Longhorn Steakhouse | Millville, NJ
Fee Simple | Strong Sales
Marketing 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 tenant, Rare Hospitality International, Inc., is a corporate entity for LongHorn Steakhouse and a wholly owned subsidiary of Darden Restaurants (NYSE: DRI | S&P: BBB) one of the largest full-service restaurant companies in the United States
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.
Investment highlights
Rare Fee Simple Absolute NNN Lease with 1% Annual Rent increases
Over 10 years of primary lease term remaining with 4 (5-year) renewal options
Strong sales with consistent YOY sales growth (contact agent for details)
The tenant, Rare Hospitality International, Inc., is a corporate entity for LongHorn Steakhouse and a wholly owned subsidiary of Darden Restaurants (NYSE: DRI | S&P: BBB) one of the largest full-service restaurant companies in the United States
Prominent frontage along State Hwy 47 (31,500 VPD), just off its intersection with Veterans Memorial Highway (24,800 VPD)
Outparcel to a Lowe’s-anchored shopping center with national co-tenants including Planet Fitness, Chili’s, and AutoZone
Directly adjacent to Cumberland Crossing Shopping Center, which draws 2.9M annual visits and is anchored by Walmart alongside Hobby Lobby, Dollar Tree, and Texas Roadhouse
Near additional high-traffic retail destinations such as Union Lake Crossing (5.1M annual visits) and Cumberland Mall (6.2M annual visits)
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