Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in an absolute NNN, freestanding, Red Lobster investment property located in Lake Jackson, Texas (Houston MSA). The tenant, Red Lobster Restaurants, LLC, currently has over 15 years remaining in their lease term with 4 (5-year) options to extend. The lease features 2% annual rental increases during the initial term and option periods, 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. The subject property benefits from limited competition as the only Red Lobster serving the community, with the next location over 40 miles away.

The subject property is strategically located near the signalized, hard corner intersection of Texas State Highway 332 and Texas 288 Frontage Rd, and benefits from nearby access to Nolan Ryan Expressway, a major thoroughfare averaging over 57,000 vehicles per day. The asset also benefits from excellent visibility and access
via a large monument sign and multiple points of ingress/egress. Located within an immense retail corridor, the property is ideally situated adjacent to Brazos Mall, a 683,000 SF super regional mall anchored by AMC, Dillard’s, TJ Maxx, HomeGoods, Ross Dress for Less, and more. Other nearby national/credit tenants include, Walmart, The Home Depot, Hobby Lobby, Target, Lowe’s, Best Buy, Kohl’s and many others. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Furthermore, the site is walking distance from Oyster Creek Apartments (201 Units), and Edgewater Apartments (228 Units), further increasing consumer traffic to the property. The 5-mile trade area is supported by more than 51,000 residents and 22,000 employees, providing a direct consumer base from which to draw. Residents within 3 miles of the site boast an affluent average household income of $120,088.

---