Address: 3805 Burbank Road, Wooster, Ohio, United States 44691
Cap Rate: 6.00%
Lease Type: Triple Net (NNN)
Annual Rent: $181,718
Net Operating Income: $181,718
Lease Term Remaining: 20 Years
Rental Increases: 2.00% Annually
Options: Four (4), Five (5) Year Option Periods
Year Built: 1995
Rentable Sq/Ft: 4,233 SF
Rent Sq/Ft: $42.93
Price Sq/Ft: $715
Lot Size: +/-1.22 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster property located in Wooster, Ohio. The property consists of 4,233 square feet of building space and is situated on approximately 1.22 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 $181,718 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 3805 Burbank Road in Wooster, Ohio. Wooster is a city and the county seat of Wayne County. The municipality is located in northeastern Ohio approximately 50 miles southwest of Cleveland. The city is the largest in Wayne County.
The subject property is well-positioned in a dense retail corridor, benefiting from its proximity to major national and local retailers. Major national tenants include: Walmart, Lowe’s, Kohl’s, Staples, Chipotle Mexican Grill, Starbucks, McDonald’s, Hampton Inn, Best Buy, Applebee’s, Domino’s, Panera Bread, Bob Evans, Dollar Tree , Buffalo Wild Wings, and Wendy’s. The Wayne County Airport is located within six miles from the subject property, and had over 96,000 aircraft operations last year. Pine Tree Barn, one of Wooster’s main attractions, is also close to the subject property and approximately eight miles south. The College of Wooster, a private liberal arts college, with nearly 2,000 students enrolled, is located less than three miles from the subject property. Additionally, Troutman Vineyards is located about nine miles from the subject property.
Wooster has approximately 24,000 individuals residing within a three-mile radius of the property and more than 36,000 within a five-mile radius. The Red Lobster property is located on Burbank Road which intersects with Dix Expressway. Dix Expressway has a daily traffic count of approximately 11,518 vehicles. Nearby Cleveland Road has a daily traffic count of roughly 14,700 vehicles.
Wooster is a city in Wayne County, Ohio. Wooster is the headquarters of several industrial entities. Buehler Food Markets Inc., Wooster Brush, Seaman Corp., Tricor Industrial, Wooster Motor Ways, and Certified Angus Beef have corporate headquarters located in Wooster. Other large commercial operations in Wooster are Frito-Lay, Akron Brass, United Titanium, and Bogner Construction Company. Wooster is also dedicated to the “industry of education.” It has The College of Wooster, and two subsidiaries of The Ohio State University: the Agricultural Technical Institute (ATI); and the Ohio Agricultural Research and Development Center (OARDC), a teaching and research facility dedicated to agricultural science. In addition to these industries, Wooster remains an agricultural center for Ohio. Wooster has several parks in town and nearby with hiking trails, playgrounds, and picnic areas.
Broker of Record: Michael Glass – License # BRK.2007005898