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Restaurant

LongHorn Steakhouse (10-Year Ground Lease)

3891 N Expressway 77, Brownsville, TX 78520

Listing Price: $2,803,738

Cap Rate
5.35%
Tenant Name
LongHorn Steakhouse
Years Remaining On Lease
9.2
Gross SF
5,710
Guarantor
Corporate Guarantee
Rentable SF
5,710
Price/Gross SF
$491.02
Lease Type
Ground Lease
Rent Per Square Feet
$26.27

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a ground lease LongHorn Steakhouse in Brownsville, Texas. The property consists of a 5,710-square-foot, freestanding building that sits on 0.85 acres of land. There are 9.4 years remaining on the current lease term, with 10% rental increases every five years.

Investment Highlights

  • New 10-Year Ground Lease With 10 Percent Rent Increases Every Five Years
  • Current Seller Took Ownership by Deed in Lieu | Limited Inspection Material Available
  • Heavy Retail Corridor – Located in a New Retail Development Near Sunrise Mall
  • More than 160,943 Residents Within a Five-Mile Radius
  • Frontage on U.S. Route 77- Major Route to the U.S./Mexico Border (106,362 VPD)
  • Corporate Guarantee - Rare Hospitality International, Inc. is a a wholly-owned Subsidiary of Darden Restaurants, Inc. (NYSE: DRI; S&P: BBB)
  • Seven Miles from the Port of Brownsville (Ranked Second Nationally in Exports) and 30 Minutes to Matamoros, Mexico (Population of 571,000)
  • Brownsville has a Growing Aerospace Industry Anchored by SpaceX's Boca Chica Launch Site

Exclusively Listed By

Financing By

Restaurant

LongHorn Steakhouse (10-Year Ground Lease)

Listing Price: $2,803,738

Cap Rate
5.35%
Tenant Name
LongHorn Steakhouse
Years Remaining On Lease
9.2
Gross SF
5,710
Guarantor
Corporate Guarantee
Rentable SF
5,710
Price/Gross SF
$491.02
Lease Type
Ground Lease
Rent Per Square Feet
$26.27

Investment Highlights

  • New 10-Year Ground Lease With 10 Percent Rent Increases Every Five Years
  • Current Seller Took Ownership by Deed in Lieu | Limited Inspection Material Available
  • Heavy Retail Corridor – Located in a New Retail Development Near Sunrise Mall
  • More than 160,943 Residents Within a Five-Mile Radius
  • Frontage on U.S. Route 77- Major Route to the U.S./Mexico Border (106,362 VPD)
  • Corporate Guarantee - Rare Hospitality International, Inc. is a a wholly-owned Subsidiary of Darden Restaurants, Inc. (NYSE: DRI; S&P: BBB)
  • Seven Miles from the Port of Brownsville (Ranked Second Nationally in Exports) and 30 Minutes to Matamoros, Mexico (Population of 571,000)
  • Brownsville has a Growing Aerospace Industry Anchored by SpaceX's Boca Chica Launch Site

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a ground lease LongHorn Steakhouse in Brownsville, Texas. The property consists of a 5,710-square-foot, freestanding building that sits on 0.85 acres of land. There are 9.4 years remaining on the current lease term, with 10% rental increases every five years.

Exclusively Listed By

Financing By

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