3980 US Highway 98 N - Restaurant FOR SALE


Lakeland, FL 33809- City of Lakeland
$6,357,192 USD
407-234-4111
3980 US Highway 98 N, Lakeland, FL for Sale
$6,357,192 USD
Restaurant - FOR SALE
1/26
null | 5.5% Cap Rate

3980 US Highway 98 N
Lakeland, FL 33809
City of Lakeland


HIGHLIGHTS

  • Property is located along US Highway 98 N, the most dynamic retail corridor in the Lakeland MSA, and is positioned immediately North of Interstate 4
  • Corporate Guaranty - Brinker International (NYSE: EAT) Credit Rating "BB+" - S&P
  • Absolute NNN lease with no landlord obligations and 1.5% annual rent increases during the base term
  • 30+ years of operational history at this location
  • Lakeland is strategically positioned between Tampa and Orlando, making it a prime location for businesses looking to tap into both metro markets
  • Vacancy rates in the broader Lakeland/Polk County market have remained stable at sub 4%

OVERVIEW

Collison Capital is pleased to present an absolute NNN leased Chili’s Grill & Bar located at 7643 Gall Boulevard in Zephyrhills, Florida, a rapidly expanding northern suburb of the Tampa MSA. The Zephyrhills / Pasco County submarket has experienced amongst the highest population growth over the last five years, increasing by 5.1% annually between 2020 and 2024. Over the next four years, this exceptional run is projected to continue with 4.3% annual growth through 2029. Cumulatively, the growth is expected to yield a stunning 46% submarket household formation increase that is anticipated to accelerate submarket commercial real estate expansion. Built in 2003, the property comprises 5,771 square feet or rentable space on 1.38 acres at the entrance to Walmart Supercenter. The subject property provides an investor the opportunity to acquire an exceptionally well-located asset that is leased to a strong publicly traded grade tenant (Brinker International) with attractive lease terms. This Chili's Bar & restaurant is subject to a 15-year absolute NNN lease with 8 years of base term remaining and 6, 5-year options. During both the base term and first extension period includes 1.5% annual rent increases. Subsequent option period rent is based on 95% FMV with 1.5% growth

FOR SALE DETAILS

PRICE

$6,357,192 USD

PRICE/SF

$1,043 USD /SF

CAP RATE

5.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Chili's

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1990

SPRINKLERS

-

PARKING SPACES

40

LAND DETAILS

LAND ACRES

1.37 AC

LAND SF

59,677 SF

ZONING

C-5

APN/PARCEL ID

23-27-35-000000-012030

ASK ABOUT THIS PROPERTY

Carter CollisonCollison CapitalMore Info
407-234-4111

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Carter CollisonCollison CapitalMore Info
407-234-4111

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.