than 36,000 locations worldwide. The company’s largest sector is food and restaurants which encompasses 24 brands such as Arby’s, Buffalo Wild Wings, Moe’s, Hardees, Carvel Ice Cream and more.

The subject property is located in Morris County’s hottest food and entertainment market. The property is the last remaining pad site to the Rockaway Townsquare Mall. The mall is owned by Simon Property Group and is the only Simon fortress mall in Morris county. The mall is undergoing $20 million in interior renovations and is currently at 96% occupancy. In the last year Cheesecake Factory, Nordstrom Rack, DSW, Kirklands, and Raymour N’ Flanigan have all opened up adjacent to the subject property. In addition to these recent openings, there are many strong tenants surrounding the property such as Costco, Target, Walmart, Home Depot and more. Morris County is situated in the NYC MSA, only 30 miles from Manhattan. Morris County is the 10th most affluent county in America and the second in New Jersey with the average household income being $132,280.