SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Ruby Tuesday investment property located in Greensboro, NC. The tenant, Ruby Tuesday, Inc., recently extended their lease for an additional 4 years, demonstrating their commitment to the site. Ruby Tuesday has just under 10 years remaining with the lease ending in February 2031 with 4 (5-year) options to extend. The lease features variable rental increases throughout the initial term, adjustment to Fair Market Rent at the beginning of the first option period, and 2% annual rental increases throughout the remaining options, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for an out of state investor. As of December 21, 2017, NRD Capital, an Atlanta-based private equity firm, acquired Ruby Tuesday. Collectively, the team at NRD Capital has been involved in 20 brands, including Popeyes, Burger King, Subway, and more. This site is one of 230+ locations Ruby Tuesday has elected to remain operational after filing for Chapter 11 bankruptcy in July 2020.The subject property is strategically located at the signalized, hard corner intersection of Thorndike Road and State Highway 68 with a combined 43,500 vehicles passing by daily. Moreover, the site is located less than 0.25 miles from Interstate 40, a major east/west commuter thoroughfare servicing the city of Greensboro and connecting travelers from across the U.S., averaging an additional 132,000 vehicles passing by per day. The Ruby Tuesday is also less than 2 miles southwest from the Piedmont Triad International Airport, one of the largest airports in North Carolina, servicing more than 1 million passengers in 2019 and providing a direct consumer base to draw from. Additionally, the asset is surrounded by multiple hotels including Embassy Suites, Homewood Suites, Choice Hotels, Residence Inn, Fairfield by Marriott, and more, further increasing consumer traffic to the subject area. The 5-mile trade area is supported by more than 96,000 residents and 72,000 employees. Residents within this trade area have a healthy average household income in excess of $85,000.
