Address: 1000 McKinley Mall, Buffalo, New York, United States 14220
Cap Rate: 5.85%
Lease Type: Triple-Net (NNN)
Annual Rent: $236,865
Net Operating Income: $0
Lease Term Remaining: 23 Years Remaining
Rental Increases: Two Percent Annually
Options: Four, Five Year Options
Rentable Sq/Ft: 8,223 SF
Rent Sq/Ft: $28.81
Price Sq/Ft: $492
Lot Size: 2.70 Acres
Marcus & Millichap is pleased to present the exclusive listing for Red Lobster located at 1000 McKinley Mall in Buffalo, New York. The property is 8,223 square feet and is situated on approximately 2.70 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 $236,865. 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 experience across executive team). The company generates $2.5 billion in revenue and is the 5th largest causal dining concept in North America. Red Lobster was recently acquired by Golden Gate Capital.
This Red Lobster is located at 1000 McKinley Mall Buffalo, New York. Buffalo. Buffalo is located in Western New York, and is located in and serves as the seat for Erie County. New York City aside, Buffalo is the most populous city in the state of New York. Buffalo’s economy is primarily composed of financial services, biomedical, technology, and education sectors.
There are approximately 50,700 people within a three-mile radius of this property and more than 141,000 within a five-mile radius. The property is situated in McKinley Mall, a shopping center with 92 stores, and more than 800,000 square feet of retail space. The property is situated near Milestrip Road, which experiences daily traffic counts of over 28,000 vehicles. The New York State Thruway is also nearby and has over 37,300 pass through daily.
The subject property is well-positioned near in a mall, benefitting from its proximity to major national and local retailers. Nearby restaurants include TGI Fridays, Ruby Tuesday, Outback Steakhouse, and Buffalo Wild Wings. McKinley 6 Theatres, a movie theater with over 12 screens is close to the Red Lobster as well. Major national retailers in the area include: Chipotle, Toys “R” Us, Verizon Wireless, LA Fitness, Aldi, T.J. Maxx, Barnes and Noble, Panera Bread, and many more in the multiple shopping centers surrounding this Red Lobster.
The Buffalo-Niagara Falls Metropolitan Area is the most affordable housing market in the United States today. Buffalo is home to major employers such as the State of New York, the Federal Executive Board of the United States government, and Kalieda Health, with the three employing over 36,300 individuals. Ralph Wilson Stadium, home of the Buffalo Bills, is two miles from this Red Lobster and has a seating capacity of 71,870. Nearby colleges, The University of Buffalo and Erie Community College have an enrollment of over 54,000 students.