LongHorn Steakhouse

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LongHorn Steakhouse

86 W 14 Mile Rd Troy MI Oakland County

Sales Price: $3,739,131

Cap Rate: 5.75%

Contact Person(s): Daniel Kukes
Maxwell Lippitt
Jason Greenspan

Description:

DARDEN RESTAURANTS (NYSE: DRI) CORPORATE LEASE:

  • Darden Restaurant Inc is the world’s largest full service restaurant company with more than 1,800 locations and 175,000 employees.
  • Darden Restaurant group includes Olive Garden, Longhorn Steakhouse, Bahama Breeze, Seasons 52, Yard House, Cheddar’s, Eddie V’s and The Capital Grille.
  • In 2021, Darden reported a total revenue of $7.20 Billion even while operating restaurants with limited dining room capacity across the country. Darden opened 36 new restaurants during the Covid-19 pandemic.
  • 10% rent increases every five years.

NEW CONSTRUCTION:

  • Longhorn is currently under construction at the site of a former Logan’s Steakhouse. Construction is expected to be completed by Summer 2022

ABSOLUTE NNN GROUND LEASE–ZERO LL RESPONSIBILITIES

HIGH PROFILE TRADE AREA:

  • Longhorn sits as an outlot to the Oakland Mall (1.5M SF), one of Metro Detroit’s top malls anchored by Macy’s, JC Penney, Dick’s, At Home (new store), and Hobby Lobby (new store).
  • Oakland Mall has several new outlot developments including a new Panera Bread, Qdoba, Starbucks, Applebee’s and Krispy Kreme.
  • Other surrounding retailers include Target, Best Buy, AMC, Kohl’s, Michaels, TJ Maxx, Five Below, ULTA, Home Goods, DSW, Ashley Furniture, Barnes & Noble, CARite, Chipotle, Chase Bank, etc.

EXCELLENT ACCESS/VISIBILITY:

  • The site is just off of the I-75 interchange. Longhorn is directly on the corner of 14 Mile (43,300 VPD) and John R (19,860 VPD) and benefits from multiple access points on each road.

Building Size: 8,329 SF

Lot Size: 1.67 AC

Traffic Count: 14 Mile Rd (43,300 VPD)
John R Rd (19,860 VPD)

Demographic Info:

Radius: 1 Mile 3 Mile 5 Mile
Population Density: 7,496 115,255 298,178
Avg. HH Income: $53,518 $86,725 $96,310

LANDMARK INVESTMENT SALES – Licensed Real Estate Brokers. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates are used for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction, the suitability of the property for your needs.