ORLANDO—A 7,548-square-foot Red Lobster Restaurant in Orlando has traded hands. Located at 7373 West Colonial Drive, the restaurant sold for $3.74 million.
Axiom Capital Advisors brokered the sale of the facility. Axiom's broker Roberto Susi represented the buyer, Master Carwash.
Glen Kunofsky of Marcus & Millichap represented the institutional seller. The restaurant, which sits in a 1.44-acre lot, is located on one of the major access points in West Orlando.
"The purchase provides the buyer with a successful, safe and long-term single tenant investment with over 23 years left on the initial term of the lease," says Susi. "Red Lobster is the largest seafood restaurant concept in the world and is an iconic full service brand with broad demographic appeal. The building was recently remodeled in 2012 and has above average sales."
What should we expect in 2016 in Florida's net lease market? Net lease assets are some of the most predictable and typically, long term commercial real estate assets available in today's market. So says David Sobelman, executive vice president and managing partner at Calkain.
"Those attributes, among dozens of related variables, are the reason why most investors are attracted to the investment category," he tells GlobeSt.com. "However, some of the world's greatest pontificators have always known that change is inevitable."
Calkain pointed to a quip from Henry David Thoreau, who explained in the mid-1800s that "Things do not change, we change." As he sees it, the same theory can be applied to single-tenant real estate and especially how tenants operate their companies from their physical locations.
"There are reasons tenants don't sign indefinitely termed leases with an endless amount of time in which they are responsible for that building or space," Sobelman says. "Their business will change, people will change and, in essence, real estate will change."
Want to know more about net lease trends over the next 35 years? Sobleman makes some bold predictions here.
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