Address: 2322 West 4th Street , Mansfield, Ohio, United States 44906
Cap Rate: 6.15%
Lease Type: Triple Net (NNN)
Annual Rent: $272,978
Net Operating Income: $272,978
Lease Term Remaining: 20 Years
Rental Increases: 2.00% Annually
Options: Four (4), Five (5) Year Option Periods
Year Built: 1977
Rentable Sq/Ft: 7,289 SF
Rent Sq/Ft: $37.45
Price Sq/Ft: $609
Lot Size: +/-2.05 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster property located in Mansfield, Ohio. The property consists of 7,289 square feet of building space and is situated on approximately 2.05 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 $272,978 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 2322 West 4th Street in Mansfield, Ohio. Mansfield is the county seat of Richland County, Ohio, located midway between Columbus and Cleveland on U.S. Interstate 71. The city’s official nickname is “The Fun Center of Ohio”, and is the largest city in the “Mid-Ohio” region of the state.
The subject property is well-positioned in a dense retail corridor, benefiting from its proximity to major national and local retailers. Nearby national tenants include: Walmart, Kohl’s, Lowe’s, Sam’s Club, Home Depot, Target, Meijer, Best Buy, Gordon Food Service Store, Menards, TJ Maxx, OfficeMax, Barnes & Noble, JoAnn Fabric and Craft Store, Burlington Coat Factory, Staples, CineMark, PetSmart, Five Below, Dick’s Sporting Goods, Aldi, Big Lots, Ashley Home Store, Outback Steakhouse, Texas RoadHouse, Applebee’s, TGI Fridays, O’Charley’s, as well as many others. Richland Mall, an enclosed regional center that adds 50 additional stores and dining locations, is within one mile of this Red Lobster location. Ohio State University at Mansfield and North Central State College, with combined annual enrollment exceeding 4,400 students, are both within three miles of the subject property. The Richland County Fairgrounds, home to the Richland County Fair and one of the larger tourist attractions in the county, is within three miles of this Red Lobster location.
Mansfield has approximately 14,935 individuals residing within a three-mile radius of the property and more than 47,082 within a five-mile radius. This Red Lobster property is located just off U.S. Route-30, which experiences average daily traffic counts exceeding 38,900 vehicles. Intersecting with U.S. Route-30 is Park Avenue W which brings an additional 18,490 vehicles to the immediate area daily.
Mansfield’s economy is heavily dominated by the Manufacturing, Healthcare, and Retail Trade industries, which combine to employ over 45% of the city’s working population. A number of highlights and achievements have contributed to Mansfield’s recent economic development. In hopes of further developing the city’s economy, large investments has been made through reconstruction of the city’s infrastructure. This has inspired expansion in the city by companies such as OhioHealth Mansfield, Ohio Valley Manufacturing, and the Ashland Railway. Furthermore, downtown Mansfield has experienced tremendous growth in arts and tourism over the last five years. Concerts and other performing arts events have drawn tremendous crowds, inspiring redevelopment of the area’s functionality and facade. The Carousel District has attracted the Phoenix Brewing Company, the Renaissance Performing Arts Association, as well as the Mansfield Symphony, NEOS Ballet Theatre, and Richland Academy Dance Ensemble.
Broker of Record: Michael Glass – License # BRK.2007005898