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Red Lobster

Peru, Illinois

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Marcus & Millichap is pleased to present the exclusive offering for a Red Lobster located at 4381 Venture Drive, in Peru, IL. The site consists of roughly 4,124 rentable square feet of building space on an estimated 1.61-acre parcel of land. This Red Lobster is subject to a long-term, absolute triple-net (NNN) lease, which commenced July 28, 2014. The current annual rent is $143,836 and is scheduled to increase by 2.00% annually throughout the remainder of the base term and in each of the four (4), five (5)-year tenant renewal options.

About the Investment:

✓ Long-Term, Absolute Triple-Net (NNN) Lease with Approximately 23 Years Remaining on the Base Term
✓ Corporate Tenant | Corporate Guaranty
✓ Attractive Rental Increases of Two Percent (2.00%) Annually
✓ Four (4), Five (5)-Year Tenant Renewal Options

About the Location:

✓ Dense Retail Corridor | Walmart, Target, The Home Depot, Kohl’s, Big Lots!, Menards, Hobby Lobby and Many More
✓ Heavily Trafficked Area | IL-251 and I-80| Average Daily Traffic Counts Exceeding 14,000 and 28,200 Respectively
✓ Multiple Hospitality Accommodations | : Holiday Inn Express, Quality Inn, Hampton Inn, Super 8, La Quinta Inn, Fairfield Inn and More
✓ Strong Real Estate Fundamentals | Located in the Main Retail Artery of the City | Direct Proximity to the Peru Mall | 35+ Retailers

About the Tenant/Brand:

✓ Red Lobster is the largest seafood restaurant concept in the world and is an iconic full-service brand with broad demographic appeal and a significant advertising budget (2nd-largest in casual dining)
✓ The Company was founded in 1968 and currently operates over 700 restaurants throughout the United States and Canada, and has more than 40 franchised restaurants in international markets
✓ 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 $2.5B in revenue and is the 6th-largest casual dining concept in North America

Key Details

Price:
$2,301,372
Cap Rate:
6.25%
Annual Rent:
$143,836
Address:
4381 Venture Drive, Peru, Illinois 61354
Property Type:
Net-Leased Restaurant
Lease Type:
Triple Net (NNN)

Lease Commencement:
July 28, 2014
Lease Expiration:
July 31, 2044
Lease Term Remaining:
23 Years
Rental Increases:
2.00% annually
Lot Size:
+/- 1.61 Acres
Building Size:
4,124 SF
Year Built:
1994
Tenant:
Red Lobster

Broker of record

Steven Weinstock

License: 471.011175


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