ATLANTA—Corporate ground leases for two Red Robins—the popular franchise gourmet burger restaurant—have traded hands in the Southeast. The restaurants are in Lawrenceville, GA and Cordova, TN.
The sale price was $3.831 million. That represents $294 per square foot and $307 per square foot.
Franklin Street's Mac McCall and Bryan Belk represented the seller of both properties, a real estate investment company out of Memphis. The buyers are private investors out of La Verne, Calif. and Oklahoma City, OK. Both buyers plan on holding the properties long-term.
“Recent closings show continued investor demand for quality properties with credit tenants,” Belk says. “We were able to find all-cash investors that were willing to pay full asking price within just a few weeks of marketing the property, including multiple backup offers.”
A 6,350-square-foot Red Robin is located at 1250 Scenic Highway in Lawrenceville, a part of the Atlanta Metro Area and the 6,381-square-foot Red Robin is located at 1231 North Germantown Parkway in Cordova, part of the Memphis Metro Area. Red Robin is a corporately-owned chain that operates more than 450 restaurants across the United States and Canada. The first restaurant opened in 1969 in Seattle, Wash. Red Robin is now headquartered in Greenwood Village, Colo.
“The stable return of corporate ground lease properties is exactly what many investors are looking for right now,” McCall says. “Their steady cash flows provide for a great long term investment.”
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