Mesa, AZ - Red Lobster

Description:

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Red Lobster investment property located in Mesa, Arizona. The tenant has approximately 16 years remaining on its lease, with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and each option period, steadily growing NOI and hedging against inflation. This location has always been a strong performing store with the lease remaining unchanged through the bankruptcy and rent being paid in full monthly. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

The Red Lobster is located at the signalized, hard corner intersection of E Southern Ave and E Superstition Springs Blvd, combining to average over 39,300 vehicles passing by daily. E Southern Ave is a major retail thoroughfare serving the city of Mesa. The Red Lobster is an outparcel to a Walmart Supercenter that also features
a Taco Bell pad. The asset is adjacent to Superstition Springs Center, a shopping mall complete with tenants including Best Buy, Dillard’s, Macy’s, Burlington, TJ Maxx, Ross, and more. In addition, Red Lobster is also located in close proximity to a Costco Wholesale and Target. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Home Depot, Floor & Decor, JCPenney, Dollar Tree, WinCo, Fry’s, and more, further increasing consumer traffic to the site. Strong tenant synergy increases to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 306,000 with an average household income of $107,370.