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Corporate Guaranteed NNN Lease
OFFERING MEMORANDUM
PORT RICHEYFLORIDA
CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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Investment Summary .........................................1
Investment Highlights.........................................2
Location Overview ..............................................5
Location Map .....................................................6
Aerial Map .........................................................7
Tenant Summary ................................................8
Site Plan ..........................................................13
Location Highlights ...........................................15
Demographics ..................................................16
TABLE OF CONTENTS
Port Richey
O V E R V I E W
Price $3,167,409
Gross Leasable Area (GLA) 8,125 SF
Lot Size (approx) 1.84 Acres
Net Operating Income $193,212
CAP Rate 6.10%
Year Built 1994 / 2010
A N N U A L I Z E D O P E R AT I N G D ATA
Lease Term Annual Rent
Years 2014-21 $193,212
Year 2021 $197,076
Year 2022 $201,018
Year 2023 $205,038
Year 2024 $209,138
Year 2025 $213,321
Year 2026 $217,587
Year 2027 $221,939
Year 2028 $226,378
Year 2029 $230,906
Year 2030 $235,524
Year 2031 $240,234
Year 2032 $245,039
Year 2033 $249,940
Year 2034 $254,938
8909 US HIGHWAY 19, PORT RICHEY, FLORIDA 34668
PRICE: $3,167,409 CAP: 6.10% RENT: $193,212
INVESTMENT SUMMARY
L E A S E A B S T R A C T
Lease Type NNN
Original Lease Term 20 Years
Lease Term Commenced 12/26/2014
Lease Expiration 12/31/2034
Remaining Lease Term 15.7 Years
Renewal Options 4x5
Increases 2% annual escalations starting at year 7
Landlord Obligation None At All
1
INVESTMENT HIGHLIGHTS t Long term corporate guaranteed true NNN lease
t No landlord responsibilities
t 2% annual rent bumps to commence in less than 24 months hedges against inflation
t Tenant is owned by Private Equity Firm Golden Gate Capital with over $14(bil) in asset management
t Location was renovated in 2010, showing Tenant’s commitment to the location
125,408TOTAL POPULATION WITHIN 5-MILE RADIUS
$49,373AVERAGE HOUSEHOLD INCOME WITHIN 5-MILE RADIUS
60,770 VPD - US HWY 19
25,472 VPD - RIDGE RD
2
INVESTMENT HIGHLIGHTSMarcus & Millichap is pleased to present the exclusive listing for Red Lobster located at 8909 U.S. Highway 19, in Port Richey, Florida. The offering is for the Fee Simple interest of a fully occupied 8,125± square foot building, situated on approximately 1.84 acres of land.
The occupying tenant, Red Lobster, is subject to a triple-net lease with an initial term of 20 years, with 15.7 years remaining on the base term, followed by four 5-year options thereafter. The current annual rent of $193,212, increasing at a rate of 2 percent annually beginning on year seven (within the next 24 months). The annual rent increases will continue into the additional four 5-year renewal options.
Red Lobster has become the largest seafood restaurant concept in the world; an iconic full-service brand through it’s a substantial marketing efforts and continued appeal to all demographics. The brand is led by a strong managerial team, with an average of over 27 years experience to lead the brand towards it’s success. The company generates $2.5 billion in revenue and is the 5th largest causal dining concept in North America. Since 2014, the Red Lobster brand has been owned by Golden Gate Capital.
NNNNo landlord obligations 2% annual rent escalations
hedges against inflation
Strong population density, and growth in the immediate area
Located in the heart of the area’s destination retail
3
4
PORT RICHEY, FLORIDAPort Richey is a suburban city in Pasco County, FL. It is located in close proximity to the cities of Tampa, Clearwater, and St. Petersburg. The US-19 highway runs throughout Port Richey, directly connecting the city to Clearwater and St. Petersburg along the coast of Florida. Pasco County was named one of the top 40 fastest growing counties in the U.S., making Port Richey the perfect place to grow any business.
Port Richey was once a wilderness with very few houses, all surrounded by nature. The city has grown exponentially since then yet continues to embrace its remaining parks and nature reserves. The Werner-Boyce Salt Springs State Park is among the most popular state parks in the region. This beautiful park is a little over 10 minutes away from Port Richey, along the Gulf of Mexico on the Atlantic coastal plain. It has beautiful crystal-clear water and is great for swimming. Visitors can even kayak out to the gulf then back to the salt springs. The Port Richey Waterfront Park is another favorite. It is a waterside park which offers different picnic areas, fishing spots, a playground, and a kayak launch the entire family can enjoy.
Port Richey is 24 miles away from Clearwater, FL. This gorgeous city has earned its name by having numerous gulf coast beaches with clear water and sunny weather. Clearwater Beach draws visitors year-round with jet-skiing, parasailing, and paddle boarding attractions through its peaceful waters. Another popular destination, Honeymoon Island State Park, located on Honeymoon Island, is a must-see when visiting this region. Its white sand and glistening water take all its visitors to paradise.
Port Richey is also 28.5 miles away from the St. Pete-Clearwater International Airport (PIE). PIE has served over 1.5 million passengers and handled 24 million tons of cargo, military, and general aviation operations in one year alone. PIE accommodates to virtually any size aircraft, making the area a great location to grow any business.
