1,563 Transactions in 2019

1314 S Broadway St, Pittsburg KS 66762

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Sold $2,350,000
Retail
Description

Freddy's Frozen Custard & Steakburgers

Retail Sold - KS

OFFERING SUMMARY

  • 1314 S Broadway St., Pittsburg KS 66762
  • Year Built: 1997
  • Building Size: 2,970
  • Property Name: Freddy’s Frozen Custard & Steakburgers
  • Sold Price: $2,350,000.00
  • Price PSF: $791.25
  • Sold Date: 8/1/2019
  • Cap Rate: 6.3%
  • NOI: $150,000.00
  • Property Type: Retail Restaurant
  • Lease Type: Absolute Net
  • Type: Investment
  • Role: Buyer Rep

Ideal single-tenant absolute triple-net (NNN) investment opportunity, offering a 15-year lease with attractive 10% rental increases every five years. The Property is strategically positioned on the western side of US Route 69, just south of downtown Pittsburg.

The Property is made up of ±2,970 rentable square feet on approximately 22,312 square feet of land. The tenant, JRI Management is the largest Freddy’s franchisee with +59 locations in 10 states. Freddy’s Frozen Custard & Steakburgers is a fast-casual restaurant franchise, known for premium, lean, ground beef steakburgers and dessert treats, prepared with freshly-churned chocolate or vanilla frozen custard. A privately owned and family-oriented company, their tasty menu items coupled with exceptional guest service and industry-leading cleanliness standards are why their guests make return visits.

The Property benefits from a great location just around the corner from Pittsburg State University, approximately 1-mile south of downtown Pittsburg. Pittsburg State is a fully accredited state university with more than 200 academic programs and approximately 7,000 students (Source: Pittstate. edu).

Approximately 1-mile south of the Property and within walking distance of the Pittsburg State University campus is Meadowbrook Mall & Meadowbrook Commons. Meadowbrook Mall is at near capacity with national and regional retailers including: AMC Theatres, JCPenney, Hibbett Sports, GNC, Gordmans, Maurices, Bath & Body Works, and many more.

Pittsburg is a family oriented community that is committed to their city. They have invested more than $52M in the last decade to revitalize their downtown, largely with funds from private investors (Source: pittks.org). A public-private partnership with the city, PSU, and a private developer resulted in Block22; an innovative, mix-use, living-learning community in downtown Pittsburg. Block22 transforms four historic buildings at 4th and Broadway into an entrepreneurial epicenter; minutes from the Property (Source: block22psu.com).



BROKER INFORMATION

Michael Douglas
(480) 772-8870
mdouglas@cpiaz.com





Phill Tomlinson
(480) 330-8897
ptomlinson@cpiaz.com



Property Features
  • Retail

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