Retail Space For Lease @ 1460 11th St
Single-tenant NN leased freestanding Fosters Freeze Restaurant investment with long term tenant on a 10-year lease with consistent rent increases. Fosters Freeze has occupied the space since 1962 and just inked another corporate guaranteed lease extension through May 2026 with no termination clause. The lease rate is very conservative at only $1.45/SF/month, making this a very profitable location. Further, the tenant holds an "old style" Fosters Freeze franchise agreement where minimal Royalty's are earned via $1/gallon of ice cream purchased. The tenant just completed a $50K+ remodel in 2017, and a new $20K ice cream machine, new point-of-sale system, new LED parking lights, and new LED menu boards all in 2019, showing their commitment to the market and location.
The vibrant downtown of Reedley attracts various quality tenants surrounding the location bringing great synergy for Fosters Freeze to flourish. Well known and established corner restaurant building in a highly traveled area off the "Main and Main" of Downtown Reedley. The freestanding building has a functional floor plan that tenant has made substantial improvements to. The deal is operated by a quality multi-unit family partnership/operator with a long history in fast food operations. The only Landlord responsibility is the County property taxes; the Tenant bears all other responsibilities, costs, and obligations. The rent increases in 2020 to $1,950/month, 2022 to $2,100/month, and 2024 to $2,200/month. This space offers accomodations for: street retail.
Listing ID: 1428046
Rate: Contact for price
Type: Retail Space