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Restaurant

Red Lobster

3920 28th St SE, Grand Rapids, MI 49512

Listing Price: $4,243,000

Cap Rate
6.15%
Tenant Name
Red Lobster
Years Remaining On Lease
18.1
Gross SF
8,530
Guarantor
Corporate Guarantee
Rentable SF
8,530
Price/Gross SF
$497.42
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$30.60

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster located at 3920 28th Street S.E. in Grand Rapids, MI. The site consists of roughly 8,530 rentable square feet of building space on estimated 2.00-acre parcel of land. The Red Lobster is subject to a 25-year absolute triple-net (NNN) lease, which expires on July 31, 2039 The annual rent will be $260,976 on August 1, 2021 and is scheduled to increase by two percent (2.00%) annually throughout the base term and in each of the four (4), five (5)-year renewal options.

Investment Highlights

  • Long-Term, 25-Year Absolute Triple Net (NNN) Lease with ~18.5 Years Remaining
  • Corporate Guaranty (700+ Locations in U.S. & Canada)
  • Attractive Two Percent (2.00%) Annual Rental Increases
  • Four (4), Five (5)-Year Tenant Renewal Options

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

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

    Manhattan

  • Josh Kanter

    Licensed Real Estate Salesperson

    (212) 430-5189

    Email Josh

    License(s): NY: 10401265643

    Manhattan

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Listing Price: $4,243,000

Cap Rate
6.15%
Tenant Name
Red Lobster
Years Remaining On Lease
18.1
Gross SF
8,530
Guarantor
Corporate Guarantee
Rentable SF
8,530
Price/Gross SF
$497.42
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$30.60

Investment Highlights

  • Long-Term, 25-Year Absolute Triple Net (NNN) Lease with ~18.5 Years Remaining
  • Corporate Guaranty (700+ Locations in U.S. & Canada)
  • Attractive Two Percent (2.00%) Annual Rental Increases
  • Four (4), Five (5)-Year Tenant Renewal Options

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster located at 3920 28th Street S.E. in Grand Rapids, MI. The site consists of roughly 8,530 rentable square feet of building space on estimated 2.00-acre parcel of land. The Red Lobster is subject to a 25-year absolute triple-net (NNN) lease, which expires on July 31, 2039 The annual rent will be $260,976 on August 1, 2021 and is scheduled to increase by two percent (2.00%) annually throughout the base term and in each of the four (4), five (5)-year renewal options.

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

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

    Manhattan

  • Josh Kanter

    Licensed Real Estate Salesperson

    (212) 430-5189

    Email Josh

    License(s): NY: 10401265643

    Manhattan

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

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