Red Lobster 13 Years Remaining on NNN Lease | Corporate Tenant

3655 Orange Pl, Beachwood, OH 44122, USA
$5,581,746

Description

Marcus & Millichap is pleased to present for sale this Absolute Net Leased Red Lobster located at 3655 Orange Place in Beachwood, Ohio. The subject property consists of a free-standing building comprised of 7,468 square feet of retail space and is situated on a large 2.26-acre parcel of land adjacent to Pinecrest, Cleveland’s newest mix-use district which includes some of the best national and emerging brands while also offering boutique hotels, contemporary apartments, Class-A office space, movies, shopping, and dining.
Strategically located along Orange Place and easily accessible from Interstate-271 and Highway 87, the property benefits from great visibility, high traffics counts, and spill-over traffic from the area’s newest mix-use development, Pinecrest. Pinecrest is a new 58-acre mixed use district featuring over 145 boutique hotel rooms, 87 luxury apartments, 400,000 square feet of retail and dining, and 162,000 square feet of Class-A office space. The property is part of a dense corridor which is home to Hampton Inn & Suites, Fairfield Inn & Suites, Marriott, Beachwood Pediatrics, UH Minoff Health Center, and UH Ahuja Medical Center. It’s also home to a number of National and Regional retailers including but not limited to Whole Foods market, Shake Shack, Pinstripes, Wendy’s McDonalds, CVS, Bank of America, Starbucks, and many more.
Red Lobster has proven their commitment to this location with long term occupancy, operating out of this site for more than 30 years. Red Lobster has over 13 years of term on their Absolute NNN lease, which features attractive 2 percent annual increases through the Primary Term and in the Four 5-Year option periods. The lease features no landlord responsibilities.
Red Lobster Hospitality LLC is an American casual dining restaurant chain headquartered in Orlando, Florida. The company has operations across most of the United States, as well as in China, Ecuador, Guam, Hong Kong, Japan, Malaysia, Mexico, Philippines, Puerto Rico, Qatar, and the United Arab Emirates; as of June 23, 2020, the company had 719 locations worldwide. Golden Gate Capital has been Red Lobster’s parent company since it was acquired from Darden Restaurants on July 28, 2014.

    • Long Term Absolute NNN Lease
    • Corporate Tenant | Corporate Guarantee
    • Attractive Rental Increase | 2% Annually
    • Dense Retail Corridor
    • Adjacent to New 58-Acre Mixed Use Development | 145 Hotel Rooms | 87 Luxury Apartments | 400,000 SF of Retail | 162,000 SD of Class-A office space
    • Proximity to Major Interstate Highways
    • Absolute NNN Investment | Zero Landlord Responsibilities
    • Just a few miles from Downtown Cleveland
    • Excellent Demographics | Average Household Income over $143,000 in 1-Mile
    • Positioned Along Area’s Major Retail & Traffic Corridor
    • Fee Simple Allowing for Depreciation

Property Documents

  • RedLobster-Beachwood-OH-om-ib
  • City: Beachwood
  • State/county: Ohio
  • Zip/Postal Code: 44122
  • Country: United States

Detail

  • Price: $5,581,746
  • Year Built: 2001

Additional details

  • CAP RATE: 6.00%
  • NOI: $334,905

Features