Listed by Landmark Commercial Real Estate Services
$3,739,131
LongHorn Steakhouse
Details
Property Type Retail
Sub Type Restaurant
Square Footage 8,329
Cap Rate 5.75%
NOI $215,000
Tenancy Single
Brand/Tenant Longhorn Steakhouse
Lease Type Absolute NNN
Price per SqFt $449
Year Built 2022
Lease Commencement 09/01/2022
Retail | 5.75% CAP | 8,329 SF
Investment highlights
DARDEN RESTAURANTS (NYSE: DRI) CORPORATE LEASE:
HIGH PROFILE TRADE AREA:
- Darden Restaurant Inc is the world’s largest full service restaurant company with more than 1,800 locations and 175,000 employees.
- Darden Restaurant group includes Olive Garden, Longhorn Steakhouse, Bahama Breeze, Seasons 52, Yard House, Cheddar’s, Eddie V’s and The Capital Grille.
- In 2021, Darden reported a total revenue of $7.20 Billion even while operating restaurants with limited dining room capacity across the country. Darden opened 36 new restaurants during the Covid-19 pandemic.
- 10% rent increases every five years.
- Longhorn is currently under construction at the site of a former Logan’s Steakhouse. Construction is expected to be completed by Summer 2022
HIGH PROFILE TRADE AREA:
- Longhorn sits as an outlot to the Oakland Mall (1.5M SF), one of Metro Detroit’s top malls anchored by Macy’s, JC Penney, Dick’s, At Home (new store), and Hobby Lobby (new store).
- Oakland Mall has several new outlot developments including a new Panera Bread, Qdoba, Starbucks, Applebee’s and Krispy Kreme.
- Other surrounding retailers include Target, Best Buy, AMC, Kohl’s, Michaels, TJ Maxx, Five Below, ULTA, Home Goods, DSW, Ashley Furniture, Barnes & Noble, CARite, Chipotle, Chase Bank, etc.
- The site is just off of the I-75 interchange. Longhorn is directly on the corner of 14 Mile (43,300 VPD) and John R (19,860 VPD) and benefits from multiple access points on each road.
Listing Contacts
Listed by Landmark Commercial Real Estate Services
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$215,000.00
$17,916.67/mo
Valuation Metrics
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DSCR
5.75%
Cap Rate
5.75%
ROI
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Zoning
GB CommercialGeneral CommercialGeneral Business
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