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Asking Price
NOI Net Operating Income
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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

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Land Area

Property Description

JLL is pleased to exclusively offer the opportunity to acquire a single tenant property corporately leased to Red Robin (the “Property”) in Scarborough, ME, which is just 7 miles from downtown Portland; Maine’s economic capital, as it is home to Maine’s largest port and MSA, with over 515,000 residents. The tenant, who built the building in 2012 on a larger 2-acre parcel, has 6.5 years of term remaining on its original fifteen (15) year NNN ground lease, with attractive ten percent (10%) rental increases every five (5) years, inclusive of the three (3), five (5) year option periods. The next 10% rental increase is in 1.5 years. Red Robin is paying a below market rent, creating potential future flexibility and rental upside to the new owner. They have remained open during the pandemic, providing contactless pick-up for all of their locations. 


Red Robin is a part of the Scarborough Gallery, a 470,000 square foot Walmart Supercenter and Lowe’s Home Improvement anchored center. The center is home to other nationally known retailers such as; Marshalls, HomeGoods, PetSmart, Bob’s Discount Furniture, Mattress Firm, Texas Roadhouse, KFC and Taco Bell among others. Red Robin can easily be seen at the toll as travelers exit I-95 and enter onto I-295, giving the restaurant tremendous visibility to over 27,000 vehicles per day.


Red Robin Gourmet Burgers Inc. was founded in 1969 and now operates through its wholly owned subsidiary, Red Robin International, Inc., and under the trade name, Red Robin Gourmet Burgers and Brews, is the Gourmet Burger Authority. The company has made their name by serving more than two dozen delicious, high-quality burgers alongside of their renowned Bottomless Steak Fries in a fun, entertaining environment that caters to all ages. Today, there are more than 560 Red Robin restaurants across the United States and Canada, including those operating under franchise agreements.


Investment Highlights

  • Red Robin is a part of the Scarborough Gallery, a Walmart Supercenter and Lowe’s Home Improvement anchored center. The center is home to other nationally known retailers such as; Marshalls, HomeGoods, PetSmart, Bob’s Discount Furniture, Mattress Firm, Texas Roadhouse, KFC and Taco Bell among others. 
  • Red Robin can easily be seen at the toll as travelers exit I-95 and enter onto I-295, giving the restaurant tremendous visibility to over 27,000 vehicles per day. 
  • Red Robin is operating on an original fifteen (15) year NNN ground lease, with attractive ten percent (10%) rental increases every five (5) years, inclusive of the option periods. The next 10% rental increase is in 1.5 years. Red Robin is paying a below market rent, creating potential future flexibility and rental upside to the new owner.
  • Red Robin Gourmet Burgers Inc. is a publicly traded company (NASDAQ: RRGB), which operates through its wholly-owned subsidiary, Red Robin International, Inc., with more than 560 Red Robin restaurants across the United States and Canada. 
  • Scarborough is just seven (7) miles south of downtown Portland. The city of Portland is Maine’s economic capital, as it is home to Maine’s largest port and MSA, with over 515,000 residents.


Last Updated Date: 22 Sep 2020
Bill Moylan
Bill Moylan
Managing Director, Capital Markets
License details
DC-AB98377977 VA-AB98377977
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218

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Last Updated Date: 22 Sep 2020

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