Millville, NJ - Longhorn Steakhouse

Description:

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).

Strategically positioned along State Hwy 47 (31,500 VPD) near its intersection with Veterans Memorial Hwy (24,800 VPD), the property offers excellent frontage, visibility, and accessibility. It is an outparcel to a Lowe’s-anchored center with national co-tenants such as Planet Fitness, Chili’s, and AutoZone, and is directly adjacent to Cumberland Crossing Shopping Center, anchored by Walmart and featuring other national tenants including Hobby Lobby, Dollar Tree, and Texas Roadhouse. Nearby regional retail hubs include Union Lake Crossing (5.1M annual visits) and Cumberland Mall (6.2M annual visits), the latter ranking in the 89th percentile nationally among comparable malls, further enhancing the area’s retail draw. The surrounding trade area includes more than 68,000 residents and 27,300 employees with an average household income of $87,814, supporting long-term tenant performance and demand for retail dining.

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