Single Tenant NNN Red Lobster

Retail-Commercial for Sale
Catylist Listing ID: 30018849
Property Subtypes: Free-Standing Building, Restaurant
Building Size (RSF): 7,082 SF
Gross Building Area: See Agent
Gross Land Area: 1.36 Acres
Sale Price: $5,412,594
Unit Price: $764.27 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Cash to Seller
Cap Rate: 6.5%
Last Updated: 11/15/2019

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.

Attachments & Media

Additional Details

Nearest MSA: Farmington
County: San Juan
Tax ID/APN: R0036701
Tenancy: Single Tenant

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,693 42,781 52,393
Median Age: 28.11 34.72 34.55
Households: 1,989 15,474 18,872

Contact

Photograph of Listing Agent

Matthew Reeves

Marcus & Millichap CARNM CIE Member
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