Acquired in early 2022 as part of a 1031 exchange, this Checkers is on a 15-year lease with an additional four, five-year options to renew the lease. The business portion of the property is run by Checkers & Rally’s Restaurants with a strong corporate guarantee.
This property is in a prominent location on Murfreesboro Road and sees upwards of 31,700 vehicles pass by per day. Murfreesboro Road is a main thoroughfare for the area and the property is in close proximity to hundreds of manufacturing businesses with thousands of employees.
OneV Capital plans to hold this property long term. The lease is absolute NNN with zero landlord responsibilities. The lease is also guaranteed with corporate, but rent is at a very replaceable figure in the event a re-tenanting of the property is required in the future. There are 10% increases in year 10 and every 5 years thereafter, creating a strong hedge against inflation.