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Views: 206 DOM: 587 Updated: 08.06.24 Posted: 05.14.23 Status: Active

Summary

Price $5,642,000
Built/Renov 2007
Tenant Red Lobster
Cap Rate 6.25%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 7,303
Lease Start 10-28-2015
#Units 700
Price/SF $772.56
Expiration 10-31-2044
Tenant Type Casual Dining
NOI $352,632
R. Term 19.10
Ownership Fee Simple
Rent/SF $48.29
Increases 1.0%/1/yrs
Pop 5Mi 186,125
Lot/AC 1.29
Options 4/5yrs/2%
AHHI 5Mi $86,529

Lease Highlights

  • Long-term lease with over 21 years remaining due to a recent 5-year extension with 4 (5-year) options to extend
  • The lease features an annual rental increase of 1% through August 2027 at which point it increases to 2% for the remainder of the term
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate signature by Red Lobster Hospitality LLC

Location Description

The subject property is a pad to a Lowe’s Home Improvement at the southwest corner of S. McCarran Blvd (39,100 VPD) and Kietzke Lane (25,700 VPD), with direct access and clear visibility from S. McCarran Blvd. It is within 1 block of the on/off ramps to Interstate 580 (132,000 VPD), the main north/south highway going through Reno. Red Lobster’s superior location in the primary retail corridor...

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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 : 12,125 81,436 194,463
2023 Total Population : 11,543 79,389 188,470
2023 Employed Civilian Pop : 5,920 40,548 92,364
2023 Total Businesses : 1,341 5,530 11,683
2023 Average Household Income : $ 97,005 $ 99,105 $ 101,458
2023 Total Consumer Spending : $ 433 M $ 3004 M $ 7316 M
2023 Median Age : 37 39 39
2023 Total Households : 5,086 34,633 82,658
2023 Pop Age 25+: Bachelor's Degree : 1,602 12,331 29,800
2023 Average Home Value : $ 557,233 $ 572,064 $ 585,130
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
S McCarran Blvd Kietzke Ln 2011 32,760 0.06 mi
Kietzke Ln S McCarran Blvd 2011 15,860 0.12 mi
Kietzke Ln S McCarran Blvd 2016 25,735 0.13 mi
S McCarran Blvd Talbot Ln 2015 32,500 0.14 mi
South McCarran Boulevard Talbot Ln 2021 28,400 0.18 mi
Redfield Pkwy Kietzke Ln 2011 5,940 0.20 mi
S McCarran Blvd Hwy 395 2015 22,500 0.22 mi
IR580 S McCarran Blvd 2021 5,700 0.23 mi
Kietzke Ln Redfield Pkwy 2011 8,990 0.23 mi
South McCarran Boulevard I- 580 2021 24,400 0.24 mi

Listing Broker

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