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Restaurant

LongHorn Steakhouse

1851 NE Pine Island Rd, Cape Coral, FL 33909

Listing Price: $4,125,000

Cap Rate
4.00%
Tenant Name
Rare Hospitality International, Inc.
Guarantor
Corporate Guarantee
Rentable SF
5,710
Lease Type
NNN Ground Lease
Rent Per Square Feet
$28.90

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new LongHorn Steakhouse in Cape Coral, Florida. The property has a brand new 10-year, triple net lease and offers four, five-year renewal options. There are 10 percent rent increases every five years throughout the base term and option periods. Brand new location, previously a Ruby Tuesday and is currently being renovated – projected opening 3rd quarter 2022. The subject property is an outparcel to Northpoint Shopping Center with tenants including Publix, Bed Bath & Beyond, Michael’s, Aldi, Five Below, PetSmart, Mattress Firm and Verizon. Longhorn is paying below market rent providing a Buyer with added security and upside potential. The subject property is strategically located on Pine Island Road with 46,000 Vehicles Daily, a busy retail corridor at the intersection of Pine Island Road and Del Prado Boulevard with a combined traffic count of 78,000 vehicles. Traffic in the surrounding area over 100,000 vehicles daily. Other Surrounding National Brands Include Lowe’s, Super Target, Walmart Neighborhood Market, Burlington, Firestone Complete, Starbucks, Dunkin’ Donuts, Chick-fil-A, Chipotle, Chili’s Grill + Bar, Outback Steakhouse, Olive Garden, Pollo Tropical, Panera Bread, Wawa, 7-Eleven, CVS, Fairfield Inn & Suites and many more. The Longhorn is located within walking distance of the No. 1 ranked Outback Steakhouse in Florida which is also ranked ninth in the country out of 653 Outback locations, according to Placer.ai. This stat projects extremely favorably for this new Longhorn location that will be operating in the same trade area.

Investment Highlights

  • Brand New, 10-Year, Triple Net (NNN) Ground Lease With Full Lease Term Remaining
  • Brand New Location, Previously a Ruby Tuesday and is Currently Being Renovated – Projected Opening 3rd Quarter 2022
  • Below Market Rent Provides a Buyer With Added Security and Upside Potential
  • 10 Percent Rent Increases Every Five Years Throughout Base Term of Lease and Option Periods
  • Outparcel to Northpoint Shopping Center With Tenants Including Publix, Bed Bath & Beyond, Michael's, Aldi, Five Below, PetSmart, Mattress Firm and Verizon
  • Within Walking Distance of No. 1 Ranked Outback Steakhouse in Florida, and Ranked Ninth in the Country Out of 653 Stores, According to Placer.ai – This Stat Projects Extremely Favorably for New Longhorn That Will be Operating in Same Trade Area
  • Other Surrounding National Brands Include Lowe's, Super Target, Walmart Neighborhood Market, Burlington, Firestone Complete, Starbucks, Dunkin' Donuts, Chick-fil-A, Chipotle, Chili's Grill + Bar, Outback Steakhouse, Olive Garden, Pollo Tropical, Panera Bread, Wawa, 7-Eleven, CVS, Fairfield Inn & Suites and Many More

Exclusively Listed By

Restaurant

LongHorn Steakhouse

Listing Price: $4,125,000

Cap Rate
4.00%
Tenant Name
Rare Hospitality International, Inc.
Guarantor
Corporate Guarantee
Rentable SF
5,710
Lease Type
NNN Ground Lease
Rent Per Square Feet
$28.90

Investment Highlights

  • Brand New, 10-Year, Triple Net (NNN) Ground Lease With Full Lease Term Remaining
  • Brand New Location, Previously a Ruby Tuesday and is Currently Being Renovated – Projected Opening 3rd Quarter 2022
  • Below Market Rent Provides a Buyer With Added Security and Upside Potential
  • 10 Percent Rent Increases Every Five Years Throughout Base Term of Lease and Option Periods
  • Outparcel to Northpoint Shopping Center With Tenants Including Publix, Bed Bath & Beyond, Michael's, Aldi, Five Below, PetSmart, Mattress Firm and Verizon
  • Within Walking Distance of No. 1 Ranked Outback Steakhouse in Florida, and Ranked Ninth in the Country Out of 653 Stores, According to Placer.ai – This Stat Projects Extremely Favorably for New Longhorn That Will be Operating in Same Trade Area
  • Other Surrounding National Brands Include Lowe's, Super Target, Walmart Neighborhood Market, Burlington, Firestone Complete, Starbucks, Dunkin' Donuts, Chick-fil-A, Chipotle, Chili's Grill + Bar, Outback Steakhouse, Olive Garden, Pollo Tropical, Panera Bread, Wawa, 7-Eleven, CVS, Fairfield Inn & Suites and Many More

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new LongHorn Steakhouse in Cape Coral, Florida. The property has a brand new 10-year, triple net lease and offers four, five-year renewal options. There are 10 percent rent increases every five years throughout the base term and option periods. Brand new location, previously a Ruby Tuesday and is currently being renovated – projected opening 3rd quarter 2022. The subject property is an outparcel to Northpoint Shopping Center with tenants including Publix, Bed Bath & Beyond, Michael’s, Aldi, Five Below, PetSmart, Mattress Firm and Verizon. Longhorn is paying below market rent providing a Buyer with added security and upside potential. The subject property is strategically located on Pine Island Road with 46,000 Vehicles Daily, a busy retail corridor at the intersection of Pine Island Road and Del Prado Boulevard with a combined traffic count of 78,000 vehicles. Traffic in the surrounding area over 100,000 vehicles daily. Other Surrounding National Brands Include Lowe’s, Super Target, Walmart Neighborhood Market, Burlington, Firestone Complete, Starbucks, Dunkin’ Donuts, Chick-fil-A, Chipotle, Chili’s Grill + Bar, Outback Steakhouse, Olive Garden, Pollo Tropical, Panera Bread, Wawa, 7-Eleven, CVS, Fairfield Inn & Suites and many more. The Longhorn is located within walking distance of the No. 1 ranked Outback Steakhouse in Florida which is also ranked ninth in the country out of 653 Outback locations, according to Placer.ai. This stat projects extremely favorably for this new Longhorn location that will be operating in the same trade area.

Exclusively Listed By

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