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LongHorn Steakhouse | 10+yrs Remain Abs NNN 110 Bluebird Ln 5,627 SF Retail Building Millville, NJ 08332 $5,141,913 CAD ($913.79 CAD/SF) 5.50% Cap Rate
Investment Highlights
- Rare Fee Simple Absolute NNN Lease with 1% Annual Rent increases | 10+ Years Remaining with 4 (5-year) renewal options
- Corporate guaranty from Darden Restaurants, Inc. (NYSE: DRI), one of the largest restaurant operators in the U.S. with 2,100+ locations nationwide
- Outparcel to a Lowe’s-anchored shopping center with national co-tenants including Planet Fitness, Chili’s, and AutoZone
- Strong sales with consistent YOY sales growth (contact agent for details)
- Prominent frontage along State Hwy 47 (31,500 VPD), just off its intersection with Veterans Memorial Highway (24,800 VPD)
- Directly adjacent to Cumberland Crossing Shopping Center, which draws 2.9M annual visits and is anchored by Walmart alongside Hobby Lobby, Dollar Tree
Executive Summary
SRS Real Estate Partners-Northeast, LLC is pleased to present the opportunity to acquire the fee simple interest in an absolute NNN-leased Longhorn Steakhouse located in Millville, New Jersey. There are over 10 years of primary term remaining with four (4) additional five-year renewal options, promoting stable long-term income. The lease includes 1% annual rental increases throughout the initial term and option periods, delivering steady NOI growth and a built-in hedge against inflation. The location reports strong sales with consistent YOY sales growth (contact agent for details). The lease is guaranteed by Darden Restaurants, Inc. (NYSE: DRI), one of the largest restaurant operators in the U.S. with over 2,100 locations nationwide and an investment-grade credit rating (S&P: BBB).
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
5,627 SF
Building Class
B
Year Built
2006
Price
$5,141,913 CAD
Price Per SF
$913.79 CAD
Cap Rate
5.50%
NOI
$282,778 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.97 AC
Zoning
RC - Regional Commercial (RC)
Parking
123 Spaces (21.86 Spaces per 1,000 SF Leased)
Frontage
300’ on Bluebird Ln
Amenities
- Corner Lot
- Restaurant
- Signage
- Signalized Intersection
- Monument Signage
- Air Conditioning
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Accommodation and Food Services
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
LongHorn Steakhouse began in 1981 when George McKerrow Jr. opened a Western-themed eatery in Atlanta, Georgia. The restaurant quickly became known for its steaks and hearty portions. In 2007, Darden Restaurants acquired the chain, expanding its national footprint. Today, the company operates numerous locations across the United States, serving grilled steaks, chicken, seafood, and signature dishes. The brand emphasizes quality ingredients and a welcoming atmosphere.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Accommodation and Food Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
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LongHorn Steakhouse | 10+yrs Remain Abs NNN | 110 Bluebird Ln
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