Address: 2801 North Mayfair Road, Wauwatosa, Wisconsin, United States 53222
Cap Rate: 6.25%
Lease Type: Triple Net (NNN)
Annual Rent: $356,752
Net Operating Income: $356,752
Lease Term Remaining: 20 Years
Rental Increases: 2 Percent Annually
Options: Four (4), Five (5) Year Option Periods
Year Built: 2013
Rentable Sq/Ft: 7,468 SF
Rent Sq/Ft: $47.77
Price Sq/Ft: $764
Lot Size: +/-1.70 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster property located in Wauwatosa, Wisconsin. The property consists of 7,468 square feet of building space and is situated on approximately 1.70 acres of land. The property is subject to a 25-year Triple-Net (NNN) lease with 20 years remaining on the base term. The current rent is $356,752 and will continue to increase by 2.00% annually. The increases will continue through the four, five-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 2801 North Mayfair Road in Wauwatosa, Wisconsin. Located east Wisconsin, Wauwatosa is a suburb of Milwaukee, the largest city in Wisconsin.
The subject property is well-positioned in a dense retail corridor, benefiting from its proximity to major national and local retailers including Mayfair Shopping Center. Within the shopping center, several major names can be found such as Best Buy, Gap, Macy’s, Banana Republic, Barnes and Noble, and Pottery Barn just to name a few. Chipotle, Old Navy, Target, FedEx, GNC, Enterprise, Lowe’s, JCPenney, Starbucks, Sears, Nordstrom Rack and many more can be found within the immediate vicinity of the Red Lobster property. The subject property also benefits from the nearby residential areas, as Mt. Mary University, Brookfield East High School, and Wauwatosa West High School can be found within two miles of the property. The schools have a combined enrollment of over 4,000 students. Additionally, the Milwaukee Regional Medical Center can be found across the street and holds Froedtert Hospital, which has a total of 550 beds.
Wauwatosa has approximately 94,431 individuals residing within a three-mile radius of the property and more than 315,555 within a five-mile radius. This Red Lobster property is located on North Mayfair Road, which experiences average daily traffic counts exceeding 32,400 vehicles. Intersecting with North Mayfair Road is Interstate-41 and West Burleigh Street, which bring an additional 135,004 and 20,600 vehicles to the immediate area daily.
Milwaukee is the county seat of Milwaukee County, Wisconsin. It is the largest city in the state as well as fifth largest city in the nation. Located on the western shore of Lake Michigan, it is the economic and cultural center of the Milwaukee—Racine—Waukesha metropolitan area. Milwaukee is home to six Fortune 500 companies, Johnson Controls, Northwestern Mutual, Manpower, Rockwell Automation, Harley-Davidson, and Joy Global. Other companies such as Kohl’s holds major operations in the area, having it been one of the largest employers in the area. Healthcare remains to be one of the main industries of the area, with Aurora Healthcare and Wheaton Franciscan Healthcare being two of the city’s top employers with over 30,000 employed.
Broker of Record: Todd Lindblom – License # 56163-90