Single Tenant NNN Red Lobster
|Catylist Listing ID:
Free-Standing Building, Restaurant
|Building Size (RSF):
|Gross Building Area:
|Gross Land Area:
|Property Use Type:
||Net Leased Investment (NNN), Investment
||Cash to Seller
Overview / Comments
Marcus & Millichap is pleased to present the exclusive listing for Red Lobster located at 3451 East Main Street in Farmington, New Mexico. The property is 7,082 square feet and is situated on approximately 1.37 acres of land.
This Red Lobster is subject to a 25-year triple-net (NNN) lease, with roughly 21 years remaining on the lease. Current annual rent is $344,920. 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. Red Lobster is led by an experienced management team with a history of success leading the brand(average 27+ years experience across executive team). The company generates $2.5 billion in revenue and is the 5th largest causal dining concept in North America. Red Lobster was recently acquired by Golden Gate Capital.
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