Red Lobster

Union, New Jersey

The NNN Pro Group is pleased to present the exclusive listing for the Red Lobster located at 2520 Route 22, Union, NJ 07083. The site will consist of roughly 10,908 rentable square feet of building space on an estimated 1.81-acre parcel of land. The Red Lobster is subject to an absolute triple-net (NNN) lease that commenced on 2/15/2017. The annual rent is $402,040 and is scheduled to increase by 2.00% annually throughout the base term and continuing through 4, 5-Year Options.

About the Investment

✓ Long-Term, Absolute Triple Net (NNN) Lease
✓ Approximately 18 Years Remaining
✓ Attractive Two Percent (2%) Annual Rental Increases
✓ Four (4), Five (5)-Year Tenant Renewal Options
✓ Red Lobster Corporate Guarantee (700+ Restaurants)

Key Details

Price:: $6,432,640
Cap Rate:: 6.25%
Annual Rent:: $402,400
Address:: 2520 Route 22, Union, New Jersey 07083
Property Type:: Restaurant - Casual Dining
Lease Type:: Triple Net (NNN)

Lease Commencement:: February 15, 2017
Lease Expiration:: February 28, 2042
Lease Term Remaining:: 18.0 Years
Rental Increases:: 2.00% annually
Lot Size:: 1.81 Acres
Building Size:: 10,908 SF
Year Built:: 1955
Year Renovated:: 2000
Tenant:: Red Lobster

Talk to the pros

Glen Kunofsky

gkunofsky@nnnpro.com

License: 49KU1129178

Matthew Anuszkiewicz

manuszkiewicz@nnnpro.com

License: 10401294046

Robert Stein

rstein@nnnpro.com

License: 10401341647

Andrew Darby

adarby@nnnpro.com

Broker of record

Brian Brockman

Bang Realty-New Jersey, Inc

License: 2078547

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