April 27, 2018 – Brian Ahrens of Horvath & Tremblay has represented a buyer to complete the sale of Red Lobster in Perry, Georgia. Horvath & Tremblay procured the 1031-exchange buyer to close the property at a sale price of $2,825,367, a 5.6% cap rate.
Red Lobster fully occupies the 4,911-square foot building located along Sam Nunn Boulevard. Red Lobster operates under a new 25-year, corporate guaranteed, triple net lease signed at the close of escrow. There are four, 5-year renewal options and annual rental increases of 2.0% scheduled throughout the base term of the lease. The Property is well-positioned along a dense retail corridor with neighboring national tenants including: Kroger, Longhorn Steakhouse, Advance Auto Parts Taco Bell, Pizza Hut, Walmart, Burger King, and 7 nationally named hotels and inns.
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.