Longhorn Steakhouse (GL)

544 Mary Esther Cut Off Northwest, Fort Walton Beach, FL 32548

$1,685,000

Cap Rate 5.74%

$1,760,000

Cap Rate 5.50%

DOM: 139 Updated: 05.31.23 Posted: 02.20.23 Status: Sold 07.10.23

Summary

Price $1,685,000 $1,760,000	Built/Renov 2005	Tenant Longhorn Steakhouse (GL)
Cap Rate 5.74% 5.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 5,584	Lease Start 12-01-2005	#Units 554
Price/SF $301.76 $315.19	Expiration 11-30-2025	Tenant Type Casual Dining
NOI $96,800	R. Term 0.7	Ownership Ground Lease
Rent/SF $17.34	Increases 12.0%/3/yrs	Pop 5Mi 76,122
Lot/AC 0.47	Options 2/5yrs/12%	AHHI 5Mi $76,024

Andrew Ackerman

Sands Investment Group

Contact

Lease Highlights

Longhorn Steakhouse has been operating at this location since 2005 (built-to-suit)
Tenant has over 2.5 years remaining in its current lease term with 2 (5-year) options to extend
Lease does not feature rent increases in the current term
Lease features a 12% rent increase at the beginning of each option (Dec 2025 & Dec 2030)
Absolute NNN ground lease
Corporate guarantee by Darden Restaurants, Inc (NYSE: DRI)
Longhorn Steakhouse is an investment grade tenant (S&P: BBB)

Location Description

Longhorn Steakhouse is strategically located at the signalized intersection of Mary Esther Cut Off NW, one of the largest retail corridors in Fort Walton Beach with 30,372 vehicles passing per day. The site has further consumer draw by being located near major national tenants such as Home Depot, TJ Maxx, Regal Cinemas, Aspen Dental, Walgreens, and many others. There are several employers in...

...

Key Features

Signalized intersection
Build to suit
Major thoroughfare
Major MSA
Income tax free state
Long operation history
Traded and rated company
Corporate Guarantee
Investment grade tenant

...

Links

Longhorn Steakhouse Wikipedia Longhorn Steakhouse Wikipedia Fort Walton Beach, Florida Zip Code 32569 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Longhorn Steakhouse
Guarantor:Corp T and Rated
Company:Darden Restaurants, Inc.
# Units:554
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...

...

Listing Broker

Andrew Ackerman

Sands Investment Group

Contact

61 Listings
11687 Views
30 Sold

Andrew Ackerman

Andrew is a seasoned CRE professional with over 10 years experience and has closed over $500M in transaction volume over the course of his career. Andrew has a proven track record in brokerage as well team management which he’s done in several capacities since first joining Marcus & Millichap in 2005. Before joining SIG, Andrew was a top producing agent at Stan Johnson Company’s Atlanta office, he brokered the closing of a 16-store sale leaseback for $26M while receiving the company’s Mento

...

Disclaimer & Confidentiality

All information, content, data, and other materials on this Platform (“Content”) is made available to you on an “AS IS” basis without warranties of any kind, express or implied. All such Content is made available for informational purposes only and should not be relied on by you for any purpose. Content may contain errors, may be inaccurate or incomplete and/or, due to changing circumstances or other causes, may change or ultimately prove to be inaccurate or incomplete. Other than as set forth in our Terms of Service we do not have any control over your use of our Services or any Content. You should not use any such Services or any Content without validating the results through independent research, obtaining up-to-date information, and considering all relevant facts and circumstances, including your specific situation (financial or otherwise). We do not recommend, guarantee, or represent that the Services or any Content will predict the future performance of real estate assets or other assets of any kind. Moreover, we do not warrant the performance or results that may be obtained by using any of the foregoing. WE ARE NOT ENGAGED IN RENDERING TAX, LEGAL, INVESTMENT, FINANCIAL OR RISK MANAGEMENT ADVICE, AND THE RESULTS OF USE OF OUR SERVICES AND ANY CONTENT MUST NOT BE REGARDED OR REPRESENTED AS CONSTITUTING SUCH ADVICE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES REGARDING THE ACCURACY OF ANY CONTENT AND/OR PROJECTIONS GENERATED BY THE SERVICES OR ANY CONTENT