1425 San Marnan
Waterloo, IA 50702
LongHorn Steakhouse · Retail Property For Sale

The LongHorn Steakhouse property is strategically located in a regionally dominant retail corridor. The property is located at the corner of a signalized intersection immediately off of Interstate 380 (25,700 VPD). The Longhorn Steakhouse is ideally positioned directly across from Crossroads Mall (847,099 SF) and is adjacent to Target. Other retailers in the immediate area include Sam’s Club, Lowe’s, Home Depot, Menards, ALDI, Walmart Supercenter and Hy-Vee. The property is also located near Isle Casino Hotel Waterloo, Covenant Medical Center (366 Beds) and Columbus High School which drives continual traffic to the trade corridor. There will be ten years remaining on the corporately guaranteed LongHorn Steakhouse lease upon close of escrow. The lease will feature 1.5% annual rental escalations and require no landlord responsibilities. Additionally, there will be five 5-year renewal option periods. The 5,556 SF LongHorn Steakhouse property features a low rent per square of $18.38. The tenant will be RARE Hospitality International, Inc., a wholly owned subsidiary of Darden Restaurants, Inc., doing business as LongHorn Steakhouse. Darden Restaurants, Inc. (NYSE: DRI) is a multi-brand restaurant operator. *As of December 2018