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Restaurant

Red Lobster

17021 Palm Pointe Dr, Tampa, FL 33647

Listing Price: $4,202,822

Cap Rate
5.35%
Tenant Name
Red Lobster
Years Remaining On Lease
17.9
Gross SF
7,000
Guarantor
Corporate Guarantee
Rentable SF
7,000
Price/Gross SF
$600.40
Lease Type
Absolute Net
Rent Per Square Feet
$32.12

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase a triple-net leased Red Lobster located at 17021 Palm Pointe Drive, Tampa, FL. The property contains 7,000 square feet of net leasable area and is situated on 1.87 acres of land. Red Lobster is subject to a triple-net lease expiring on 07/31/2039. There are three, five-year extension options remaining on the lease. The City of Tampa is the largest city in Hillsborough County, is the county seat, and is the third most populous city in Florida. It is located on the west coast of Florida, approximately 200 miles northwest of Miami, 180 miles southwest of Jacksonville, and 20 miles northeast of St. Petersburg. 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. Red Lobster is led by an experienced management team with a history of success leading the brand (average 27+ years of experience across executive team). The company generates $2.6 billion in revenue and is the 5th largest casual dining concept in North America.

Investment Highlights

  • Corporate Guarantee Absolute Triple-Net Lease – Zero Landlord Responsibilities
  • Long Term Lease - 18 Years of Primary Lease Term Remaining
  • Attractive 2% Annual Increases
  • 5 miles Away From the University of South Florida – 50,000 on Campus Student Population
  • Next to Interstate 75 - With More Than 75,000 Vehicles Per Day
  • Primary Retail Corridor – Surrounded by National Tenants Including: Lowes, BJs, Ross , and More
  • Average Household Income of $112K+ Within One-Mile Radius
  • Located in the Center of USAA and The Grand Palme Reserve – 3,500 Employees and 390 Apartments, Respectively

Exclusively Listed By

Financing By

Listing Price: $4,202,822

Cap Rate
5.35%
Tenant Name
Red Lobster
Years Remaining On Lease
17.9
Gross SF
7,000
Guarantor
Corporate Guarantee
Rentable SF
7,000
Price/Gross SF
$600.40
Lease Type
Absolute Net
Rent Per Square Feet
$32.12

Investment Highlights

  • Corporate Guarantee Absolute Triple-Net Lease – Zero Landlord Responsibilities
  • Long Term Lease - 18 Years of Primary Lease Term Remaining
  • Attractive 2% Annual Increases
  • 5 miles Away From the University of South Florida – 50,000 on Campus Student Population
  • Next to Interstate 75 - With More Than 75,000 Vehicles Per Day
  • Primary Retail Corridor – Surrounded by National Tenants Including: Lowes, BJs, Ross , and More
  • Average Household Income of $112K+ Within One-Mile Radius
  • Located in the Center of USAA and The Grand Palme Reserve – 3,500 Employees and 390 Apartments, Respectively

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase a triple-net leased Red Lobster located at 17021 Palm Pointe Drive, Tampa, FL. The property contains 7,000 square feet of net leasable area and is situated on 1.87 acres of land. Red Lobster is subject to a triple-net lease expiring on 07/31/2039. There are three, five-year extension options remaining on the lease. The City of Tampa is the largest city in Hillsborough County, is the county seat, and is the third most populous city in Florida. It is located on the west coast of Florida, approximately 200 miles northwest of Miami, 180 miles southwest of Jacksonville, and 20 miles northeast of St. Petersburg. 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. Red Lobster is led by an experienced management team with a history of success leading the brand (average 27+ years of experience across executive team). The company generates $2.6 billion in revenue and is the 5th largest casual dining concept in North America.

Exclusively Listed By

Financing By

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