According to the Pasco Economic Development Council, Pasco County is outpacing the rest of Florida in terms of new employers and employment
opportunities. Small businesses and entrepreneurial growth are strong throughout the county, creating an excellent quality of life. Port Richey is a charming city conveniently located near some of Florida’s largest and most prominent cities, creating a peaceful, yet exciting environment.
PASCO COUNTYPasco County was founded in 1887 from the southern part of Hernando County. During the Florida land boom of the 1920s, New Port Richey became the winter home of silent screen star Thomas Meighan and golfer Gene Sarazen; Meighan attempted to bring other Hollywood figures to the city. The county has experienced significant population growth since the 1960s. The growth began along the Gulf coast but is now occurring most rapidly in areas north of Tampa.
Located on the Gulf of Mexico in the Tampa Bay area, Pasco is part of a nine-county region referred to as the “Nature Coast.” Pasco County has a total of 742 square miles with more than 100 square miles of managed recreational facilities, including parks, four artificial reefs (one made up of surplus military tanks), more than 25 golf courses, and three State-designated canoe trails. The possibilities to enjoy the outdoors and nature are unlimited.
TAMPA-ST. PETERSBURG-CLEARWATER METRO: Pasco County is a pary of a 4-county metropolitan area, including: Hillsborough, Pasco, Hernando, and Pinellas Counties.
STUDENT ENROLLMENT GROWTH: Since 2000, the student enrollment in Pasco County has in-creased by over 40% - at a rate of 5.49% from prior year. There are currently 94 education facilities ranging from Elementary - Universities.
COUNTY HISTORY: Pasco County was created in June 1887, and named after US Senator Samuel Pasco. Since 1960, the county has experienced significant growth - this began along the coast, but is now occurring more rapidly in areas north of Tampa.
LOCATION OVERVIEW
5
J A C K S O N
C A L H O U N
F R A N K L I N
G A D S D E N
G U L F
L E O N
W A K U L L A
A L A C H U A
B A K E R
B A Y
B R A D F O R D
B R E V A R D
B R O W A R D
C H A R L O T T E
C I T R U S
C L A Y
C O L L I E R
C O L U M B I A
D A D E
D E S O T O
D I X I E
D U V A L
E S C A M B I A
F L A G L E R
G I L C H R I S T
G L A D E S
H A M I L T O N
H A R D E E
H E N D R Y
H E R N A N D O
H I G H L A N D S
H I L L S B O R O U G H
H O L M E S
I N D I A N R I V E R
J E F F E R S O N
L A F A Y E T T E
L A K E
L E E
L E V Y
M A D I S O N
M A N A T E E
M A R I O N
M A R T I N
M O N R O E
O K A L O O S A
O K E E C H O B E E
P A L M B E A C H
P A S C O
P I N E L L A S
P O L K
P U T N A M
S T . J O H N S
S T . L U C I E
S A N T A R O S A
S A R A S O T A
S E M I N O L E
S U M T E R
S U W A N N E E
T A Y L O RU N I O N
V O L U S I A
W A L T O N
W A S H I N G T O N
L I B E R T Y
O R A N G E
O S C E O L A
N A S S A UAlford
Altha
Anna Maria
Archer
Asbury Lake
Astatula
Atlantis
Bagdad
Baldwin
Bascom
Bay Lake
Bell
Belle Glade Camp
Belleair BeachBelleair Shore
Belleview
Beverly Beach
Bradenton Beach
Bradley Junction
Branford
Briny Breezes
Bristol
Bronson
Brooker
Brookridge
Bunnell
Bushnell
Callahan
Campbellton
Carrabelle
Caryville
Cedar Grove
Cedar Key
Center Hill
Charlotte Park
Chiefland
Chuluota
Citrus Springs
Cloud Lake
Coleman
Cottondale
Crawfordville
Crescent City
Cypress Quarters
Davenport
Daytona Beach Shores
De Land Southwest
De Leon Springs
Desoto Lakes
Dunnellon
East Palatka
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Eastpoint
Eaton Park
Ebro
Edgewood
Ellenton
Eloise
Esto
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Fanning Springs
Fellsmere
Five Points
Floral City
Fort White
Freeport
Geneva
Glen Ridge
Glen St. Mary
Glencoe
Golf
Golfview
Grand Ridge
Greensboro
Greenville
Greenwood
Gretna
Grove City
Groveland
Gulf Stream
Hacienda Village
Hampton
Hastings
Haverhill
Hawthorne
Hawthorne
Henderson Creek
Hernando
High Point
Highland City
Highland Park
Hillcrest Heights
Hilliard
Hiway Park
Homosassa
Horseshoe Beach
Howey-In-The-Hills
Hypoluxo
Indian River Shores
Indian Shores
