Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

Enter the "Deal room" for exclusive documents related to this property.

I accept the confidentiality agreement I accept the confidentiality agreement

Attributes

Lease Type NNN
Lease Expiration 2023-12-31
Remaining Term 3 years, 3 months
Tenant Red Lobster
Building Area
Land Area

Property Description

JLL is pleased to exclusively offer the opportunity to acquire a single tenant property corporately leased to Red Lobster (the “Property”) in Wyomissing, PA, which is just 65 miles northwest of Philadelphia and a neighboring town to Reading – the 84th best place to live according to U.S. World News & Report. Red Lobster has a longstanding operating history at this location dating back to 1977, demonstrating the company’s success over the years. In 2019, the restaurant ranked in the 88th percentile within the entire Red Lobster chain based on estimated foot traffic. Further, they ranked 5th out of 33 Red Lobster locations (87th percentile) in Pennsylvania (Placer.ai). The tenant, who exercised its 5th option period in 2018, has more than 3 years of term remaining on its NNN ground lease and two (2), five (5) year options in place. Both option periods feature attractive, 12.50% rental increases. 


Investment Highlights

  • Red Lobster is located across from the Berkshire Mall, one of the premier shopping destinations in Berks County. The mall consists of approximately 100 retailers including Boscov’s, T.J. Maxx, Outback Steakhouse, Ruby Tuesday, Chick-fil-A and more.
  • The Property is located just off U.S. Route 422, one of the most heavily trafficked highways in the eastern portion of Pennsylvania (86,000 VPD), connecting travelers from Hershey, PA to the suburbs of Philadelphia.
  • Educational opportunities are nearby. Albright College and Penn State University Berks Campus are both 10 minutes away and contribute more than 4,400 students to the daytime population of Wyomissing.
  • The Property is surrounded by a host of shopping destinations such as Berkshire Square, The Shoppes at Wyomissing, Broadcasting Square and VF Outlet Reading. Together, these shopping centers are home to nationally recognized retailers such as Walmart, ROSS, Bed Bath & Beyond, LA Fitness, Marshalls and more. In addition, The Home Depot and Crowne Plaza Hotel are located across the street.
  • There are seven hotel options in the immediate trade area, demonstrating the area’s centralized location for business and opportunity. Each day, these hotels contribute to Berks County’s workforce of 32,000 people and make it convenient for those flying into Reading Regional Airport.
  • Wyomissing is a member of Berks County, an area conveniently situated equidistant from Harrisburg, Allentown and Philadelphia. The county consists of roughly 420,000 people and contains a diverse economy ranging from manufacturing, health care, and government services to education, retail and agriculture.


Last Updated Date: 16 Sep 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

+41445083302
Last Updated Date: 16 Sep 2020

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.