NNN Pro Group is pleased to present the exclusive offering for a Red Lobster located at 11 West Montgomery Cross Road, in Savannah, GA. The site consists of roughly 7,970 rentable square feet of building space on an estimated 0.60-acre parcel of land. This Red Lobster is subject to a long-term, absolute triple-net (NNN) lease, which commenced July 28, 2014. The current annual rent is $309,719 and is scheduled to increase by 2.00% annually throughout the remainder of the base term and in each of the four (4), five (5)-year tenant renewal options.
About the Investment:
✓ Long-Term, Absolute Triple Net (NNN) Lease
✓ Over 20 Years Remaining on the Base Term
✓ Attractive Two Percent (2%) Annual Rental Increases
✓ Four (4), Five (5)-Year Tenant Renewal Options
✓ Red Lobster Corporate Guarantee (700+ Restaurants)
✓ 20-Year Triple-Net (NNN) Lease: At closing the tenant will execute a brand new 20-year absolute triple-net (NNN) lease. The lease will have no landlord responsibilities.
✓ Corporate Guaranty: The lease will carry a corporate guaranty from New Potato Creek Holdings, the corporate entity for Tidal Wave Auto Spa.
✓ Attractive Rental Increases: The lease will feature 2.00% annual rental increases that will continue through the base term and into the five, five-year tenant renewal option periods.
✓ Potential Tax Benefits: Qualifies for 60% Bonus Depreciation (please consult your CPA).
