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Views: 42 DOM: 78 Updated: 05.23.23 Posted: 03.26.23 Status: Sold 06.12.23

Summary

Price $2,500,000 $2,800,000
Built/Renov 1995
Tenant Red Lobster
Cap Rate 7.00% 6.25%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 7,800
Lease Start 08-01-2019
#Units 700
Price/SF $320.51 $358.97
Expiration 07-31-2039
Tenant Type Casual Dining
NOI $175,000
R. Term 14.7
Ownership Fee Simple
Rent/SF $22.44
Increases 2.0%/1/yrs
Pop 5Mi 53,089
Lot/AC 0.58
Options 4/5yrs/2%
AHHI 5Mi $60,701

Lease Highlights

  • Red Lobster has a 28+ year operating history at this location
  • The tenant has over 16 years remaining on its current lease with 4 (5-year) options to extend
  • Tenant has 2% rent escalations on an annual basis throughout the initial term and option periods
  • Absolute NNN lease presents zero landlord responsibilities
  • Corporate guarantee by Thai Union Group PCL

Location Description

Red Lobster is strategically located at the signalized, hard corner intersection of East Hall of Fame Avenue and Main Street which sees 28,320 vehicles per day. Hall of Fame Avenue is a major Stillwater thoroughfare that runs through the nearby Oklahoma State University Campus with nearly 25,000 students enrolled. Located within a dense retail corridor, nearby major national tenants include...

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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 : 15,081 40,196 53,763
2023 Total Population : 15,285 40,247 53,317
2023 Employed Civilian Pop : 7,042 19,088 25,627
2023 Total Businesses : 1,078 1,915 2,285
2023 Average Household Income : $ 38,268 $ 51,964 $ 66,469
2023 Total Consumer Spending : $ 180 M $ 685 M $ 1188 M
2023 Median Age : 23 24 26
2023 Total Households : 5,317 14,944 20,404
2023 Pop Age 25+: Bachelor's Degree : 1,401 4,497 7,679
2023 Average Home Value : $ 217,579 $ 258,052 $ 292,674
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
North Main Street W Connell Ave 2019 13,100 0.14 mi
West Hall of Fame Avenue N Duncan St 2019 14,100 0.16 mi
East Hall of Fame Avenue N Scholarship Pl 2019 15,400 0.19 mi
West McElroy Road Husband St 2019 7,500 0.24 mi
North Duck Street W Matthews Ave 2019 13,300 0.26 mi
East McElroy Road E Tyler Ave 2019 14,700 0.27 mi
North Duck Street W Cantwell Ave 2019 7,600 0.27 mi
West McElroy Road N Duncan St 2019 11,100 0.28 mi
West Miller Avenue N Duncan St 2019 3,300 0.28 mi
North Husband Street McElroy Rd 2019 2,700 0.30 mi

Listing Broker

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