Absolute Net Lease (NNN) – Tenant is Responsible For All Expenses Including Roof, Structure, Taxes, Insurance and Common Area Maintenance
7 Years Remaining on a 20 Year Lease with Two 10-Year Options
Tenant Received a 40% Reduction in Rent Over 7 Years
Rental Increase at Option One (4/1/2024) – $272,157.36 Plus 1.25% Annual Increase
Corporate Guarantee – Garden Fresh Restaurant Corp., Who is Owned By Cerberus Capital Management L.P. $100+ Billion Revenue
Strong Store Sales – 91K Residents Within a 3-Mile Radius
Palm Harbor Is Located Within the Tampa / St. Petersburg / Clearwater MSA – Population Over 3 Million
Major Retail Artery – Located Directly Off U.S. Hwy 19 N Commanding Over 87K VPD
Souplantation is a United States-based chain of all-you-can-eat buffet-style restaurants. The first Souplantation opened in 1978 in San Diego, California, where the company is headquartered. The company was incorporated as Garden Fresh Corp. in 1983. The company went public in 1995 but was taken private in 2004. Outside of Southern California, Souplantation operates under the name Sweet Tomatoes. The company is owned by Garden Fresh Restaurant Corporation.
About Garden Fresh Restaurant Corp. - Each day begins fresh at 124 company-owned Garden Fresh restaurants in 15 states. More than 300 million guests since 1978 have helped us to be number one in fresh produce and salads, made-from-scratch soups, hot pastas, freshly baked breads and muffins, fresh fruit, desserts, and more. Guests have the freedom to create their own wholesome meal in a one-of-a-kind dining experience in a friendly atmosphere and all at an everyday value. The company is headquartered in San Diego, CA, and has two brand names: Souplantation in Southern California, and Sweet Tomatoes elsewhere.
Cerberus Capital Management, L.P. is an American private equity firm, specializing in "distressed investing”. The firm is based in New York City, and run by Steve Feinberg, who co-founded Cerberus in 1992 with William L. Richter, who currently serves as a senior managing director. The firm has affiliate and/or advisory offices in the United States, Europe and Asia. Cerberus has more than US$40 billion under management in funds and accounts. The company is a U.S. Securities and Exchange Commission Registered Investment Advisor. Investors include government and private sector pension and retirement funds, charitable foundations, university endowments, insurance companies, family savings and sovereign wealth funds.