About This Restaurant
Investment Highlights
Investment-grade credit tenant with long-term lease (Darden, S&P: BBB) Attractive 10% rent increases every 5 years Part of the new Cornerstone at Seminole Woods shopping center anchored by BJ?s Wholesale Club and home to Chick-fil-A, Chase Bank and Miller?s Ale LongHorn is Darden?s 2nd largest revenue source contributing 25% of the $10.5 billion in total sales for 2023 Absolute NNN ground lease ? No landlord management obligations NO STATE INCOME TAX, Florida is the Highest Net Domestic Migration/Growth State in the U.S.
Executive Summary
CBRE is pleased to present the opportunity to acquire a single tenant LongHorn Steakhouse under construction in the fast-growing Palm Coast, Florida market. This new Darden restaurant is located within the newly developed Cornerstone at Seminole Woods ? a new 31 acre retail center anchored by BJ?s Wholesale Club on State Highway 100 just off Interstate 95 in the high growth Florida market of Palm Coast. Chase Bank, Miller?s Ale House and Chick-fil-A will also have a presence at this new retail center joining the other well-known retailers along this corridor such as Panera, Chipotle, Wawa, Aldi, Tractor Supply Company, Walgreens, Olive Garden, Super Target, Panda Express, Ross, TJ Maxx and Starbucks.According to the US Census Bureau?s estimate, Palm Coast is the fifth fastest growing city in the state of Florida which has been the fastest growing state in the country in recent years. Palm Coast is now the most populous city in the Volusia-Flagler region, according to University of Florida researchers and is expected to continue to grow at a rapid pace over the next ten years.
Property Details
- Sale Type Investment NNN
- Property Type Retail
- Property Subtype Restaurant Restaurant General Retail Freestanding Restaurant
- Building Size 5,780
- Year Built 2024
- Construction Status Under Construction
- Price 3,900,000
- Price Per SF 675
- Cap Rate 5
- NOI 195,000
- Tenancy Single
- Building Height 1 Story
- Building FAR 0.08
- Land Acres 1.61 AC
| Date Created: | 2024-07-16 04:09:28 | Last Updated: | 2024-07-16 04:09:28 |
| Address: | 5877 State Rte 100 East , Palm Coast, Florida, 32164 | ||