Investment Offering
Cincinnati, OH - Red Lobster
3564 Springdale Road | Cincinnati, OH 45251
$4,519,000
Price6.75%
Cap Rate$305,009
NOI7,641
± SF Offering GLA2.03
± AC Land AreaDescription
SRS Real Estate Partners in collaboration with Hoty Enterprises, Inc. is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Red Lobster investment property located in Cincinnati, Ohio. The tenant, Red Lobster Restaurants, LLC, currently has approximately 21 years remaining in their first lease term with 4 (5-year) options to extend. The lease features 2% annual rental increases during the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making this an ideal, management free investment opportunity for a passive investor. Red Lobster has more than 50,000 employees in over 750 restaurants in the U.S. and Canada, and a growing international footprint.
Location
The Red Lobster is located near the signalized, hard corner intersection of Springdale Rd and State Hwy 126, and benefits from nearby access to Interstate 275, a major thoroughfare averaging over 69,000 vehicles per day. The asset benefits from close proximity to an immense retail corridor that includes Northgate Mall, a 881,000 SF regional mall anchored by Marshalls, Ulta Beauty, Foot Locker, Michaels, Burlington,.Shoe Dept., and more. Other nearby national/credit tenants include Walmart Supercenter, Kroger, Dollar Tree, Old Navy, Lowe’s, Hobby Lobby, Best Buy, Dick’s Sporting Goods and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Furthermore, the site is within close proximity to Taylor Elementary School (837 students), further increasing consumer traffic to the site. The 5-mile trade area is supported by over 156,000 residents and 46,000 employees, providing a direct consumer base from which to draw. Residents within a 5-mile radius of the subject property have an average household income of $90,549.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215