Address: 255 Graff Road, S.E. , New Philadelphia, Ohio, United States 44663
Cap Rate: 6.15%
Lease Type: Triple Net (NNN)
Annual Rent: $201,470
Net Operating Income: $201,470
Lease Term Remaining: 20 Years
Rental Increases: 2.00% Annually
Options: Four (4), Five (5) Year Option Periods
Year Built: 1991
Rentable Sq/Ft: 6,166 SF
Rent Sq/Ft: $32.67
Price Sq/Ft: $531
Lot Size: +/-1.66 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster property located in New Philadelphia, Ohio. The property consists of 6,166 square feet of building space and is situated on approximately 1.66 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 $201,470 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 255 Graff Road Southeast in New Philadelphia, Ohio. New Philadelphia is a city and the county seat of Tuscarawas County. The county’s largest city, it is located 70 miles south of Cleveland .
The subject property is well-positioned in a dense retail corridor, benefiting from its proximity to major national and local retailers. Lowe’s, Dick’s Sporting Goods, Kohl’s, JCPenney, Marshalls, Staples, Arby’s as well as many other retailers are in the immediate vicinity. Schoenbrunn Village, the site of several Ohio firsts, is located three miles southeast of the subject property. The village, restored to appear as it did more than two centuries ago, includes the original cemetery and 16 reconstructed log structures, as well as the church and gardens. Additionally, 157- acre Resort, Wood’s Tall Timber Resort, is the perfect place to enjoy the beauty and comforts that Tuscarawas County has to offer. Including a seven acre lake, zip lining, a golf course, cottages, and recreational activities, Wood’s Tall Timber Resort is located within six miles from the subject property.
New Philadelphia has approximately 22,425 individuals residing within a three-mile radius of the property and more than 37,679 within a five-mile radius. The Red Lobster property is located on Graff Road which intersects with South Broadway Street. South Broadway Street has a daily traffic count of approximately 23,531 vehicles. Nearby U.S Route 250 has a daily traffic count of roughly 21,377 vehicles.
New Philadelphia is the largest city in Tuscarawas County, Ohio. It is one of the principal cities of the New Philadelphia-Dover Ohio Micropolitan Statistical Area. Tuscarawas county is located along Interstate-77 between Columbus, Cleveland, and Pittsburgh, making it a key location for logistics. Major companies in the area include Lauren International, Arizona Chemical, Dover Chemical, Marlite, and Snyder Manufacturing. Top industry clusters are manufacturing, research and development, energy, health services, and trade. New Philadelphia is also conveniently located 40 miles from Akron and 70 miles from Cleveland.
Broker of Record: Michael Glass – License # BRK.2007005898