Ground Lease Guaranteed by Darden Restaurant Inc.

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30029921
Property Subtypes: Free-Standing Building, Restaurant
Status: Pending
Building Size (RSF): 6,000 SF
Gross Land Area: 66,212 SF
Sale Price: $2,350,000
Unit Price: $391.67 PSF
Property Use Type: Investment
Building Name: Longhorn Steakhouse
Usable Size (USF): 6,000 SF
Sale Terms: Cash to Seller
Last Updated: 1/23/2017

Overview / Comments

NNN Ground Lease Investment Opportunity, guaranteed by NYSE traded Corporation.
Tenanted by Longhorn Steakhouse, a Division of Darden Restaurants, Inc.
14 years remaining with periodic rental escalations.
ROFR. Darden Corp. has thirty (30) days to respond to a bona fide offer to purchase.
Absolute NNN Ground Lease which expires 2030.
Guaranteed by Darden Restaurants, Inc.
Current ground lease yields $126,443 per year.
12% Income escalations in initial year of each remaining 5 year option.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Tax ID/APN: 0104070012-16, 01040700-12
Zoning: CG - COMMERCIAL GENERAL
Retail Clientele: Business
Property Located Between: Gulf Gate Drive and Tamiami Trail
Largest Nearby Street: Clark Road
Highway Access: Tamiami Trail
Airports: SRQ
Site Description: The Subject Property is located on a high traffic, high visibility, major arterial in Sarasota County. The over-sized out-parcel fronts directly on Tamiami Trail with an ADT of 50,000 + and adjoining the Sarasota Pavilion Shopping Center, whose tenants include Publix, Bed Bath & Beyond, Ross, Marshall's, Panera Bread and more! Full service operating national chain restaurant on-site.
Total Number of Buildings: 1
Number of Stories: 1


Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,237 57,589 119,989
Median Age: 54.67 53.85 52.69
Households: 5,376 28,734 58,014
© Copyright My Florida Commercial Real Estate. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither My Florida Commercial Real Estate nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.