Red Lobster El Paso,Texas

$5,997,418
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $5,997,418
  • Cap Rate: 5.50%
  • Rentable Square Feet: 7,714
  • Annual Rent: $329,858
  • Land Area: 1.26 Acres
  • Year Built/Renovated: 1994/2012
  • Lease Guarantor: Corporate
  • Lease Type: Triple Net (NNN)
  • Rent Increases: 2% Annually
  • Lease Expiration: 7/31/2039

Description

800 Sunland Park Drive
El Paso, TX 79912

Investment Highlights

  • Long Term, Triple Net (NNN) Lease With Approximately 17 Years Remaining on Base Term
  • Corporate Guarantee
  • Four, Five-Year Tenant Renewal Options With Two Percent Annual Rent Increases
  • Population of 143,612 Residents Within a Five-Mile Radius
  • Average Household Income in Three Miles is $80,061, and $85,999 in Five Miles
  • Located on Sunland Park Drive with a Daily Traffic Count of 35,000 Vehicles
  • Located Directly Off Ramps To/From Interstate 10 With More Than 127,000 Vehicles Daily
  • Outparcel to Sunland Park Mall, Which is Owned and Operated by Washington Prime Group, and Anchored by Dillard’s, Conn’s HomePlus and Tru Fit Athletic Club

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Red Lobster located in El Paso, Texas. This Red Lobster offers a long term, triple net (NNN) corporate guaranteed lease with 17 years remaining on the base term. The lease features four, five-year renewal options with two percent annual rent increases.

The subject property is located within El Paso County, with a population of 143,612 residents within a five-mile radius, and an average household income of $80,061 within three miles and $85,999 within five miles. Located on Sunland Park Drive with a daily traffic count of 35,000 Vehicles, and directly off ramps to/from Interstate 10 with more than 127,000 vehicles daily.

This Red Lobster is outparcel to Sunland Park Mall, which is owned and operated by Washington Prime Group, and anchored by Dillard’s, Conn’s HomePlus and Tru Fit Athletic Club. Other mall outparcels include Olive Garden, PF. Chang’s, Chuck E. Cheese and Verizon Wireless. Surrounding National Brands Include Target, Bad Bath & Beyond, Sprouts Farmers Market, Marshall’s, Best Buy, Dick’s Sporting Goods, AtHome, Pet Smart, Ulta Beauty, Walmart Neighborhood Market, Harbor Freight Tools, Holiday Inn Express, Best Western, Extended Stay America, Chipotle, Chili’s Grill & Bar, Taco Bell, Starbucks, Arby’s, McDonald’s, Walgreens, CVS and many more.

This subject property is located just four miles from El Paso Country Club, and less than five miles from The University of Texas at El Paso with an Enrollment of More Than 25,000 Students and 13,000 Faculty and Staff. The property is six miles from The Hospitals of Providence Sierra Campus with 349 staffed-beds and 434 doctors, and less than seven miles from El Paso Community College with a total enrollment of nearly 29,000 students across five campuses.


Tim Speck
Texas Broker of Record
P: (972) 755-5200
Lic #: 9002994

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