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Red Lobster

Crestwood, Missouri

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Marcus & Millichap is pleased to present the exclusive offering for a Red Lobster located at 9838 Watson Road, in Crestwood, MO. The site consists of roughly 6,625 rentable square feet of building space on an estimated 1.75-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 $212,793 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, Chick-fil-A, Burger King, McDonald’s, Applebee’s, Walgreens, Starbucks, Lowe’s, Home Depot and Many More
✓ Heavily Trafficked Area | I-44 and Watson Road | Average Daily Traffic Counts Exceeding 105,750 and 23,500, Respectively
✓ Multiple Hospitality Accommodations | Holiday Inn, Best Western, Holiday Inn South County Center, Hilltop Hotel, Courtyard and More
✓ Strong Real Estate Fundamentals | St. John’s Vianney High School | Over 1,000 Daily Students, Just Under Two Miles from Subject Property

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:
$3,404,693
Cap Rate:
6.25%
Annual Rent:
$212,793
Address:
9838 Watson Road, Crestwood, Missouri 63126
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:
+/- 1.75 Acres
Building Size:
6,625 SF
Year Built:
1975
Year Renovated:
2005
Tenant:
Red Lobster

Broker of record

Brad Barham

License: 2013016939


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