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Red Lobster

Lakeland, Florida

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This trophy Red Lobster property is situated along U.S. Highway 98, which boasts an average daily traffic count greater than 53,000 vehicles. U.S. Highway 98 serves as an access route to Interstate-4, which is the main thoroughfare between Tampa and Orlando. Interstate-4 brings an additional 137,000 vehicles into the immediate area on average daily. The subject property greatly benefits from the growing population in the area. There are more than 58,500 individuals residing within a three-mile radius of the property and more than 137,500 individuals within a five-mile radius. These figures have increased by 40% and 36%, respectively, over the past two decades and are projected to continue growing.
The subject property benefits from being well-positioned in a highly dense suburban area in a retail corridor consisting of national and local tenants, shopping centers, hospitality accommodations, and academic institutions all within close proximity of this property. Major national tenants include: Target, Lowe’s, J.C. Penney, Dick’s Sporting Goods, Harbor Freight Tools, Best Buy, T.J. Maxx, Sam’s Club, Walgreens, PetSmart, McDonald’s, Chick-fil-A, Panera Bread and many more. Additionally, several hospitality accommodations are within immediate proximity to the subject investment property. These include Comfort Inn & Suites, Holiday Inn Express & Suites, Ramada by Wyndham, La Quinta Inn & Suites, and more. This property also benefits from being situated near multiple academic institutions. Most notable, Keiser University Lakeland Campus, is located approximately two miles from the subject property. Additionally, the property benefits from its immediate access to healthcare. The subject property is less than three miles from Lakeland Regional Medical Center, a massive 864-bed state-of-the-art facility.

Key Details

Price:
$7,636,250
Cap Rate:
6.00%
Annual Rent:
$458,175
Address:
3706 U.S. Highway 98, Lakeland, Florida 33809
Lease Type:
Triple Net (NNN)

Tenant:
Red Lobster

Broker of record

Ryan Nee

License: BK3154667


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