99 Restaurant & Pub

Tenant

99 Restaurant & Pub

Location

New Hartford , NY

Price

$1,380,000

CAP Rate

6.75%

NOI

$93,170

Lease Term

4.9 years remaining

Occupancy

100%

Building Size

5,688 SF

Property Type

Single Tenant

Year Built

2004

Lot Size

2.10 acres

Status

Available

Property Contacts:

Karly Iacono

Vice President

(201) 742-6119 | Email

JC Corr

Associate

(201) 742-6181 | Email

  • NNN Corporately Guaranteed Lease
  • 10% Rent Increases Every 5 Years
  • Low Rent to Sales Ratio | 3.86% in 2018
  • High Traffic Location | 24,000 VPD
  • Excellent Demographics | 94k+ People in 5 Miles
  • Tenant has Operated at this Location since 2004
  • Near Many Prominent Retailers such as Walmart, Target, TJ Maxx, DSW, Planet Fitness, Barnes & Noble and more.
  • Adjacent Retail Strip also Available for Purchase

The Iacono Team of Marcus and Millichap is pleased to exclusively present a 99 Restaurant & Pub in New Hartford, NY. The property is part of a larger shopping center, known as The Orchard, and may be purchased individually or alongside the strip center. 99 Restaurants & Pub is subject to a NNN corporately guaranteed lease. There are 4.9 years remaining on the base term and four five-year option periods available. The tenant has been operating at this location since 2004 and recently exercised their second option period, demonstrating a strong commitment to the site. 99 Restaurant’s rent to sales ratio in 2018 was extremely low at 3.86%, making it a profitable location for the company.

 

99 Restaurants & Pub is a family-friendly chain with more than 100 locations throughout the Northeast. The chain was founded in 1952 and is headquartered in Woburn, MA. The chain serves more than 20 million customers annually. 99 Restaurants & Pub is owned by American Blue Ribbons Holding Company, known as ABRH for short. ABRH operates in the fast casual dining and family dining segments. They manage four distinct restaurants brands and an award winning bakery operation. Their restaurant portfolio includes O’Charley’s, Bakers Square, Village Inn, and Legendary Baking. ABRH is a majority owned subsidiary of Cannae Holdings. Cannae Holdings is a diversified holding company with investments in restaurants, technology, healthcare services, financial services and more. Cannae is listed on the New York Stock Exchange as “CNNE” and claims a book value of $1.19 billion according to their website.

 

The subject property is located in a dense retail corridor in New Hartford, NY. There are many prominent retailers near by including TJ Maxx, Barnes & Noble, Walmart, Target, DSW, Planet Fitness, Kohls, Best Buy and many more. The area is a high traffic location with more than 46,000 combined vehicles per day. Additionally, there are three colleges less than 5 miles from the subject property with more than 35,000 students enrolled. The area is heavily populated with more than 94.000 people residing within 5 miles.