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Carl’s Jr., Fredrickson, VA

Carl’s Jr.

WA, United States

Price $2,912,600
Cap Rate
NOI
Lease Term 20 Years
Lease Type
Rental Increases 2.50% Rental Increases in Year 11 and Every Five Years Thereafter
Year Built 2017
Building Size 2,678 SF
Lot Size 0.65 Acres (28,118 SF)
Status Sold
Lead Broker Information Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

ABSOLUTE NNN LEASE WITH SCHEDULED RENT INCREASES
» Brand new 20-year NNN lease with three five-year options
» Scheduled rental increases, providing a hedge against inflation
» Zero landlord management – provides ideal investment for an out-of-area investor

HIGH-TRAFFIC LOCATION NEAR MAJOR EMPLOYERS
» 34,250 vehicles per day at the signalized intersection of Canyon Road East and 176th Street East
» Central location in the Frederickson Industrial Area, with over 3,330 employees near the property
» Close proximity to Boeing Wing Responsibility Center – Boeing is the largest employer in the Seattle MSA and the largest manufacturing employer in Pierce County
» Just over three miles from Joint Base Lewis-McChord – over 57,000 employees

CLOSE PROXIMITY TO NEW DEVELOPMENTS
» Located in Frederickson Place I & II, a shopping center that is currently under construction
» Across from Frederickson Town Center, a 50-acre retail project
» Within walking distance of Rosemont, a 737-unit multi-family development

BRAND NEW 2017 CONSTRUCTION
» Features latest Carl’s Jr. prototype with drive-thru
» Brand new building, limiting near-term deferred maintenance or capital costs

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located just off the signalized intersection of Canyon Road East and 176th Street East, which experiences a high traffic count of 34,250 vehicles per day. Located directly across from
the property is Canyon Crossing, a shopping center anchored by Safeway and featuring a number of major national tenants, including Xfinity, Starbucks, AT&T, and Great Clips. The property is situated in Frederickson Place I & II, a retail center that is currently under construction. The center includes AutoZone, a car wash, a Taco Bell due to be delivered in 2017, and multiple parcels for future retail development. Other developments in the area include Frederickson Town Center, another shopping center located across from the property, and Rosemont, a 737-unit multi-family development located within walking distance of the property.

The property benefits from its central location in the Frederickson Industrial Area, one of the principal industrial centers of Pierce County, which is home to some of the region’s largest employers. Dozens of industrial operations are located within the Frederickson Industrial Area, including operations for Boeing, IKEA, Whirlpool, James Hardie, and Toray. Over 3,330 people work in the Frederickson Industrial Area, all within close proximity to the subject property. Additionally, Joint Base Lewis-McChord is just over three miles from the property. Joint Base Lewis-McChord is the second largest employer in the Seattle metropolitan area, with over 57,000 employees, providing a strong customer base for Carl’s Jr | Green Burrito.

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