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Views: 11 DOM: 5 Updated: 09.13.24 Posted: 09.13.24 Status: Active

Summary

Price $3,300,000
Built/Renov 2024
Tenant Longhorn Steakhouse (GL)
Cap Rate 5.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 5,710
Lease Start 09-02-2024
#Units 563
Price/SF $577.93
Expiration 09-30-2034
Tenant Type Casual Dining
NOI $165,000
R. Term 10.0
Ownership Ground Lease
Rent/SF $28.90
Increases 10.0%/5/yrs
Pop 5Mi 112,317
Lot/AC 0.72
Options 4/5yrs/10%
AHHI 5Mi $137,864

Lease Highlights

  • Brand new 2024 construction
  • New 10-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rental increases throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

LongHorn Steakhouse is strategically located on Lockwood Boulevard, with access to 18,100 vehicles passing by daily. The property serves as an outparcel to the Lockwood Village Shopping Center, which is anchored by Winn-Dixie and includes additional tenants such as Honey Coat Nail Spa, Café Panuzzo, and China One Restaurant. Additionally, it is surrounded by several key shopping...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Longhorn Steakhouse
  • Guarantor:Corp T and Rated
  • Company:Darden Restaurants, Inc.
  • # Units:563
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: DRI

About Tenant

LongHorn Steakhouse is an American casual dining restaurant chain best known for serving various kinds of steak and having Western/Texas-themed decor. In addition to steak, the menu also includes...


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Listing Broker

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