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Restaurant

Red Lobster

1707 Browns Bridge Rd, Gainesville, GA 30501

Listing Price: $5,375,000

Cap Rate
5.55%
Tenant Name
Red Lobster
Years Remaining On Lease
17.2
Gross SF
8,514
Guarantor
Corporate Guarantee
Rentable SF
8,514
Price/Gross SF
$631.31
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$35.04

Investment Overview

Marcus & Millichap is pleased to present this absolute triple-net lease Red Lobster restaurant located in Gainesville, Georgia. The property is operated and guaranteed by Red Lobster Intermediate Holdings, LLC, the largest seafood restaurant concept in the world. The property consists of approximately 2.5 acres improved with an approximately 8,514-square foot building. The restaurant has 17 years remaining of the original 25-year lease with annual base rent of $298,321 and 2 percent annual rental increases in the base term, as well as in each of the four five-year renewal options. SITE FUNDAMENTALS Shadow-anchored by a highly-rated Hilton Garden Inn, the subject property is less than a mile from Lakeshore Mall and the Lee Gilmer Memorial Airport, and ten minutes drive to the University of North Georgia. Strong traffic counts of 23,900 cars per day travel along Browns Bridge Road into Downtown Gainesville, a growing city with above average incomes approximately an hour and a half outside of Atlanta. ESTABLISHED PRESENCE Build in 1992, the restaurant has an established presence in the community with strong unit level sales. The site is among a variety of national retailers along a dense retail and dining corridor including LongHorn Steakhouse, O’Charley’s, Golden Corral, Lowe’s, Target, and Walmart. STRONG GUARANTEE | GLOBALY RECOGNIZED BRAND Red Lobster is the largest seafood restaurant concept in the world. Founded by Bill Darden in 1968, what was once a single, family-owned restaurant in Lakeland, Florida, now has over 700 locations around the world. In 2021, Red Lobster was recognized on the Forbes list of America’s Best Large Employers, and “My Red Lobster Rewards Program” named to Newsweek’s list of America’s Best Loyalty Program.

Investment Highlights

  • Long-Term Triple-Net Lease with 17 Year Remaining on Initial Term
  • Corporate Guarantor | Over 700+ Locations Nationwide
  • Attractive Rental Increases of 2% Annually
  • Optimal Location Surrounded by National Flagship Hotels, Retailers, and Restaurants

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s) GA: 252904

    Georgia

Financing By

Listing Price: $5,375,000

Cap Rate
5.55%
Tenant Name
Red Lobster
Years Remaining On Lease
17.2
Gross SF
8,514
Guarantor
Corporate Guarantee
Rentable SF
8,514
Price/Gross SF
$631.31
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$35.04

Investment Highlights

  • Long-Term Triple-Net Lease with 17 Year Remaining on Initial Term
  • Corporate Guarantor | Over 700+ Locations Nationwide
  • Attractive Rental Increases of 2% Annually
  • Optimal Location Surrounded by National Flagship Hotels, Retailers, and Restaurants

Investment Overview

Marcus & Millichap is pleased to present this absolute triple-net lease Red Lobster restaurant located in Gainesville, Georgia. The property is operated and guaranteed by Red Lobster Intermediate Holdings, LLC, the largest seafood restaurant concept in the world. The property consists of approximately 2.5 acres improved with an approximately 8,514-square foot building. The restaurant has 17 years remaining of the original 25-year lease with annual base rent of $298,321 and 2 percent annual rental increases in the base term, as well as in each of the four five-year renewal options. SITE FUNDAMENTALS Shadow-anchored by a highly-rated Hilton Garden Inn, the subject property is less than a mile from Lakeshore Mall and the Lee Gilmer Memorial Airport, and ten minutes drive to the University of North Georgia. Strong traffic counts of 23,900 cars per day travel along Browns Bridge Road into Downtown Gainesville, a growing city with above average incomes approximately an hour and a half outside of Atlanta. ESTABLISHED PRESENCE Build in 1992, the restaurant has an established presence in the community with strong unit level sales. The site is among a variety of national retailers along a dense retail and dining corridor including LongHorn Steakhouse, O’Charley’s, Golden Corral, Lowe’s, Target, and Walmart. STRONG GUARANTEE | GLOBALY RECOGNIZED BRAND Red Lobster is the largest seafood restaurant concept in the world. Founded by Bill Darden in 1968, what was once a single, family-owned restaurant in Lakeland, Florida, now has over 700 locations around the world. In 2021, Red Lobster was recognized on the Forbes list of America’s Best Large Employers, and “My Red Lobster Rewards Program” named to Newsweek’s list of America’s Best Loyalty Program.

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s): GA: 252904

    Georgia

Financing By

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