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Views: 70 DOM: 332 Updated: 04.29.24 Posted: 06.19.23 Status: Active

Summary

Price $4,519,000
Built/Renov 1975
Tenant Red Lobster
Cap Rate 6.75%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 7,641
Lease Start 09-01-2023
#Units 700
Price/SF $591.41
Expiration 02-28-2045
Tenant Type Casual Dining
NOI $305,009
R. Term 20.9
Ownership Fee Simple
Rent/SF $39.92
Increases 2.0%/1/yrs
Pop 5Mi 156,071
Lot/AC 2.03
Options 4/5yrs/2%
AHHI 5Mi $90,549

Lease Highlights

  • Red Lobster recently signed a brand new 21.5-year lease with 4 (5-year) options to extend
  • Lease features 2% annual rental increases throughout the initial term and during each option
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee by Thai Union Group PCL

Location Description

This 7,641 square foot Red Lobster is situated on a 2.03 acre parcel along Springdale Road with access to 16,700 vehicles per day. The site benefits from nearby direct on/off ramp access to I275, a major thoroughfare averaging over 69,000 vehicles per day. The subject property is ideally situated within close proximity to Northgate Mall, a 881,000 SF regional mall anchored by Marshalls, Ulta...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Red Lobster
  • Guarantor:Corporate
  • Company:Thai Union Group PCL
  • # Units:700
  • Stock:Private

About Tenant

Red Lobster is the largest seafood restaurant concept in the world and is an iconic full-service brand with broad demographic appeal. The company was founded in 1968 and today operates 700+...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 11,487 58,302 153,992
2023 Total Population : 11,656 59,448 155,893
2023 Employed Civilian Pop : 6,095 30,416 78,485
2023 Total Businesses : 435 1,434 3,539
2023 Average Household Income : $ 79,627 $ 85,192 $ 87,978
2023 Total Consumer Spending : $ 326 M $ 1744 M $ 4806 M
2023 Median Age : 40 40 41
2023 Total Households : 4,697 23,628 63,050
2023 Pop Age 25+: Bachelor's Degree : 1,380 8,250 23,256
2023 Average Home Value : $ 190,032 $ 212,729 $ 218,769
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Springdale Rd Niagara St 2007 16,665 0.05 mi
Colerain Ave Yellowstone Dr 2013 32,875 0.09 mi
Niagara St Springdale Rd 2007 1,218 0.15 mi
Niagara St Colleen Dr 2007 3,145 0.16 mi
Colerain Ave Springdale Rd 2013 29,380 0.20 mi
Springdale Rd Colerain Ave 2007 13,810 0.22 mi
SPRINGDALE RD Loralinda Dr 2020 14,262 0.27 mi
Springdale Road Loralinda Dr 2019 15,811 0.27 mi
Colerain Ave Redskin Dr 2013 42,749 0.27 mi
Colerain Avenue Regency Ct 2021 35,965 0.34 mi

Listing Broker

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