Inglis
Interlachen
Islamorada
Islandia
Jay
Jennings
Juno Beach
Jupiter Inlet Colony
Jupiter Island
Kathleen
Key Colony Beach
Keystone Heights
La Crosse
Lacoochee
Lady Lake
Lake Buena Vista
Lake Butler
Lake Hamilton
Lake Placid
Lake Shipp Heights
Laurel Hill
Lawtey
Layton
Lee
Lely
Malabar
Malone
Manalapan
Manasota Key
Mangonia Park
Marineland
Mascotte
Mayo
McIntosh
Melbourne Village
Mexico Beach
Micanopy
Minneola
Molino
Montverde
Moore Haven
Mountain Park
Newberry
Noma
North Brooksville
North De Land
North Redington Beach
North Winter Haven
Oak Hill
Oakland
Ocean Breeze Park
Ocean Ridge
OkaloosaIsland
Osprey
Otter Creek
Painters Hill
Palm Beach Shores
Palm Shores
Parkland
Patrick AFB North
Patrick AFB South
Paxton
Penney Farms
Pennsuco
Pierson
Pine Shores
Pinecraft
Point O Rocks
Polk City
Pomona Park
Ponce De Leon
Ponce Inlet
Port St. John
Raiford
Reddick
Redington Beach
Ridge Manor
Rio
Roseland
Rotonda
Samsula-Spruce Creek
San Antonio
Sewalls Point
Shalimar
Silver Springs
Sneads
Solana
Sopchoppy
South Brooksville
South Palm Beach
South Weeki Wachee
Southport
St. Augustine Beach
St. James City
St. Leo
St. Lucie
St. Marks
Sylvan Shores
Sylvan Shores
Tavernier
Trenton
Tri Par Estates
Umatilla
Venice East
Vernon
WaldoWard Ridge
Wausau
Waverly
Webster
Weeki Wachee
Weeki Wachee Acres
Welaka
Westville
Wewahitchka
White Springs
Wimauma
Windermere
Woodville
Worthington Springs
Yankeetown
Zellwood
Zephyrhills North
Zephyrhills South
Zolfo Springs
Apopka
Arcadia
Atlantic Beach
Auburndale
Avon Park
Bay Pines
Beacon Square
Beverly Hills
Bonita Springs
Broadview Park
Broadview-Pompano Park
Brooksville
Callaway
Cape Canaveral
Chattahoochee
Clermont
Clewiston
Cocoa West
Collier City
Collier Manor-Cresthaven
Combee Settlement
Crestview
Cypress Lake
De Funiak Springs
Del Rio
East Lake-Orient Park
Edgewater
Eglin AFB
Eustis
Fern Park
Fernandina Beach
Florida City
Fort Meade
Fort Myers Beach
Fort Pierce Northwest
Gibsonia
Gifford
Gonzalez
Goulding
Goulds
Greenacres City
Gulf Breeze
Gulf Gate Estates
Hobe Sound
Holly Hill
Homestead AFB
Hudson
Indian Harbour Beach
Jensen Beach
Jupiter
Kendall Green
Key Largo
Killearn
Kings Point
Lake City
Lake Lorraine
Lake Park
Lake Wales
Lantana
Laurel
Lehigh Acres
Leto
Live Oak
Lutz
Lynn Haven
Maitland
Mango-Seffner
Marathon
Marianna
Memphis
Milton
Mims
Mount Dora
Naples Park
Neptune Beach
New Port Richey East
Niceville
North Naples
North Port
Ocoee
Oneco
Opa-Locka North
Orange Park
Orlovista
Ormond-By-The-Sea
Pace
Pahokee
Palm Beach
Palm Harbor
Palm Springs
Palm Springs North
Palmetto
Perry
Punta Gorda
Quincy
Richmond Heights
Riverland
Ruskin
Safety Harbor
Samoset
Sandalfoot Cove
Satellite Beach
Sebring
Siesta Key
Sky Lake
South Patrick Shores
South Venice
Southgate
Spring Hill
Springfield
St. Cloud
St. Petersburg Beach
Starke
Stuart
Sun City Center
Tanglewood
Tice
Treasure Island
Valparaiso
Venice Gardens
Villas
West MelbourneWinston
Winter Garden
Zephyrhills
Alachua
Apalachicola
Apollo Beach
Bassville Park
Bee Ridge
Belle Isle
BelleairBelleair Bluffs
Big Pine Key
Bithlo
Blountstown
Bonifay
Bonita Shores
Bowling Green
Campbell
Charlotte Harbor
Chipley
Cleveland
Coral Cove
Cortez
Cross City
Crystal River
Dade CityDade City North
De Bary
Destin
Dover Dundee
East Auburndale
Eatonville
Flagler Beach
Florida Ridge
Fort Myers Shores
Fort Pierce South
Franklin Park
Frostproof
Fruit Cove-Switzerland
Fruitland Park
Golden Gate
Gordonville
Graceville
Green Cove Springs
Harlem
Havana
Hialeah Gardens
High Springs
Highland Beach
Hiland Park
Holmes Beach
Indialantic
Indian Rocks Beach
Indiantown
Inverness
Jan Phyl Village
Jasper
June Park
Kenneth City
Kensington Park
La Belle
Lake Alfred
Lake Clarke Shores
Lake Helen
Lake MaryLake Panasoffkee
Lakewood Park
Land O Lakes
Longboat Key
Macclenny
Madeira Beach
Madison
Marco
Mary Esther
Medulla
Melbourne Beach
Micco
Monticello
Mulberry
Naples Manor
Nassau Village-Ratliff
Nokomis
North River Shores
North Sarasota
Oakland Park
Okeechobee
Oldsmar
Orange City
Palm City
Palm Coast
Panama City Beach
Parker
Plantation
Port Richey
Port Salerno
Port St. Joe
Pretty Bayou
Redington Shores
Royal Palm Beach
