We are happy to announce a successful closing of a Steak ‘n Shake in Hoover, Alabama. The investment was a brand new 20-year Sale-Leaseback from the current operator and the franchisee at the site. The site was a successful location for Steak ‘n Shake for over a decade and with Whole Foods as an anchor and a market that is fully built out, makes the demand for such property very high. For our client, who was looking for a safe investment, with high intrinsic value and a story, at a below market rent, this was a home run.

While there were very substantial obstacles to a successful close, through navigating the variables in a timely and careful manner, working closely with the clients and their counsel, as well as the team at the other end of the transaction, we brought it to a close.

Investment Highlights

• Brand New 20-year Sale-Leaseback
• Annual Rental Escalations of 1.5%
• NNN Lease with Zero Landlord Responsibilities
• Outparcel to Whole Foods
• High Barriers to Entry Market
• Strong Demographics
• Below-market rent
• At the Entry Point to the Shopping Center
• Strong Retail Corridor