Bob Evans (Ground Lease)

631 North Mayo Trail
Paintsville, KY 41240

Property: Investment Sales

Square Footage: +/- 5,590

Acreage: +/- 1.92

Price: $997,000

Cap Rate: 4.50%

Description:

  • 20 year absolute triple net ground lease that commenced in 2004 with two 5 year renewal options
  • Bob Evans is a 70 year old food brand and restaurant chain with +/- 523 locations in 18 Midwest, mid-Atlantic and Southeast states
  • Large 1.92 acre parcel and tenant recently completed a remodel
  • Outparcel to Mayo Plaza, a dominant regional shopping center with a trade area population over 66,800
  • Other anchor tenants include Lowe’s, Food City, Ollie’s Bargain Outlet, Peebles, Big Sandy Superstore and a Walmart shadow anchor
  • Daily traffic counts of 13,700 in front of the property on the market’s primary retail and restaurant corridor
  • Positioned adjacent to Johnson County High and Middle Schools with a combined 1400+ students
  • Paintsville is the county seat and a business, education, arts, recreation and leisure hub for the eastern Kentucky region