Offered for sale is an absolute net leased Red Lobster, ideally positioned at the signalized intersection of Prince William Parkway and Crossing Plane in Woodbridge, Virginia. There are 18-years remaining on the original 25-year absolute net lease which includes two percent annual rental increases throughout the primary term and option periods (four, five-year). Located at the entry point to a Target anchored center, the property also benefits from its proximity to the Potomac Mills Mall which hosts over 225 destination retail stores and restaurants. Strategically centered in a dense retail corridor, the property is supported by a high income, dense residential population of over 236,000 people with an average household income of over $120,500 per year, within a five-mile radius. The offering is a rare opportunity to acquire a property backed by a long-term absolute net lease with a corporate tenant.
Property Highlights.
- 18-years remain on the original 25-year absolute-net lease with four, five-year options thereafter 2% annual rental increases throughout the primary term and all option periods
- Substantial capital commitment by tenant – 7,024 square foot building renovated in 2011
- The lease is guaranteed by Red Lobster Holdings, LLC, a subsidiary of parent company Thai Union Group (TUG)
- Thai Union Group, a global seafood supplier with annual sales of over $4.1 billion recently acquired Red Lobster from Golden Gate Capital
Demographics & Market Stats.
- $380M North Woodbridge Town Center- 160K square feet of retail and 900 apartment units under construction within a two-mile radius
- New 241K square foot Kaiser Permanente Hospital under construction within a one-mile radius of the property
- Over 1,600 newly constructed homes to be delivered in the next few years within a five-mile radius
- Population of 236,455, over 56,997 employees and average household incomes of $120,500 within a five-mile radius
- Nearly $640M in annual consumer spending on food and alcohol within a five-mile radius
- Close proximity to several highly trafficked power centers; as well as, Potomac Mills Mall – 1.6M square feet of retail and restaurants
For More Information
- Danny Brooker
- 202.772.0530
- dbrooker@monumentretail.com
- Rich Sillery
- 202.777.2005
- rsillery@monumentretail.com
- Valerie Mnayarji
- 202.772.0523
- vmnayarji@monumentretail.com