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Restaurant

Red Lobster

1691 E Dublin Granville Rd, Columbus, OH 43229

Listing Price: $2,858,000

Cap Rate
6.50%
Tenant Name
Red Lobster Hospitality LLC
Years Remaining On Lease
13.5
Gross SF
9,350
Guarantor
Private Guarantee
Rentable SF
9,350
Price/Gross SF
$305.67
Lease Type
Absolute Net
Rent Per Square Feet
$19.87

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster located at 1691 E. Dublin Granville Road in Columbus, Ohio. The property consists of approximately 9,350 square feet of building space and sits on 3.53 acres of land. This Red Lobster is subject to a 20-year triple net (NNN) lease which commenced on December 26, 2014, with 14.7 years remaining on the lease. The current rent is $185,816, with two-percent annual rental increases starting in 2021. The increases will continue through the four, five-year tenant renewal options. This lease is backed by a corporate guarantee from Red Lobster. Red Lobster is the largest seafood restaurant concept in the world and is an iconic full-service brand with broad demographic appeal and significant advertising budget. The company generates $2.5 billion in revenue and is the 5th largest casual dining concept in North America.

There are more than 130,000 individuals residing within a three-mile radius of the property and more than 311,000 a five-mile radius. The property is right off Dublin-Granville Road which has traffic counts of approximately 32,000+ vehicles per day. The subject property is well-positioned, surrounded by many major national and local retailers. Some of those retailers include: Giant Eagle, KFC, Wendys, Burger King, CVS, Walgreens, Dunkin Donuts, Popeye's, Chipotle Mexican Grill, Rallys, Tim Hortons, Dollar General, Family Dollar, AutoZone, Advanced Auto Parts, Speedway, Shell, Comfort Inn, Red Roof Inn, Days Inn, and Super 8 as well as many others. The property is in a densely populated residential area, which ensures significant constant exposure to potential customers. Additionally, the property is located about 20 minutes north of John Glenn Columbus Intl Airport, downtown Columbus, and the Ohio State University Campus. Lastly, the subject property is located approximately two and a half miles from Anheuser Busch Brewery.

Investment Highlights

  • Long-Term Triple Net (NNN) Lease | 14.7 Years Remaining
  • Attractive Rent Escalations | Two-Percent Annually, Starting in Year 2021
  • Corporate Guarantee | Backed with 749 Corporate Locations
  • Oversized Lot with Upside Potential | 3.53 Acres
  • Strong Demographics: 311,000 Individuals within Five-Mile Radius

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Listing Price: $2,858,000

Cap Rate
6.50%
Tenant Name
Red Lobster Hospitality LLC
Years Remaining On Lease
13.5
Gross SF
9,350
Guarantor
Private Guarantee
Rentable SF
9,350
Price/Gross SF
$305.67
Lease Type
Absolute Net
Rent Per Square Feet
$19.87

Investment Highlights

  • Long-Term Triple Net (NNN) Lease | 14.7 Years Remaining
  • Attractive Rent Escalations | Two-Percent Annually, Starting in Year 2021
  • Corporate Guarantee | Backed with 749 Corporate Locations
  • Oversized Lot with Upside Potential | 3.53 Acres
  • Strong Demographics: 311,000 Individuals within Five-Mile Radius

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster located at 1691 E. Dublin Granville Road in Columbus, Ohio. The property consists of approximately 9,350 square feet of building space and sits on 3.53 acres of land. This Red Lobster is subject to a 20-year triple net (NNN) lease which commenced on December 26, 2014, with 14.7 years remaining on the lease. The current rent is $185,816, with two-percent annual rental increases starting in 2021. The increases will continue through the four, five-year tenant renewal options. This lease is backed by a corporate guarantee from Red Lobster. Red Lobster is the largest seafood restaurant concept in the world and is an iconic full-service brand with broad demographic appeal and significant advertising budget. The company generates $2.5 billion in revenue and is the 5th largest casual dining concept in North America.

There are more than 130,000 individuals residing within a three-mile radius of the property and more than 311,000 a five-mile radius. The property is right off Dublin-Granville Road which has traffic counts of approximately 32,000+ vehicles per day. The subject property is well-positioned, surrounded by many major national and local retailers. Some of those retailers include: Giant Eagle, KFC, Wendys, Burger King, CVS, Walgreens, Dunkin Donuts, Popeye's, Chipotle Mexican Grill, Rallys, Tim Hortons, Dollar General, Family Dollar, AutoZone, Advanced Auto Parts, Speedway, Shell, Comfort Inn, Red Roof Inn, Days Inn, and Super 8 as well as many others. The property is in a densely populated residential area, which ensures significant constant exposure to potential customers. Additionally, the property is located about 20 minutes north of John Glenn Columbus Intl Airport, downtown Columbus, and the Ohio State University Campus. Lastly, the subject property is located approximately two and a half miles from Anheuser Busch Brewery.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

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