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Restaurant

Red Lobster

3167 Linden Dr, Bristol, VA 24202

Listing Price: $3,428,617

Cap Rate
6.00%
Tenant Name
Red Lobster Restaurants, LLC
Years Remaining On Lease
19.5
Gross SF
7,457
Guarantor
Corporate Guarantee
Rentable SF
7,457
Price/Gross SF
$459.79
Lease Type
Absolute Net
Rent Per Square Feet
$27.59

Investment Overview

Marcus & Millichap is pleased to present the exclusive offering for a Red Lobster located at 3167 Linden Drive in Bristol, VA. The site consists of roughly 7,457 rentable square feet of building space on an estimated 1.50-acre parcel of land. This Red Lobster is subject to a 25-year absolute triple-net (NNN) lease, which commenced July 28, 2014. The current annual rent is $238,628 and is scheduled to increase by two percent annually throughout the remainder of the base term and in each of the four, five-year tenant renewal options. At Closing, the seller will escrow six months of rent.

Investment Highlights

  • Corporate Tenant | Corporate Guaranty
  • Attractive Rental Increases of Two Percent Annually
  • Long-Term, 25-Year Absolute Triple-Net (NNN) Lease with Approximately 19 Years

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

    License(s): NY: 10301203289, NY: 109940808

    Manhattan

Listing Price: $3,428,617

Cap Rate
6.00%
Tenant Name
Red Lobster Restaurants, LLC
Years Remaining On Lease
19.5
Gross SF
7,457
Guarantor
Corporate Guarantee
Rentable SF
7,457
Price/Gross SF
$459.79
Lease Type
Absolute Net
Rent Per Square Feet
$27.59

Investment Highlights

  • Corporate Tenant | Corporate Guaranty
  • Attractive Rental Increases of Two Percent Annually
  • Long-Term, 25-Year Absolute Triple-Net (NNN) Lease with Approximately 19 Years

Investment Overview

Marcus & Millichap is pleased to present the exclusive offering for a Red Lobster located at 3167 Linden Drive in Bristol, VA. The site consists of roughly 7,457 rentable square feet of building space on an estimated 1.50-acre parcel of land. This Red Lobster is subject to a 25-year absolute triple-net (NNN) lease, which commenced July 28, 2014. The current annual rent is $238,628 and is scheduled to increase by two percent annually throughout the remainder of the base term and in each of the four, five-year tenant renewal options. At Closing, the seller will escrow six months of rent.

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

    License(s): NY: 10301203289, NY: 109940808

    Manhattan

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