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Restaurant

LongHorn Steakhouse

300 Maine Mall Rd, South Portland, ME 04106

Listing Price: $3,793,000

Cap Rate
5.00%
Tenant Name
LongHorn Steakhouse
Years Remaining On Lease
7.3
Guarantor
Corporate Guarantee
Rentable SF
6,160
Lease Type
Ground Lease
Rent Per Square Feet
$30.79

Investment Overview

Marcus & Millichap is pleased to offer the fee simple interest in the land under a LongHorn Steakhouse located in South Portland, Maine, positioned on an out pad to The Maine Mall, the busiest shopping center in the state. The tenant is operating on a long-term ground lease, with zero landlord responsibilities, and currently has about 7.5 years of term remaining with multiple renewal options, as well as a rent increase in 2024. LongHorn Steakhouse has a history of exercising multiple renewal options, as well as a history of repeatedly increasing the rent, per their lease. This LongHorn Steakhouse is strategically located off both I-95 and I-295 and is surrounded by high caliber national retailers, including Starbucks, Chipotle, Best Buy, Cinemagic, The Apple Store, Ulta, JCPenney, McDonald’s, TJ Maxx and many others. Across the street are numerous major hotels, including a Hilton DoubleTree, Hampton Inn, Courtyard Marriott, Homewood Suites and Fairfield Inn. The property is also only two miles from the Portland International Jetport, the busiest airport in the state of Maine.

Investment Highlights

  • Over 7 Years of Lease Term Remaining with Three, Five-Year Renewal Options & Upcoming Rent Increase in 2024
  • Ground Lease with Zero Landlord Responsibilities — Tenant is a Wholly Owned Subsidiary of Darden Restaurants
  • Pad Site to Maine Mall, the Largest & Busiest Shopping Mall in Maine — National Tenants Include Best Buy, Macy's, The Apple Store, Sephora, Ulta, JCPenney, Old Navy, and Numerous Others
  • Strategically Located Just off I-95 and I-295 & Only 2 Miles to Portland International Jetport — Maine's Busiest Airport

Exclusively Listed By

Broker of Record

  • James M. Koury

    Senior Managing Director Investments

    (617) 896-7220

    License(s) ME: DB904355

    Maine

Restaurant

LongHorn Steakhouse

Listing Price: $3,793,000

Cap Rate
5.00%
Tenant Name
LongHorn Steakhouse
Years Remaining On Lease
7.3
Guarantor
Corporate Guarantee
Rentable SF
6,160
Lease Type
Ground Lease
Rent Per Square Feet
$30.79

Investment Highlights

  • Over 7 Years of Lease Term Remaining with Three, Five-Year Renewal Options & Upcoming Rent Increase in 2024
  • Ground Lease with Zero Landlord Responsibilities — Tenant is a Wholly Owned Subsidiary of Darden Restaurants
  • Pad Site to Maine Mall, the Largest & Busiest Shopping Mall in Maine — National Tenants Include Best Buy, Macy's, The Apple Store, Sephora, Ulta, JCPenney, Old Navy, and Numerous Others
  • Strategically Located Just off I-95 and I-295 & Only 2 Miles to Portland International Jetport — Maine's Busiest Airport

Investment Overview

Marcus & Millichap is pleased to offer the fee simple interest in the land under a LongHorn Steakhouse located in South Portland, Maine, positioned on an out pad to The Maine Mall, the busiest shopping center in the state. The tenant is operating on a long-term ground lease, with zero landlord responsibilities, and currently has about 7.5 years of term remaining with multiple renewal options, as well as a rent increase in 2024. LongHorn Steakhouse has a history of exercising multiple renewal options, as well as a history of repeatedly increasing the rent, per their lease. This LongHorn Steakhouse is strategically located off both I-95 and I-295 and is surrounded by high caliber national retailers, including Starbucks, Chipotle, Best Buy, Cinemagic, The Apple Store, Ulta, JCPenney, McDonald’s, TJ Maxx and many others. Across the street are numerous major hotels, including a Hilton DoubleTree, Hampton Inn, Courtyard Marriott, Homewood Suites and Fairfield Inn. The property is also only two miles from the Portland International Jetport, the busiest airport in the state of Maine.

Exclusively Listed By

Broker of Record

  • James M. Koury

    Senior Managing Director Investments

    (617) 896-7220

    License(s): ME: DB904355

    Maine

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