San Carlos ParkSanibel
Sebastian
Seminole
Sharpes
Silver Springs Shores
South Bay
South Gate Ridge
South Pasadena
South Sarasota
St. Augustine Shores
St. Augustine South
Stock Island
Suncoast Estates
Surfside
Tavares
Taylor Creek
Tequesta
Trailer Estates
Tyndall AFB
Upper Grand Lagoon
Vamo
Virginia Gardens
Wabasso
Wahneta
Watertown
Wauchula
Wellington
West Bradenton
West De Land
West Eau Gallie
White CityWhitfield Estates
Wildwood
Williston
Willow Oak
Yulee
Zephyrhills West
Boca Raton
Boynton Beach
Bradenton
Brandon
Cape Coral
Carol City
Coral Springs
Deerfield Beach
Delray Beach
Dunedin
Fort Myers
Fort Pierce
Hallandale
Kendale Lakes
Lake Worth
Lakeland
Lauderdale LakesLauderhill
Margate
Melbourne
Merritt Island
Miramar
North Miami
North Miami Beach
Ocala
Panama City
Pembroke Pines
Pine Hills
Pinellas Park
Plantation
Port Charlotte
Riviera Beach
Sarasota
SunriseTamarac
Titusville
Town N Country
West Little River
Westchester
Altamonte Springs
Bartow
Bayonet Point
Bayshore Gardens
Bellair
Belle Glade
BellviewBrent
Casselberry
Century Village
Cocoa
Cocoa Beach
Conway
Cooper City
Cutler Ridge
DaniaDavie
De Land
Deltona
East Naples
Egypt Lake
Elfers
Englewood
Ensley
Fairview Shores
Ferry Pass
Fort Walton Beach
Gladeview
Golden Glades
Goldenrod
Gulfport
Haines City
Holden Heights
Holiday
Homestead
Immokalee
Jacksonville Beach
Jasmine Estates
Key West
Kissimmee
Lake CarrollLake Magdalene
Lakeland Highlands
Lakeside
Lealman
Leesburg
Leisure City
Lighthouse Point
Lindgren Acres
Lockhart
Longwood
Myrtle Grove
Naples
Naranja
New Port Richey
New Smyrna Beach
Norland
North Fort Myers
North Lauderdale
North Palm Beach
Oak Ridge
Oakland Park
Ormond Beach
Palatka
Palm Bay
Palm Beach Gardens
Palm River
Palmetto EstatesPerrine
Pinewood
Plant City
Port Orange
Port St. Lucie
Rockledge
Sanford
Sarasota Springs
South Bradenton
South Daytona
South Miami
South Miami Heights
St. Augustine
Tamiami
Tarpon Springs
Temple TerraceUniversity
Venice
Vero Beach
Vero Beach South
Warrington
Wekiva Springs
West Pensacola
Westwood Lakes
Winter Haven
Winter Park
Winter Springs
Wright
Fort Lauderdale
Hialeah
Hollywood
Orlando
Clearwater
Daytona Beach
Gainesville
Kendall
Largo
Miami Beach
Pensacola
Pompano Beach
West Palm Beach
Jacksonville
Miami
St. Petersburg
Tampa
Tallahassee
100
100
100
11
11
115
12
12
121
121
121
121
13
145
183
19
19
19
19
197
2
22
20
20
20
20
20
20
20
20
200200
200
21
21
24
24
24
24
247
2626
267
267
285
29
29
31
31
33
349
37
37
375
39
4
40
4040
44
44
44 44
46
46
47
47
50
51
51
52
520
5359
59
6060
60
60
60
6262
64
64
64
65
65
66
674
69
69
70
70
70
70709
71
71
71
715
72
76
77
77
77578
78
78
79
79
79
80
80
81
81
82
85
85
867
867
87
87
884
91
91
91
91
91
91
91
91
91
9336
97
A1A
A1A
A1A
A1A
A1A
A1A
A1A
880
1
1
1
1
1
1
1
1
1
1
1
1
1
1
129
129
129
17
17
17
17
17
17
17
17
17
19
19
19
19
19
19
19
19
192
19219A
221
221
231
231
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27A
27A
27A
27A
301
301
301
301
301
301
301
319
319
331
331
331
41
41
41
41
41
41
41
41
41
41
41
41
441
441
441
441
441
441
441
441
90
90
90
90
90
9090
90
90
90
90
90
92
92
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
10
10
10
10
10
10
10
10
275
4
4
4
4
75
75
75
75
75
75
75
75
75
75
7595
95
95
95
95
95
95
95
95
95
95
Century
6
Gulf View Square Mall
McDonald’s
BURGER KING
Walgreens
US HW
Y 19 -
60,77
0 VPD
RIDGE RD - 25,472 VPD
7
8
ORLANDO, FLHEADQUARTERS
PARENT CO OWNERSHIP
LOCATIONSEMPLOYEES
PRIVATE
705(2013)10,000+
GOLDEN GATE CAPITAL
REVENUE
$2.5BFOUNDED
1968
RED LOBSTERRED LOBSTERRed Lobster is the world’s largest seafood casual dining restaurant in the country. They serve patrons in 11 countries. Red Lobster is the largest seafood restaurant concept in the world and is an iconic full-service brand with broad demographic appeal and significant advertising budget. Red Lobster is led by an experienced management team with a history of success leading the brand (average 27+ years’ experience across executive team). The company generates $2.5 billion in revenue and is the 5th largest casual dining concept in North America. Red Lobster was recently acquired by Golden Gate Capital.
