Restaurant

Red Lobster

1500 W SW Loop 323, Tyler, TX 75701

Listing Price: $5,319,000

Cap Rate
6.20%
Tenant Name
Red Lobster Hospitality LLC
Years Remaining On Lease
18.80
Gross SF
7,468
Guarantor
Private Guarantee
Rentable SF
7,468
Price/Gross SF
$712.24
Lease Type
Absolute Net
Rent Per Square Feet
$44.17

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for Red Lobster located at 1500 West Southwest Loop 323 in Tyler, Texas. The property is 7,468 square feet and is situated on approximately 1.74 acres of land. This Red Lobster is subject to a 25-year triple-net (NNN) lease, with 19.3 years remaining on the lease. The current annual rent is $329,835. The rent is scheduled to increase by two percent annually, including through the four, five-year tenant renewal options. 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 approximately 56,000 people within a three-mile radius of this property and more than 112,000 people within a five-mile radius. The subject property is situated on West Southwest Loop 323, with average daily traffic counts of 41,500+ vehicles. The subject property is well-positioned in a dense retail corridor, benefiting from its proximity to major national and local retailers. The Broadway Square Mall, which contains over 140 stores is approximately three quarters of a mile away and is anchored by JCPenney, Sears and Dillards. Other Major national retailers in the area include Walmart, Lowes, Target, Home Depot, Macys, PetSmart, Marshalls, Dollar Tree, GameStop, Champs Sporting Goods, Walgreens, Outback Steakhouse, TGI Fridays, Applebees, Olive Garden and many more.

Investment Highlights

  • Strong Demographics: 112,000 Individuals Within Five-Mile Radius
  • Attractive Two-Percent Annual Rent Increases
  • Dense Retail Corridor with Major National Brands
  • Long-Term Triple-Net Lease | 19.3 years
  • Corporate Guarantor | Backed by 749 Locations

Exclusively Listed By

Listing Price: $5,319,000

Cap Rate
6.20%
Tenant Name
Red Lobster Hospitality LLC
Years Remaining On Lease
18.80
Gross SF
7,468
Guarantor
Private Guarantee
Rentable SF
7,468
Price/Gross SF
$712.24
Lease Type
Absolute Net
Rent Per Square Feet
$44.17

Investment Highlights

  • Strong Demographics: 112,000 Individuals Within Five-Mile Radius
  • Attractive Two-Percent Annual Rent Increases
  • Dense Retail Corridor with Major National Brands
  • Long-Term Triple-Net Lease | 19.3 years
  • Corporate Guarantor | Backed by 749 Locations

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for Red Lobster located at 1500 West Southwest Loop 323 in Tyler, Texas. The property is 7,468 square feet and is situated on approximately 1.74 acres of land. This Red Lobster is subject to a 25-year triple-net (NNN) lease, with 19.3 years remaining on the lease. The current annual rent is $329,835. The rent is scheduled to increase by two percent annually, including through the four, five-year tenant renewal options. 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 approximately 56,000 people within a three-mile radius of this property and more than 112,000 people within a five-mile radius. The subject property is situated on West Southwest Loop 323, with average daily traffic counts of 41,500+ vehicles. The subject property is well-positioned in a dense retail corridor, benefiting from its proximity to major national and local retailers. The Broadway Square Mall, which contains over 140 stores is approximately three quarters of a mile away and is anchored by JCPenney, Sears and Dillards. Other Major national retailers in the area include Walmart, Lowes, Target, Home Depot, Macys, PetSmart, Marshalls, Dollar Tree, GameStop, Champs Sporting Goods, Walgreens, Outback Steakhouse, TGI Fridays, Applebees, Olive Garden and many more.

Exclusively Listed By

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