Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster located at 3920 28th Street S.E. in Grand Rapids, MI. The site consists of roughly 8,530 rentable square feet of building space on estimated 2.00-acre parcel of land. The Red Lobster is subject to a 25-year absolute triple-net (NNN) lease, which expires on July 31, 2039 The annual rent will be $260,976 on August 1, 2021 and is scheduled to increase by two percent (2.00%) annually throughout the base term and in each of the four (4), five (5)-year renewal options.
About the Investment:
✓ Long-Term, 25-Year Absolute Triple Net (NNN) Lease with ~18.5 Years Remaining
✓ Corporate Guaranty (700+ Locations in U.S. & Canada)
✓ Attractive Two Percent (2.00%) Annual Rental Increases
✓ Four (4), Five (5)-Year Tenant Renewal Options
About the Location:
✓ Major National Tenants In Surrounding Area: Sam’s Club, Big Lots, Best Buy, Apple, Lowe’s, Burlington Coat Factory, Costco, Chick-Fil-A, PetSmart, and Many Others.
✓ Exceptional Traffic Counts | 28th Street SE and E Paris Avenue SE | 35,211 and 19,202 Vehicles a Day Respectfully
✓ Kentwood | Part of Grand Rapids-Muskegon-Holland Combined Statistical Area
✓ Eight Miles From Grand Rapids, Michigan
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
✓ The company generates $2.5B in revenue and is the 6th-largest casual dining concept in North America
✓ Recently acquired by an investment group led by Thai Union Group, one of the worlds largest seafood distributors