The company has operations in Canada, Malaysia, Saudi Arabia, the United Arab Emirates, Qatar, Mexico, and Japan, in addition to the United States. As of February 24, 2013, the company had 705 locations worldwide. Golden Gate Capital has been Red Lobster’s parent company since it was acquired from Darden Restaurants on July 28, 2014. On August 6, 2014, Red Lobster announced their new headquarters location in CNL Center City Commons in Orlando. On March 6, 2015, Red Lobster officially opened the Restaurant Support Center. Red Lobster is an independently owned company, completely separate from Darden restaurants. It is well capitalized with more than $200(mil) in liquidity.
Golden Gate capital has a long, successful track record and significant experience with multi-unit restaurant and retail businesses.
TENANT SUMMARY
EMPLOYEES
WWW.REDLOBSTER.COM
SAN FRANCISCO, CAHEADQUARTERS
INDUSTRY OWNERSHIP
EMPLOYEES
PRIVATE
WWW.GOLDENGATECAP.COM
PRIVATE EQUITY
ASSETS UNDER MANAGEMENT
$14BFOUNDED
2000
GOLDEN GATE CAPITALGOLDEN GATE CAPITALGolden Gate Capital (GGC) is an American private equity firm, based in San Francisco. As of March 2017, GGC has over $14 billion in Assets Under Management (AUM). The firm was founded in 2000, with a combination of professionals from Bain Capital and its affiliate, Bain & Company. The investment approach has been to acquire established brands, through a management team, seeking an opportunity to increase revenues. Golden Gate’s investment fund is structured as an evergreen fund with no finite life, meaning Golden Gate does not have to sell all investments within five to 10 years in order to raise another fund and can instead fundraise as deals are made.
TENANT SUMMARY
9
TENANT SUMMARYRED LOBSTER TIMELINE
10
TENANT SUMMARYSTRONG MARKET POSITION
t Red Lobster is the largest seafood restaurant concept in the world and the 6th largest casual dining concept in the United States with over $2.5 billion in annual sales and 704 restaurants.
t The Company is the category killer in the seafood casual dining space, holding almost 50% market share.
t Largest share of any restaurant concept in any segment.
t 6th largest overall casual dining concept in the US.
SIGNIFICANT SCALE WITH BROAD GEOGRAPHIC REACH
6TH LARGEST CASUAL DINING CONCEPT IN THE US
~50% SHARE IN SEAFOOD CASUAL DINING
TENANT SUMMARY
11
TENANT SUMMARYICONIC BRAND WITH UNPARALLELED
CUSTOMER LOYALTY
t Red Lobster has strong consumer appeal and broad usage across multiple dining out occasions, including high-crave, healthier “good for you” and special meal occasions.
t The brand has a strong foundation of loyal guests, who visit 1-2 times per month and account for more than 50% of sales.
t Red Lobster is the clear leader in casual dining seafood, and the most indispensable brand among major casual dining concepts, further indicating strong consumer loyalty.
HEALTHY AND RECENTLY REMODELED RESTAURANT BASE
INDISPENSABILITY VS. PEERS NEW BAR HARBOR FORMAT
t Over $320 million invested in remodels covering >90% of restaurants over the past 8 years.
t $1.4 billion in overall capital expenditure investment over the past 10 years.
t New Bar Harbor format has strong appeal across customer base.
t 100% of restaurants are cash flow positive.
