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Red Lobster | 16yrs Remain Abs NNN w/ Incrs 6149 E Southern Ave

8,411 SF Retail Building Mesa, AZ 85206 $5,670,000 ($674/SF) 8% Cap Rate

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Investment Highlights

16 Years Remaining | Options To Extend | Scheduled Rental Increases | Strong Performing Location
Signalized, Hard Corner Intersection (30,900 VPD) | Excellent Visibility | Significant Street Frontage
Fortress Investment Group | New Management

Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
Outparcel to Walmart Supercenter | Retail Corridor |Strong National/Credit Tenant Presence
Direct, Affluent Consumer Base | Strong Demographics In 5-Mile Trade Area

Executive Summary

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Red Lobster investment property located in Mesa, Arizona. The tenant has approximately 16 years remaining on its lease, with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and each option period, steadily growing NOI and hedging against inflation. This location has always been a strong performing store with the lease remaining unchanged through the bankruptcy and rent being paid in full monthly. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.
Red Lobster is now under new ownership by Fortress Investment Group which has closed over 150 poor performing locations. Fortress is also the owner of SPB Hospitality, which owns Krystal, Logan’s Roadhouse, J. Alexander’s, Gordon Biersch Brewery Restaurant, and several other restaurant brands. Red Lobster’s new CEO was most recently the CEO of P.F. Chang’s and comes to the seafood chain with vast experience ready to turn around the iconic chain.

Property Facts

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Restaurant

Building Size

8,411 SF

Building Class

Year Built

1993

Price

$5,670,000

Price Per SF

$674

Cap Rate

NOI

$453,600

Tenancy

Single

Building Height

1 Story

Building FAR

0.18

Lot Size

1.08 AC

Zoning

LC - Limited Commercial

Parking

62 Spaces (7.37 Spaces per 1,000 SF Leased)

Frontage

129 FT on E Southern Ave

Amenities

Corner Lot

Restaurant

Signalized Intersection

Drive Thru

Accommodation and Food Services
99,999 SF
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Before there was Red Lobster, there was Bill Darden, a man passionate about making delicious, high-quality seafood available and affordable to everyone, including people who lived far from the coast and regardless of race, gender, religion or economic means. What was once a single, family-owned restaurant in Lakeland, Florida, now has locations around the world.