Steak N’ Shake

Short Description:
Absolute NNN, ground leased Steak-N-Shake with corporate guarantee and 9+ Yrs. of lease term remaining. Directly of highway with great visibiility and over 144,000 vehicles per day.

Details
The corporately guaranteed, absolute NNN ground lease on Steak ‘N Shake runs through October 31, 2019, leaving 9+ years on the current term, with (4) 5-year renewal options into the future. The featured property is located directly off of I-480, with highway visibility and traffic counts in excess of 144,160 vehicles per day along I-480 & Tiedeman Road. The freestanding building was built to accommodate its single tenant restaurant, who hand-picked this particular location for its optimal position off the freeway and its close proximity to the large corporate office and headquarter locations that employ over 5,000 workers within a 1-mile radius of its location. An investor can acquire a long-term, Absolute NNN ground lease tenant with no management obligations or responsibilities. The tenant maintains all contracts and handles all expenses related to the property directly, leaving ownership with virtually no management responsibilities. Founded in 1934 in Normal Illinois, today, Steak N Shake now has 502 restaurants in 22 states, including 66 franchised locations. Located southwest of Downtown Cleveland, Brooklyn is a bustling suburb in the Greater Cleveland market. The City of Brooklyn is a highly sought after location for both businesses and residents due to its close proximity to major freeways (I-480, I-71, Jennings Freeway), its position in relation to Downtown Cleveland (10.32 miles), and short commute to Cleveland Hopkins International Airport (5.12 miles). The city experiences high traffic counts on its many heavily traveled roadways, with the subject property at Tiedeman Road & I-480 showing a traffic count of approximately 144,160 VPD. With highway visibility from I-480, the Steak N Shake location in Brooklyn, Ohio couldn’ t have a better location and ease of accessibility for its patrons. Brooklyn is home to several major corporate offices and headquarter facilities, employing thousands of Clevelanders including: Key Bank (NYSE: KEY) headquartered in Cleveland employs over 2,500 workers at this location less than .1 mile, American Greetings (NYSE: AM) World Headquarters is 1.13 miles away with over 2,500 people at this location, and the Cleveland Plain Dealer, which employs nearly 500 workers is less than .2 miles away.