IHOP has 7 years remaining on a recently extended 10-year NN lease with attractive 10% rental escalations every 5 years. Starbucks Corporation has a S&P “A-Stable” credit rating and a Moody’s A3 stable rating, and operates more than 28,030 retail stores in 77 countries/markets. The subject location has been open for business since 2005, and in 2015 the tenant elected to exercise two of their 5-year options early. In addition, Starbucks spent over $100,000 remodeling/updating the store in 2016.
IHOP is located in Des Moines, IA and is located just off a hard corner with excellent drive-by visbility. This asset is a pad site to Merle Hay Mall (1,060,000 SF enclosed mall anchored by Target, Kohl’s & Flix Brewhouse w/ over 80 stores & services), and nearby retailers include: Hobby Lobby, Burlington, Harbor Freight Tools, Northern Tool + Equipment, Big Lots, Office Depot, Price Chopper, Dollar Tree, etc. IHOP is located less than 4 miles from Drake University, 4 miles from Broadlawns Medical Center (200 beds), and 2.5 miles from VA Central Iowa Health System (386 beds).
*In Association with Iowa Local Broker: Patricia Elliott, Elliott Realty Group #T05698000