Indispensability (How difficult it would be for me to ‘give up’ ever going there again ) - % very difficult (10 out of 10) shown
Before After
12
19
19
SITE PLAN
13
J A C K S O N
C A L H O U N
F R A N K L I N
G A D S D E N
G U L F
L E O N
W A K U L L A
A L A C H U A
B A K E R
B A Y
B R A D F O R D
B R E V A R D
B R O W A R D
C H A R L O T T E
C I T R U S
C L A Y
C O L L I E R
C O L U M B I A
D A D E
D E S O T O
D I X I E
D U V A L
E S C A M B I A
F L A G L E R
G I L C H R I S T
G L A D E S
H A M I L T O N
H A R D E E
H E N D R Y
H E R N A N D O
H I G H L A N D S
H I L L S B O R O U G H
H O L M E S
I N D I A N R I V E R
J E F F E R S O N
L A F A Y E T T E
L A K E
L E E
L E V Y
M A D I S O N
M A N A T E E
M A R I O N
M A R T I N
M O N R O E
O K A L O O S A
O K E E C H O B E E
P A L M B E A C H
P A S C O
P I N E L L A S
P O L K
P U T N A M
S T . J O H N S
S T . L U C I E
S A N T A R O S A
S A R A S O T A
S E M I N O L E
S U M T E R
S U W A N N E E
T A Y L O RU N I O N
V O L U S I A
W A L T O N
W A S H I N G T O N
L I B E R T Y
O R A N G E
O S C E O L A
N A S S A UAlford
Altha
Anna Maria
Archer
Asbury Lake
Astatula
Atlantis
Bagdad
Baldwin
Bascom
Bay Lake
Bell
Belle Glade Camp
Belleair BeachBelleair Shore
Belleview
Beverly Beach
Bradenton Beach
Bradley Junction
Branford
Briny Breezes
Bristol
Bronson
Brooker
Brookridge
Bunnell
Bushnell
Callahan
Campbellton
Carrabelle
Caryville
Cedar Grove
Cedar Key
Center Hill
Charlotte Park
Chiefland
Chuluota
Citrus Springs
Cloud Lake
Coleman
Cottondale
Crawfordville
Crescent City
Cypress Quarters
Davenport
Daytona Beach Shores
De Land Southwest
De Leon Springs
Desoto Lakes
Dunnellon
East Palatka
East Winter Haven
Eastpoint
Eaton Park
Ebro
Edgewood
Ellenton
Eloise
Esto
Everglades
Fanning Springs
Fellsmere
Five Points
Floral City
Fort White
Freeport
Geneva
Glen Ridge
Glen St. Mary
Glencoe
Golf
Golfview
Grand Ridge
Greensboro
Greenville
Greenwood
Gretna
Grove City
Groveland
Gulf Stream
Hacienda Village
Hampton
Hastings
Haverhill
Hawthorne
Hawthorne
Henderson Creek
Hernando
High Point
Highland City
Highland Park
Hillcrest Heights
Hilliard
Hiway Park
Homosassa
Horseshoe Beach
Howey-In-The-Hills
Hypoluxo
Indian River Shores
Indian Shores
Inglis
Interlachen
Islamorada
Islandia
Jay
Jennings
Juno Beach
Jupiter Inlet Colony
Jupiter Island
Kathleen
Key Colony Beach
Keystone Heights
La Crosse
Lacoochee
Lady Lake
Lake Buena Vista
Lake Butler
Lake Hamilton
Lake Placid
Lake Shipp Heights
Laurel Hill
Lawtey
Layton
Lee
Lely
Malabar
Malone
Manalapan
Manasota Key
Mangonia Park
Marineland
Mascotte
Mayo
McIntosh
Melbourne Village
Mexico Beach
Micanopy
Minneola
Molino
Montverde
Moore Haven
Mountain Park
Newberry
Noma
North Brooksville
North De Land
North Redington Beach
North Winter Haven
Oak Hill
Oakland
Ocean Breeze Park
Ocean Ridge
OkaloosaIsland
Osprey
Otter Creek
Painters Hill
Palm Beach Shores
Palm Shores
Parkland
Patrick AFB North
Patrick AFB South
Paxton
Penney Farms
Pennsuco
Pierson
Pine Shores
Pinecraft
Point O Rocks
Polk City
Pomona Park
Ponce De Leon
Ponce Inlet
Port St. John
Raiford
Reddick
Redington Beach
Ridge Manor
Rio
Roseland
Rotonda
Samsula-Spruce Creek
San Antonio
Sewalls Point
Shalimar
Silver Springs
Sneads
Solana
Sopchoppy
South Brooksville
South Palm Beach
South Weeki Wachee
Southport
St. Augustine Beach
St. James City
St. Leo
St. Lucie
St. Marks
Sylvan Shores
Sylvan Shores
Tavernier
Trenton
Tri Par Estates
Umatilla
Venice East
Vernon
WaldoWard Ridge
Wausau
Waverly
Webster
Weeki Wachee
Weeki Wachee Acres
Welaka
Westville
Wewahitchka
White Springs
Wimauma
Windermere
Woodville
Worthington Springs
Yankeetown
Zellwood
Zephyrhills North
Zephyrhills South
Zolfo Springs
Apopka
Arcadia
Atlantic Beach
Auburndale
Avon Park
Bay Pines
Beacon Square
Beverly Hills
Bonita Springs
Broadview Park
Broadview-Pompano Park
Brooksville
Callaway
Cape Canaveral
Chattahoochee
Clermont
Clewiston
Cocoa West
Collier City
Collier Manor-Cresthaven
Combee Settlement
Crestview
Cypress Lake
De Funiak Springs
Del Rio
East Lake-Orient Park
