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LongHorn Steakhouse | 10+yrs Remain Abs NNN 110 Bluebird Ln 5,627 SF Retail Building Millville, NJ 08332 $5,223,392 CAD ($928.27 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 tenant, Rare Hospitality International, Inc., is a corporate entity for LongHorn Steakhouse and a wholly owned subsidiary of Darden Restaurants (NYSE: DRI | S&P: BBB) one of the largest full-service restaurant companies in the United States.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
5,627 SF
Building Class
B
Year Built
2006
Price
$5,223,392 CAD
Price Per SF
$928.27 CAD
Cap Rate
5.50%
NOI
$287,259 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 as a casual steakhouse concept and grew into a full-service restaurant brand focused on grilled steaks, ribs, chops, chicken, and other American fare. The company is part of Darden Restaurants' portfolio of full-service dining brands and operates through a broad restaurant network across the United States. LongHorn Steakhouse emphasizes steakhouse dining with hand-seasoned steaks and related entrees, while also supporting community programs and restaurant-level guest service. The brand has maintained a national presence for decades as a familiar casual-dining option in the American steakhouse segment.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Accommodation and Food Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Nearby Major Retailers
1 of 13
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LongHorn Steakhouse | 10+yrs Remain Abs NNN | 110 Bluebird Ln
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