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Red Lobster

Corpus Christi, Texas

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The NNN Pro Group is pleased to present the exclusive listing for the Red Lobster located at 5825 S. Padre Island Dr, Corpus Christi, TX 78412. The site will consist of roughly 8,224 rentable square feet of building space on an estimated 1.61-acre parcel of land. The Red Lobster is subject to an absolute triple-net (NNN) lease that commenced on 7/27/2016. The annual rent will be $473,799 in August 2024.

✓ Long-Term, Absolute Triple Net (NNN) Lease
✓ Over 20 Years Remaining on the Base Term
✓ Attractive Two Percent (2%) Annual Rental Increases Starting in August 2026
✓ Four (4), Five (5)-Year Tenant Renewal Options
✓ Red Lobster Corporate Guarantee (700+ Restaurants)

Key Details

Price:
$6,768,557
Cap Rate:
7.00%
Annual Rent:
$473,799
Address:
5825 S. Padre Island Dr, Corpus Christi, Texas 78412
Property Type:
Retail
Lease Type:
Triple Net (NNN)

Lease Commencement:
July 27, 2016
Lease Expiration:
January 31, 2047
Lease Term Remaining:
23.0 Years
Rental Increases:
Varies – See Rent Schedule
Lot Size:
1.61 Acres
Building Size:
8,224 SF
Year Built:
1975
Year Renovated:
2012
Tenant:
Red Lobster

Talk to the pros

Glen Kunofsky

License: 49KU1129178

Matthew Anuszkiewicz

License: 10401294046

Robert Stein

License: 10401341647

Andrew Darby

Broker of record

Brian Brockman

Bang Realty-Texas, Inc.

License: 701472


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