Edgewater
Eglin AFB
Eustis
Fern Park
Fernandina Beach
Florida City
Fort Meade
Fort Myers Beach
Fort Pierce Northwest
Gibsonia
Gifford
Gonzalez
Goulding
Goulds
Greenacres City
Gulf Breeze
Gulf Gate Estates
Hobe Sound
Holly Hill
Homestead AFB
Hudson
Indian Harbour Beach
Jensen Beach
Jupiter
Kendall Green
Key Largo
Killearn
Kings Point
Lake City
Lake Lorraine
Lake Park
Lake Wales
Lantana
Laurel
Lehigh Acres
Leto
Live Oak
Lutz
Lynn Haven
Maitland
Mango-Seffner
Marathon
Marianna
Memphis
Milton
Mims
Mount Dora
Naples Park
Neptune Beach
New Port Richey East
Niceville
North Naples
North Port
Ocoee
Oneco
Opa-Locka North
Orange Park
Orlovista
Ormond-By-The-Sea
Pace
Pahokee
Palm Beach
Palm Harbor
Palm Springs
Palm Springs North
Palmetto
Perry
Punta Gorda
Quincy
Richmond Heights
Riverland
Ruskin
Safety Harbor
Samoset
Sandalfoot Cove
Satellite Beach
Sebring
Siesta Key
Sky Lake
South Patrick Shores
South Venice
Southgate
Spring Hill
Springfield
St. Cloud
St. Petersburg Beach
Starke
Stuart
Sun City Center
Tanglewood
Tice
Treasure Island
Valparaiso
Venice Gardens
Villas
West MelbourneWinston
Winter Garden
Zephyrhills
Alachua
Apalachicola
Apollo Beach
Bassville Park
Bee Ridge
Belle Isle
BelleairBelleair Bluffs
Big Pine Key
Bithlo
Blountstown
Bonifay
Bonita Shores
Bowling Green
Campbell
Charlotte Harbor
Chipley
Cleveland
Coral Cove
Cortez
Cross City
Crystal River
Dade CityDade City North
De Bary
Destin
Dover Dundee
East Auburndale
Eatonville
Flagler Beach
Florida Ridge
Fort Myers Shores
Fort Pierce South
Franklin Park
Frostproof
Fruit Cove-Switzerland
Fruitland Park
Golden Gate
Gordonville
Graceville
Green Cove Springs
Harlem
Havana
Hialeah Gardens
High Springs
Highland Beach
Hiland Park
Holmes Beach
Indialantic
Indian Rocks Beach
Indiantown
Inverness
Jan Phyl Village
Jasper
June Park
Kenneth City
Kensington Park
La Belle
Lake Alfred
Lake Clarke Shores
Lake Helen
Lake MaryLake Panasoffkee
Lakewood Park
Land O Lakes
Longboat Key
Macclenny
Madeira Beach
Madison
Marco
Mary Esther
Medulla
Melbourne Beach
Micco
Monticello
Mulberry
Naples Manor
Nassau Village-Ratliff
Nokomis
North River Shores
North Sarasota
Oakland Park
Okeechobee
Oldsmar
Orange City
Palm City
Palm Coast
Panama City Beach
Parker
Plantation
Port Richey
Port Salerno
Port St. Joe
Pretty Bayou
Redington Shores
Royal Palm Beach
San Carlos ParkSanibel
Sebastian
Seminole
Sharpes
Silver Springs Shores
South Bay
South Gate Ridge
South Pasadena
South Sarasota
St. Augustine Shores
St. Augustine South
Stock Island
Suncoast Estates
Surfside
Tavares
Taylor Creek
Tequesta
Trailer Estates
Tyndall AFB
Upper Grand Lagoon
Vamo
Virginia Gardens
Wabasso
Wahneta
Watertown
Wauchula
Wellington
West Bradenton
West De Land
West Eau Gallie
White CityWhitfield Estates
Wildwood
Williston
Willow Oak
Yulee
Zephyrhills West
Boca Raton
Boynton Beach
Bradenton
Brandon
Cape Coral
Carol City
Coral Springs
Deerfield Beach
Delray Beach
Dunedin
Fort Myers
Fort Pierce
Hallandale
Kendale Lakes
Lake Worth
Lakeland
Lauderdale LakesLauderhill
Margate
Melbourne
Merritt Island
Miramar
North Miami
North Miami Beach
Ocala
Panama City
Pembroke Pines
Pine Hills
Pinellas Park
Plantation
Port Charlotte
Riviera Beach
Sarasota
SunriseTamarac
Titusville
Town N Country
West Little River
Westchester
Altamonte Springs
Bartow
Bayonet Point
Bayshore Gardens
Bellair
Belle Glade
BellviewBrent
Casselberry
Century Village
Cocoa
Cocoa Beach
Conway
Cooper City
Cutler Ridge
DaniaDavie
De Land
Deltona
East Naples
Egypt Lake
Elfers
Englewood
Ensley
Fairview Shores
Ferry Pass
Fort Walton Beach
Gladeview
Golden Glades
Goldenrod
Gulfport
Haines City
Holden Heights
Holiday
Homestead
Immokalee
Jacksonville Beach
Jasmine Estates
Key West
Kissimmee
Lake CarrollLake Magdalene
Lakeland Highlands
Lakeside
Lealman
Leesburg
Leisure City
Lighthouse Point
Lindgren Acres
Lockhart
Longwood
Myrtle Grove
Naples
Naranja
New Port Richey
New Smyrna Beach
Norland
North Fort Myers
North Lauderdale
North Palm Beach
Oak Ridge
Oakland Park
Ormond Beach
Palatka
Palm Bay
Palm Beach Gardens
