STEAK N SHAKE| $2,130,000| 7.25% CAP
The Deltondo Group and Marcus & Millichap are pleased to present for sale Steak n Shake a single-tenant property located at 10131 Bloomingdale Avenue, Tampa (Riverview), Florida 33578.
The subject property is comprised of 4,308 square feet and was built in 2005. The building sits on a large 1.51 Acre lot located just off Bloomingdale Avenue which oversees 40,000+ Vehicles Per Day.
Steak n Shake will operate on a Corporate Absolute-Net lease with 5 years & 5 months remaining. The current lease includes 1.75% annual increases and two, 10-year options to extend the term.
Steak ‘n Shake was founded in February 1934 in Normal, Illinois. Gus Belt, Steak ‘n Shake’s founder, pioneered the concept of premium burgers and milkshakes. For over 85 years, the company’s name has been symbolic of its heritage. The word “steak” stood for STEAKBURGER. The term “shake” stood for hand-dipped MILKSHAKES. Gus was determined to serve his customers the finest burgers and shakes in the business.
Steak ‘ n Shake is an American casual restaurant chain concept rated primarily in the Midwestern United States with locations also in the South, Mid-Atlantic and Western United States, Europe, and the Middle East. The brand has become one of the most recognized and loyal brands in the restaurant franchising business, synonymous with freshness and quality. The company is headquartered in Indianapolis, Indiana, and is a wholly-owned subsidiary of Biglari Holdings. Under the ownership of Biglari Holdings, Steak ‘n Shake has succeeded in attaining exceptional, industry-leading financial results.
After 85 years, the company is continuing Steak ‘n Shake’s tradition of serving the country’s best, freshest, and tastiest burgers and shakes. Today, there is over 550 Steak ‘n Shake restaurants in 28 states. The restaurant’s milkshakes were voted #1 by Zagat.