Ft. Lauderdale, FL – The Calkain team of Patrick Nutt, Sheree Strome and Keelee Peterson represented the seller in the disposition of Miller’s Ale House in Alpharetta, Georgia earlier this week. Selling at $3,250,000 with a 6.61% cap rate, the deal illustrates the strength in the restaurant sector of the net lease marketplace.
Miller’s Ale House is located in an extremely high traffic area in the core of Atlanta’s retail market with over 3,000,000 square feet of surrounding retail. Having recently extended their lease with a new 10 year term, this long-tenured Ale House location was attractive to investors.
Patrick Nutt, Calkain’s managing partner commented, “There is a strong demand for single tenant casual dining restaurant assets. This market sector has about a 40 basis point premium over other sectors as it is resistant to the impact of e-commerce.”
As an added bonus, this recently signed long-term lease included regular rental escalations that when combined with the strong location, strengthen this as a solid investment for triple-net buyers,” stated Sheree Strome, Associate Director in Calkain’s Georgia office. She continued, “This market sector will continue to attract private and institutional buyers as the nature of this asset class are typically absolute triple net leases with built-in rent bumps, well-situated in strong retail corridors.”
As an established chain, Miller’s Ale House first opened in 1988, in Jupiter, Florida, and operates in 77 locations, this being the only location in Georgia. Miller’s Ale House is a casual sports restaurant and bar offering freshly-made food at an incredible value.
Calkain Companies is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, debt placement, equity placement, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at calkain.com.