2524 Chesapeake Square Ring Rd - Restaurant FOR SALE
Chesapeake, VA 23321 |
2524 Chesapeake Square Ring Rd
Chesapeake, VA 23321
HIGHLIGHTS
- CAP Changes to 6.9% in 2025 with Base Term Increase
- Red Robin Absolute NNN Ground Lease with 11.5 Years Remaining in Chesapeake, VA (Norfolk MSA)
- Corporate, Non-Franchised Lease/Operator; Red Robin International, Inc. Lessee Entity
- Tenant Demonstrated Very Strong Commitment to Site via Early-Extending Lease for 10 Years thru January 2035 with Minimal Inducement from Landlord
- 8% Rent Increase in 2025 Adds 50 bps to CAP Rate; +100 bps to CAP Rate by End of Current Term with 2030 Rent Increase
- Outparcel to Chesapeake Center – 277,000 SF Regional Draw Open-Air Shopping Center with Value City Furniture, Gabe’s, Big Lots, PetSmart, Dollar Tree,
FOR SALE DETAILS
PRICE
-
CAP RATE
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% LEASED
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TENANCY
-
BUILDING DETAILS
PROPERTY NAME
Red Robin Ground Lease | 10-Yr Early Ext
PROPERTY TYPE
Retail
PROPERTY SUBTYPE
Restaurant
ADD'L SUBTYPES
Freestanding, Storefront
TOTAL BUILDING SIZE
6350
STORIES
1
YEAR BUILT
2004
SPRINKLERS
-
PARKING SPACES
104
LAND DETAILS
LAND ACRES
-
LAND SF
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ZONING
-
APN/PARCEL ID
0106009000083
