October 31, 2021 – Jason Woods and Ryan O’Rourke of Horvath & Tremblay have successfully completed the sale of a Red Robin in Mishawaka, Indiana. Horvath & Tremblay exclusively represented the buyer to complete this transaction at a sale price of $2,735,000.
Red Robin is located at 4010 North Main Street in Mishawaka, Indiana. The Property was constructed in 2003 and is improved with a 6,833 square foot building on a 2.38-acre parcel of land. Red Robin has been operating at this property since 2008 and recently signed a 10-year lease extension demonstrating their commitment to the site and the market. The absolute NNN lease currently has 10 years of term remaining plus two, 5-year renewal options. Both the initial term and renewal terms include an 10% rent increase every five years throughout the base term and renewal options. The Red Robin property is also positioned in proximity to Interstate 80 (26,000+ VPD). Red Robin is less than five miles from the University of Notre Dame (8,600+ Students) and one mile southwest of St. Joseph Regional Medical Center Hospital, a 254-bed acute-care medical center. More than 168,000 people live within five miles of the property earning an average annual income of $71,390.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.