Tenant: Steak ‘n Shake Premises: 3,780 SF Renewal Options: 4 x 5 Years
Lease Expiration: 20 Yrs From COE Lease Type: Absolute NNN Rental Increases: 10% Every 5 Years
New 20 Year Absolute Triple Net (NNN) Lease to Start at Close of Escrow
10% Rent Increases Every 5 Years
Four (4) x Five (5) Year Options to Renew
Strong Barriers to Entry with Ideal Location Adjacent to Charleston Tanger Outlet Centers and Strategically Positioned Between I-26, I-526, Charleston International Airport and Boeing Aviation Facility
Neighboring Tenants Include: Walmart Supercenter, Zaxby’s, Tanger Outlet Center, Mellow Mushroom, Starbucks and Panera Bread
Excellent Demographics with Over 127,000 Residents Within a 5-Mile Radius and Over 136,000 Vehicles Per Day Along I-26
Lease is Structured at an 8.5% Rent to Sale Ratio Based on 2016 Sales
Sale Leaseback will Reduce the Tenant’s Current Monthly Expenses and Increase Overall Business Profitability
Located Less Than 10 Miles From Downtown Charleston
In Cooperation with Sands Investment Group Charleston, LLC Lic # 20891
Charleston Tanger SNS, LLC owns and operate Four Steak ‘n Shake franchises in South Carolina and Georgia. Founded in 1934, Steak ‘n Shake is known for their premium steak burgers and hand-dipped milkshakes. A Classic American brand – Steak ‘n Shake provides high quality burgers and shakes at value pricing. Steak ‘n Shake continues to set records for same store sales growth and is poised for continued record-setting growth in the future.
Charleston Tanger SNS, LLC is under the direction of Seth Salzman, an industry veteran with more than 20 years’ experience. He and his partners started Moe’s Southwest Grill and Raving Brands. They created and managed more than 8 different restaurant concepts including Boneheads Grilled Fish and The Flying Biscuit Cafe and opened more than 300 Moe’s Southwest Grill locations before selling to Focus Brands. Under Seth’s leadership his brands have been awarded Hot Concept by Nations Restaurant News and was the fastest growing burrito chain in the country with multiple years over 100% growth. Seth was the founder and President of Sinclair Consulting, a firm that serviced the restaurant and franchise industry before becoming a partner in Labkin Group, LLC.
Seth and the Carolina Steak ‘N Shake team were recognized at the 2015 Steak ‘N Shake annual franchise conference and awarded the Franchise Partnership Award.