Address: 4328 Noland Road, Independence, Missouri, United States 64055
Cap Rate: 6.05%
Lease Type: Triple-Net (NNN)
Annual Rent: $289,054
Net Operating Income: $289,054
Lease Term Remaining: 23 Years Remaining
Rental Increases: Two Percent Annually
Options: Four, Five-Year Options
Year Built: Remodeled 2012
Rentable Sq/Ft: 9,377 SF
Rent Sq/Ft: $30.83
Price Sq/Ft: $510
Lot Size: 1.86 Acres
Marcus & Millichap is pleased to present the exclusive listing for Red Lobster located at 4328 Noland Road in Independence, Missouri. The property is roughly 9,377 square feet and is situated on approximately 1.86 acres of land.
This Red Lobster is subject to a 25-year triple-net (NNN) lease, with roughly 23 years remaining on the lease. Current annual rent is$289,054. The rent is scheduled to increase by two percent annually, including 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 of experience across the 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 4328 Noland Road in Independence, Missouri. Independence is the fourth largest city in the state of Missouri and lies within Jackson County. Independence benefits from its proximity to Kansas City, Missouri’s largest city.
There are approximately 69,000 people within a three-mile radius of this property and more than 154,000 within a five-mile radius. The property is situated on Noland Road just off of Missouri Interstate 70. Traffic counts on Noland Road are roughly 24,000 vehicles per day while Interstate 70 adds an additional 119,000 vehicles to the proximity of the site daily.
The subject property is well-positioned in a strong retail corridor benefitting from neighboring major national and local retailers. Nearby restaurants include Arbys, Olive Garden, Hardee’s, Dennys, McDonalds, Burger King, Krispy Kreme, Quiznos, Pizza Hut, KFC, Steak and Shake and Dunkin Doughnuts. Major Retailers include Kmart, Dollar General, Office Depot, Big Lots, Toys R’ us, and Gordmans.
Kansas City, a mere 20 minute ride from this site, provides Independence with a large source of employment. Kansas City is home to several Corporate headquarters, including Applebee’s, H&R Block, Hallmark Cards, Hostess Brands, Russel Stover Candies and Children International among others. With a Federal Reserve Bank located in Kansas City, the Federal Government of US is the areas largest employer, with over 41,000 employees, followed by Sprint and Cerner.
Broker of Record: Brad Barham – License #2005038930