September 6, 2022 – Luke Thomson and Charles Moody of Horvath & Tremblay have successfully completed the sale of a Longhorn Steakhouse Ground Lease in Cape Coral, Florida. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $3,300,000.
Longhorn Steakhouse is located 1851 NE Pine Island Road in Cape Coral, Florida. The stand-alone building consists of 5,710 square feet and sits on 1.47 acres of land. The building was renovated for Longhorn Steakhouse in 2022 and they have 10 years remaining on an Absolute NNN Ground Lease with four (4), 5-Year Renewal Options. The lease features scheduled 10% rent increases every five years throughout both the current term and the option periods. Longhorn Steakhouse is situated on an outparcel to Northpoint Shopping Center anchored by Michaels, PetSmart and Aldi and is adjacent to a Publix and a BJ’s wholesale and is across the street from a large Super Target anchored center. The Property benefits from outstanding frontage and visibility along Pine Island Road, which sees more than 46,000 vehicles per day and is the area’s primary commercial corridor. Longhorn Steakhouse is in the center of a massive residential area with more than 140,000 people living within 5-miles of the Property. Additionally, Cape Coral’s population is expected to double over the next 20-years.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.