Red Lobster

2544 Prince William Parkway Woodbridge, VA 22192

  • Size: 7,024 SF
  • Status: Closed

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