• An Award Winning Net Lease & Retail Commercial Real Estate Group

Red Lobster 20 Year NNN Lease | 2% Annual Increases

304A Western Blvd, Jacksonville, NC 28546, USA
$3,744,704

Description

Marcus & Millichap is pleased to present for sale this for Red Lobster located at 304 Western Boulevard in Jacksonville, North Carolina. The property is 6,879 square feet and is
situated on approximately 2.25 acres of land. This Red Lobster is subject to a 25-year triple-net (NNN) lease, with roughly 20 years remaining on the lease. The rent is scheduled to increase
by two percent annually, including through the four, five-year tenant renewal options.
This 6,879 Square Foot Restaurant is situated on a large 2.25 Acre Parcel of Land and shares an entrance with Chick Fil A. Local traffic drivers include Onslow Memorial Hospital as well as other retailers including Walgreens, Sam’s Club, Dick’s Sporting Goods and The Home Depot. Walmart, Kohl’s and Lowe’s are among the other nationally recognized retailers in the immediate area.
The property is less than half a mile from United States Marine Corps Base Camp Lejeune’s residential community and approximately five miles west of the main base camp. Marine Corps Base Camp Lejeune is a 246-square-mile United States military training facility. The base’s 14 miles of beaches make it a major area for amphibious assault training, and its location between two deep-water ports (Wilmington and Morehead City) allows for fast deployments.
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 of experience across the executive team). The company generates $2.5 billion in revenue and is the 5th largest casual dining concept in North America. Red Lobster was recently acquired by Golden Gate Capital.

  • Strong Intrinsic Value: Large 6,879 Square Foot Restaurant situated on 2.25 Acres of Land
  • Corporately Guaranteed 20 Year Lease with 2% Annual Increases in Rent
  • Shares an entrance with Chick Fil A
  • Strong Traffic Counts in the Area: Western Boulevard | 46,000 Vehicles Daily
  • Dense Population: 47,344 people Within Three Miles and Over 82,836 Within Five Miles of Property

Property Documents

  • Red-Lobster-Jacksonville-NC-om-ib
  • City: Jacksonville
  • State/county: North Carolina
  • Zip/Postal Code: 28546
  • Country: United States

Detail

  • Price: $3,744,704

Additional details

  • CAP Rate: 5.70%
  • NOI: $213,423

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