120 International Blvd, Elizabeth, NJ 07201

SRS National Net Lease Group is pleased to offer the opportunity to acquire a trophy, high profile, leasehold estate, corporate backed single tenant offering located in close proximity to Newark International Airport, one of the busiest airports in the US. This offering consists of a single tenant, absolute NNN leased, Ruby Tuesday investment property. The tenant, Ruby Tuesday Operations, will sign a brand new 20 year corporate signed lease at the close of escrow with 4 (5-year) options to extend. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation.
The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. The property is currently undergoing a remodel with the latest prototype and is estimated for a December 2023/January 2024 reopening.
The subject property is located at the signalized, hard corner intersection of International Boulevard and Kapkowski Road, a busy route with daily traffic from the adjacent mall and hotels. Ruby Tuesday is also within half a mile from the on/off ramps to Interstate 95, which averages 269,300 vehicles per day. The site is strategically located between 5 designated Newark Airport hotels and The Mills at Jersey Gardens outlet mall, maximizing exposure and consumer draw to the restaurant. The mall, known by most as Jersey Gardens, has nearly 1,300,000 SF of retail space and is the largest outlet mall in New Jersey anchored by Saks Fifth Avenue, Burlington, Neiman Marcus, Last Call, Marshalls, Forever 21, Loews Cineplex Theaters, and Bed Bath & Beyond. The mall has a direct access and exit point allowing drivers to get to the New Jersey Turnpike without driving through local Elizabeth streets, improving traffic flow to the site.
Newark Liberty International Airport is located just 1 mile from the Ruby Tuesday and in 2022 was the 14th busiest airport in the U.S., with 43.4 M passengers traveling through the airport. Ruby Tuesday also benefits from a large density of manufacturing and industrial companies which surround the property and serve the Newark/New York metropolitan area. In addition, the asset is within close proximity to the Port of Newark, at one time the busiest container port in the world, moving over $100 billion in goods annually as the primary shipping and container facility for the northeastern quadrant of North America. The 5-mile trade area is supported by population of more than 651,500 with an average household income of $92,650.