Address: 2626 George Busbee Parkway, Kennesaw, Georgia, United States 30144
Cap Rate: 6.00%
Lease Type: Triple-Net (NNN)
Annual Rent: $393,856
Net Operating Income: $393,856
Lease Term Remaining: 20 Years
Rental Increases: 2 Percent Annually
Options: Four (4), Five (5) Year Option Periods
Year Built: 2011
Rentable Sq/Ft: 9,189 SF
Rent Sq/Ft: $42.86
Price Sq/Ft: $714
Lot Size: +/-1.94 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster property located in Kennesaw, Georgia. The property consists of approximately 9,189 square feet of building space and is situated on approximately 1.94 acres of land. The property is subject to a 25-year Triple-Net (NNN) lease with 20 years remaining. The current rent is $393,856 and will continue to increase by 2.00% annually. The increases will continue through the Four, 5-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 casual dining concept in North America. Red Lobster was recently acquired by Golden Gate Capital.
This Red Lobster is located at 2626 George Busbee Parkway in Kennesaw, Georgia. Kennesaw is a town in central Georgia in Cobb County. In 2007 the city was named as one of the nations “10 Best Towns for Families” by Family Circle. Atlanta, the state’s capital and largest city is 30 miles south of the property.
The subject property is well-positioned in a dense retail corridor and an outparcel to The Town Center at Cobb. The Town Center at Cobb is a major 1,272,963 square foot shopping center and contains major retailers such as Macy’s, Sears, JCPenney, Belk, and Verizon just to name a few. Several other national tenants are in the immediate vicinity, such as Target, T.J. Maxx, Best Buy, Costco, Home Depot, Bed Bath and Beyond, and Toyota. Additionally, the Red Lobster benefits from the nearby residential areas. Less than three miles away are Big Shanty Elementary School and Daniell Middle School, which have a combined enrollment of approximately 1,800 students. The Wellstar Kennestone Hospital is also located within proximity of the property, and is a major healthcare center of the region with 663 beds.
Kennesaw has approximately 52,768 individuals residing within a three-mile radius of the property and more than 171,935 within a five-mile radius. The Kennesaw property is located on George Busbee Parkway Northwest which intersects with BarretT Parkway Northwest, right off of Interstate-75. Barret Parkway Northwest has a daily traffic count of 47,360. Nearby Interstate-75 has a daily traffic count of roughly 141,115 vehicles.
Atlanta is the not only the capital of Georgia, but also most populous city in Georgia and county seat of Fulton County. Atlanta has the eighth largest economy in the country, as well as the highest concentration of fortune 500 companies headquartered. Coca-Cola, Delta Air Lines, AT&T Mobility, Chick-Fil-A, UPS, Newell-Rubbermaid, and The Home Depot, are only some of the several companies headquartered in Atlanta. In August of 2013, Atlanta was featured on Forbes as one of the “Best Places for Businesses and Careers.” Additionally, Atlanta has over 35 million visitors a year, making it the seventh most visited city in the United States. Sites such as the World of Coca-Cola, Martin Luther King Jr. National Historic Site, and Georgia Dome, home of the Atlanta Hawks with a capacity of approximately 75,000 are located within the city.
Broker of Record: Michael Fasano – License # 352663