The property has great visibility and its own pylon sign with direct frontage on Interstate 20. The property is part of a larger shopping/entertainment project that is 100% leased and includes major retailers such as AMC Cinema, Walmart, Home Depot, Kohl’s, TJ Maxx, Old Navy and many others. This location was part of a larger sale/leaseback transaction undertaken by Chuck E Cheese parent company, resulting in a new 20 year lease. Conyers, GA is a primary suburb of Atlanta located ~24 miles east of downtown.
A triple net lease (triple–Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three “nets”) on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.)
High demand from tenants. This demand remains strong as newer types of retailers have emerged and compete for the prime visibility and easy access (Urgent Care Centers and ER Centers, Dental Care, Wireless Carrier Stores).
Tenants desire the visibility as well as the control over their real estate. The building and signage reflects the retailers brand and image. Whereas in a shopping center a retailer would only get to put up a sign on the building, in a freestanding building the entire building is designed by the retailer. High visibility builds brands.
Majority of NNN retailers are national or regional tenants that have meticulous site selection criteria models (they know where they want to be which is why they sign the longer term leases and invest in their properties the way they do)