3392 US Highway 98 N
Lakeland, FL 33809
Corp NNN | Off I-4 | 46k+ VPD · Retail Property For Sale

Located Directly Off of Interstate 4 on US 98 | 46,500+ VPD o The Longhorn Steakhouse is located directly off of Interstate 4 (99,000+ VPD) on US Highway 98 (46,500+ VPD). US Highway 98 is a main north/south thoroughfare that runs throughout Florida. o The Longhorn sits just 30 miles east of Tampa and 60 miles west of Orlando. The restaurant benefits from being located directly off of Interstate 4, in addition there is pylon signage that is visible to motorists on the Interstate. In front of Newly Built Townsuites by Marriott and Close to 5 Other Hotels o Longhorn benefits from being directly in front of the newly built Townsuites by Marriott hotel which has 112 rooms. In addition, there are five national flag hotels in the immediate area totaling several hundred rooms Over 3.1 Million Square Feet of Retail in One-Mile Radius o The Longhorn is located amongst numerous retail developments totaling over 3.1 million rentable square feet. It is located adjacent to Lakeland Square Mall a Brookfield Property anchored by H&M, Burlington, and others; and situated in close proximity to Target, Sam’s Club, Lowe’s, Hobby Lobby, Dicks Sporting Goods, TJ Maxx, and many others. Located in Close Proximity to Several Master Planned Communities | Projected 3% Annual Population Growth. o To the east, west, and north of the Longhorn, there are several large master plan communities with others under developments. Existing communities include Highland Fairways Homes & Golf Course (660 single family homes), Wedgewood Golf & Country Club, and TerraLargo by D.L. Horton, and M/I Homes TerraLargo. o The population in a one, three, and five mile radius of the property is expected to increase by 3% annually. Longhorn $3.6 Million Average Unit Volume | 6.3% Company Wide Sales increase in 2019 o Longhorn Steakhouse is a leading casual restaurant chain with sales averaging over $3.6 million per restaurant. Between 2018 and 2019 the average-unit sales volume increased over 6% from $3.4 million to $3.6 million. o While sales are not reported at this location, if this location were to perform at the level of an average store, it would have a very low 5.3% rent-to-sales ratio. Corporate NNN Lease | Annual Rental Increases o The Property is subject to a long-term NNN lease which is guaranteed by RARE Hospitality International, Inc. RARE is a wholly owned subsidiary of Darden Restaurants, Inc. Darden (NYSE: DRI) operates several casual restaurant brands such as Capital Grille, Seasons 52, Olive Garden, Cheddar’s, and others. As of January 2020, Darden had an approximate $13 Billion market cap. o The Lease provides for rare 1% annual increases