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Restaurant

Red Lobster | Abs. NNN Lease w/ Annual Increases | Tampa MSA

26320 U.S. Hwy 19, Clearwater, FL 33761

Listing Price: $4,101,008

Cap Rate
6.25%
Tenant Name
Red Lobster
Years Remaining On Lease
15.2
Gross SF
7,270
Guarantor
Corporate Guarantee
Rentable SF
7,270
Price/Gross SF
$564.10
Lease Type
Absolute Net
Rent Per Square Feet
$35.26

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Lease Red
Lobster located at 26320 US Highway 19 Countryside in Clearwater, Florida,
just 20 miles West of Downtown Tampa and 20 miles North of Downtown
St. Petersburg. The subject property consists of a 7,270 SF free-standing
building and is situated on a large 1.28-acre parcel of land.
Strategically located with excellent frontage along Frontage Road, a major
North-South throughfare, which sees vehicle counts in excess of 119,000 per
day, the property benefits from great visibility and tremendous vehicle traffic.
The Red Lobster sits within the area’s denser retail corridor which is home
to numerous National and Regional Tenants including Chick-fil-a, Wawa,
PetSmart, Ross Dress for Less, HomeGoods, Dick’s Sporting Goods, Lowe’s,
BJ’s, and numerous others. Just across the street you’ll find the Countryside
Mall which serves over 9 million customers every year, and is home to five
anchor stores, a 12-screen CMX Cinemas, numerous restaurants, and an ice
skating rink. The property is also just a few minute drive from HCA Florida
Largo Hospital with 455+ beds.
Red Lobster originally signed a 25-year Absolute NNN lease in 2014 and
currently has over 15 years of initial term remaining with four 5-year options
to renew. The lease also features attractive 2% annual increases in both the
initial and option periods.

Investment Highlights

  • Red Lobster Corporate Guarantee | More than 640 Locations in North America
  • Long-Term, Absolute NNN Lease | 15+ Years of Initial Term Remaining
  • Zero Landlord Responsibility
  • Attractive 2% Annual Increases | Strong Inflation Hedge
  • Located within Area's Dense Retail Corridor | Compelling Location Fundamentals
  • Fee Simple Allowing for Depreciation
  • Florida | Income Tax-Free State

Exclusively Listed By

Financing By

Restaurant

Red Lobster | Abs. NNN Lease w/ Annual Increases | Tampa MSA

Listing Price: $4,101,008

Cap Rate
6.25%
Tenant Name
Red Lobster
Years Remaining On Lease
15.2
Gross SF
7,270
Guarantor
Corporate Guarantee
Rentable SF
7,270
Price/Gross SF
$564.10
Lease Type
Absolute Net
Rent Per Square Feet
$35.26

Investment Highlights

  • Red Lobster Corporate Guarantee | More than 640 Locations in North America
  • Long-Term, Absolute NNN Lease | 15+ Years of Initial Term Remaining
  • Zero Landlord Responsibility
  • Attractive 2% Annual Increases | Strong Inflation Hedge
  • Located within Area's Dense Retail Corridor | Compelling Location Fundamentals
  • Fee Simple Allowing for Depreciation
  • Florida | Income Tax-Free State

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Lease Red Lobster located at 26320 US Highway 19 Countryside in Clearwater, Florida, just 20 miles West of Downtown Tampa and 20 miles North of Downtown St. Petersburg. The subject property consists of a 7,270 SF free-standing building and is situated on a large 1.28-acre parcel of land. Strategically located with excellent frontage along Frontage Road, a major North-South throughfare, which sees vehicle counts in excess of 119,000 per day, the property benefits from great visibility and tremendous vehicle traffic. The Red Lobster sits within the area’s denser retail corridor which is home to numerous National and Regional Tenants including Chick-fil-a, Wawa, PetSmart, Ross Dress for Less, HomeGoods, Dick’s Sporting Goods, Lowe’s, BJ’s, and numerous others. Just across the street you’ll find the Countryside Mall which serves over 9 million customers every year, and is home to five anchor stores, a 12-screen CMX Cinemas, numerous restaurants, and an ice skating rink. The property is also just a few minute drive from HCA Florida Largo Hospital with 455+ beds. Red Lobster originally signed a 25-year Absolute NNN lease in 2014 and currently has over 15 years of initial term remaining with four 5-year options to renew. The lease also features attractive 2% annual increases in both the initial and option periods.

Exclusively Listed By

Financing By

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