Listed by CBRE Atlanta, CBRE - Saint Louis, CBRE - Atlanta
$1,906,800
LongHorn Steakhouse: St. Peters, MO
Details
Property Type Retail
Sub Type Restaurant
Square Footage 5,300
Cap Rate 5.5%
NOI $104,816
Occupancy 100%
Tenancy Single
Brand/Tenant Longhorn Steakhouse
Lease Type NNN
Lease Term 30
Lease Expiration 07/31/2034
Remaining Term 8.2
Rent Bumps Yes
Lease Options Two, 5-Year Options Remaining
Year Built 2004
Acreage 0.320
Lease Commencement 07/20/2004
Ground Lease Yes
NNN LongHorn Steakhouse Ground Lease | Interstate Location | St. Louis MSA
Marketing description
CBRE is pleased to exclusively offer for sale the NNN LongHorn Steakhouse ground lease situated
on 0.32 acres in St. Peters, Missouri—part of the St. Louis, MO-IL (Population: 2.8M+). LongHorn is
positioned with excellent access and visibility along Veterans Memorial Parkway (7,304 VPD), feet
from its intersection with Cave Springs Road (17,721 VPD) and the on-ramp to Interstate 70 (61,131
VPD), which provides direct access to downtown St. Louis (26 miles southeast). The property is
within the 176,804-square-foot Cave Springs Shopping Center, which is tenanted by Hobby Lobby,
The Edge Fitness Club, Office Depot, Cycle Gear, Northern Tool + Equipment, T-Mobile, Verizon,
Batteries + Bulbs and Twisted Tavern.
Investment highlights
- NNN Ground Lease with Multiple Lease Extensions: Originally set to expire in 2019, LongHorn’s NNN ground lease has been extended multiple times. Most recently, the lease was extended for an additional 10 years through 2034 and now features ±8.2 years of term remaining with two, 5-year options remaining. Rent increases by 5% in 2029 during the current term and 12.5% in each of the options.
- Excellent Interstate Access & Visibility: LongHorn is positioned with excellent access and visibility along Veterans Memorial Parkway (7,304 VPD), feet from its intersection with Cave Springs Road (17,721 VPD) and the on-ramp to Interstate 70 (61,131 VPD), which provides direct access to downtown St. Louis (26 miles southeast).
- Within the 176,804 SF Cave Springs Shopping Center: The property is within the 176,804-square-foot Cave Springs Shopping Center, which is tenanted by Hobby Lobby, The Edge Fitness Club, Office Depot, Cycle Gear, Northern Tool + Equipment, T-Mobile, Verizon, Batteries + Bulbs and Twisted Tavern.
- St. Louis, MO-IL MSA Advantage: MSA Population 2.8M+
Listing Contacts
Listed by CBRE Atlanta, CBRE - Saint Louis, CBRE - Atlanta
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$104,816.00
$8,734.67/mo
Valuation Metrics
0
DSCR
5.5%
Cap Rate
5.5%
ROI
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