Overview

Description

SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, corporate signed, Red Lobster investment property located in Reno, Nevada. The tenant, Red Lobster Hospitality LLC, has 20 years remaining on their current lease term with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features an annual rental increase of 1% through August 2027 at which point it increases
to 2% for the remainder of the term, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

This Red Lobster is located as a pad to Lowe’s on the signalized, hard corner intersection of Kietzke Ln and S McCarren Blvd with a combined (64,800 VPD). Kietzke Lane has 25,700 vehicles passing by daily and is one of the major retail thoroughfare serving the city of Reno. The asset is located on the other side of Interstate 580
(132,000 VPD) from Meadowood Mall, a 442,000 square foot shopping mall anchored by Macy’s, Dick’s Sporting Goods, Round 1 Bowling & Amusement, and JCPenney. Red Lobster is also less than a mile south of Firecreek Crossing, a 347,000 square foot shopping mall with major tenants including a Walmart Supercenter, Sam’s Club, T.J. Maxx & HomeGoods, Michael’s, Ross Dress for Less, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including The Home Depot, Target, Whole Foods Market, Trader Joe’s, CVS Pharmacy, Chick-Fil-A, P.F. Changs, and more, further increasing consumer traffic to the site. In addition, the property is located southwest of the Reno-Sparks Convention Center and Reno-Tahoe Airport, which both service millions of visitors and travelers per year respectively. The 5-mile local trade area is supported by a population of over 186,600 residents with an average household income of $99,817.

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