Red Lobster

2920 West Division Street, St. Cloud, MN 56301

$5,879,352

Cap Rate 6.95%

$6,286,385

Cap Rate 6.50%

Views: 53 DOM: 156 Updated: 01.29.24 Posted: 03.28.23 Status: Sold 09.01.23

Summary

Price $5,879,352 $6,286,385	Built/Renov 1990/2010	Tenant Red Lobster
Cap Rate 6.95% 6.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 8,561	Lease Start 07-28-2014	#Units 700
Price/SF $686.76 $734.30	Expiration 07-31-2044	Tenant Type Casual Dining
NOI $408,615	R. Term 19.7	Ownership Fee Simple
Rent/SF $47.73	Increases 2.0%/1/yrs	Pop 5Mi 104,687
Lot/AC 1.17	Options 3/5yrs/2%	AHHI 5Mi $79,652

Lease Highlights

Red Lobster has a 30+ operating history at this location
The tenant has 21 years remaining on its current lease with 3 (5-year) options to extend
Lease features 2% annual rental increases every throughout the initial term and at each option period
Absolute NNN with zero landlord responsibilities
Corporate guarantee by Thai Union Group PCL

Location Description

Red Lobster is strategically located at the hard corner intersection of West Division Street and 30th Avenue South which sees 34,000 vehicles per day and is minutes from Interstate 15 which sees 33,000 vehicles per day. Located within a dense retail corridor, nearby major national tenants include Walmart, Costco, TJ Maxx, Target, Macy’s, JC Penny, DSW, Kohl’s, The Home Depot, Hobby Lobby,...

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Key Features

Hard corner intersection
Dense retail corridor
Strategically located
Freeway close
Dense 100M+ pop 5 mi
Strong demographics
Long 20+ yr lease
Absolute NNN
Annual rent increases
Corporate Guarantee

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Links

Red Lobster Wikipedia Red Lobster Wikipedia St. Cloud, Minnesota Zip Code 56301 Broker Site Page

Maps

Local Information

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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Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Division St	Hwy 23	2019	32,000	0.04 mi
29th Ave N	1st St N	2017	1,750	0.07 mi
27th Ave S	Hwy 23	2017	1,650	0.17 mi
29th Ave S	1 1/2 St S	2006	4,091	0.21 mi
Division Street	6th Ave S	2021	31,310	0.22 mi
33rd Ave S	Hwy 23	2017	12,400	0.22 mi
33rd Ave N	2nd St N	2017	10,800	0.22 mi
State Hwy 23	27th Ave S	2017	30,500	0.23 mi
33rd Ave S	2nd St S	2017	11,200	0.26 mi
33rd Ave N	2nd St N	2006	14,241	0.27 mi

Listing Broker

Keith Sturm

Upland Real Estate Group, Inc.

Contact

68 Listings
8429 Views
15 Sold

Amanda Leathers

Upland Real Estate Group, Inc.

Contact

68 Listings
8429 Views
15 Sold

Keith Sturm

With over 25 years of experience in commercial real estate, Keith Sturm is the Principal and CEO of Upland Real Estate Group, Inc, which he founded in 1995. Under his leadership, Upland has been consistently recognized as one of the top commercial real estate brokerage firms by the Minneapolis/St. Paul Business Journal. Keith has also been awarded the “Power Broker” in four out of five years since 2010, as a Top Brokerage Firm in Sales Transactions by Real Estate Forum and CoStar. Keith has man

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Amanda Leathers

Amanda Leathers has over sixteen years of experience working in net lease sales with a highly motivated and successful team. As an Investment Sales Associate, she has contributed in the completion of over 900 transactions, totaling in excess of $2.8 billion in investment sales nationally. Amanda attended St. Cloud State University, graduating with a Bachelor of Science in Real Estate from the Herberger Business School. Most of her professional career has been at Upland, giving her a unique o

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Deb Vannelli

Upland Real Estate Group, Inc.

Contact

68 Listings
8429 Views
15 Sold

Deb Vannelli

Deborah Vannelli began her commercial real estate career over twenty-five years ago. Today, Deb is the Director of Net Lease Sales in the Minneapolis-based Upland Real Estate Group, Inc., and she has led her team to complete in excess of 900 net lease sales transactions, which have generated over $2.8 billion. Deb specializes in net lease investment sales on a national scale, representing buyers, sellers, and tenants on the sale or purchase of single and multi-tenant, net-leased investment p

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