Palm River
Palmetto EstatesPerrine
Pinewood
Plant City
Port Orange
Port St. Lucie
Rockledge
Sanford
Sarasota Springs
South Bradenton
South Daytona
South Miami
South Miami Heights
St. Augustine
Tamiami
Tarpon Springs
Temple TerraceUniversity
Venice
Vero Beach
Vero Beach South
Warrington
Wekiva Springs
West Pensacola
Westwood Lakes
Winter Haven
Winter Park
Winter Springs
Wright
Fort Lauderdale
Hialeah
Hollywood
Orlando
Clearwater
Daytona Beach
Gainesville
Kendall
Largo
Miami Beach
Pensacola
Pompano Beach
West Palm Beach
Jacksonville
Miami
St. Petersburg
Tampa
Tallahassee
100
100
100
11
11
115
12
12
121
121
121
121
13
145
183
19
19
19
19
197
2
22
20
20
20
20
20
20
20
20
200200
200
21
21
24
24
24
24
247
2626
267
267
285
29
29
31
31
33
349
37
37
375
39
4
40
4040
44
44
44 44
46
46
47
47
50
51
51
52
520
5359
59
6060
60
60
60
6262
64
64
64
65
65
66
674
69
69
70
70
70
70709
71
71
71
715
72
76
77
77
77578
78
78
79
79
79
80
80
81
81
82
85
85
867
867
87
87
884
91
91
91
91
91
91
91
91
91
9336
97
A1A
A1A
A1A
A1A
A1A
A1A
A1A
880
1
1
1
1
1
1
1
1
1
1
1
1
1
1
129
129
129
17
17
17
17
17
17
17
17
17
19
19
19
19
19
19
19
19
192
19219A
221
221
231
231
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27A
27A
27A
27A
301
301
301
301
301
301
301
319
319
331
331
331
41
41
41
41
41
41
41
41
41
41
41
41
441
441
441
441
441
441
441
441
90
90
90
90
90
9090
90
90
90
90
90
92
92
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
10
10
10
10
10
10
10
10
275
4
4
4
4
75
75
75
75
75
75
75
75
75
75
7595
95
95
95
95
95
95
95
95
95
95
Century
14
J A C K S O N
C A L H O U N
F R A N K L I N
G A D S D E N
G U L F
L E O N
W A K U L L A
A L A C H U A
B A K E R
B A Y
B R A D F O R D
B R E V A R D
B R O W A R D
C H A R L O T T E
C I T R U S
C L A Y
C O L L I E R
C O L U M B I A
D A D E
D E S O T O
D I X I E
D U V A L
E S C A M B I A
F L A G L E R
G I L C H R I S T
G L A D E S
H A M I L T O N
H A R D E E
H E N D R Y
H E R N A N D O
H I G H L A N D S
H I L L S B O R O U G H
H O L M E S
I N D I A N R I V E R
J E F F E R S O N
L A F A Y E T T E
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L E E
L E V Y
M A D I S O N
M A N A T E E
M A R I O N
M A R T I N
M O N R O E
O K A L O O S A
O K E E C H O B E E
P A L M B E A C H
P A S C O
P I N E L L A S
P O L K
P U T N A M
S T . J O H N S
S T . L U C I E
S A N T A R O S A
S A R A S O T A
S E M I N O L E
S U M T E R
S U W A N N E E
T A Y L O RU N I O N
V O L U S I A
W A L T O N
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L I B E R T Y
O R A N G E
O S C E O L A
N A S S A UAlford
Altha
Anna Maria
Archer
Asbury Lake
Astatula
Atlantis
Bagdad
Baldwin
Bascom
Bay Lake
Bell
Belle Glade Camp
Belleair BeachBelleair Shore
Belleview
Beverly Beach
Bradenton Beach
Bradley Junction
Branford
Briny Breezes
Bristol
Bronson
Brooker
Brookridge
Bunnell
Bushnell
Callahan
Campbellton
Carrabelle
Caryville
Cedar Grove
Cedar Key
Center Hill
Charlotte Park
Chiefland
Chuluota
Citrus Springs
Cloud Lake
Coleman
Cottondale
Crawfordville
Crescent City
Cypress Quarters
Davenport
Daytona Beach Shores
De Land Southwest
De Leon Springs
Desoto Lakes
Dunnellon
East Palatka
East Winter Haven
Eastpoint
Eaton Park
Ebro
Edgewood
Ellenton
Eloise
Esto
Everglades
Fanning Springs
Fellsmere
Five Points
Floral City
Fort White
Freeport
Geneva
Glen Ridge
Glen St. Mary
Glencoe
Golf
Golfview
Grand Ridge
Greensboro
Greenville
Greenwood
Gretna
Grove City
Groveland
Gulf Stream
Hacienda Village
Hampton
Hastings
Haverhill
Hawthorne
Hawthorne
Henderson Creek
Hernando
High Point
Highland City
Highland Park
Hillcrest Heights
Hilliard
Hiway Park
Homosassa
Horseshoe Beach
Howey-In-The-Hills
Hypoluxo
Indian River Shores
Indian Shores
Inglis
Interlachen
Islamorada
Islandia
Jay
Jennings
Juno Beach
Jupiter Inlet Colony
Jupiter Island
Kathleen
Key Colony Beach
Keystone Heights
La Crosse
Lacoochee
Lady Lake
Lake Buena Vista
Lake Butler
Lake Hamilton
Lake Placid
Lake Shipp Heights
Laurel Hill
Lawtey
Layton
Lee
Lely
Malabar
Malone
Manalapan
Manasota Key
Mangonia Park
Marineland
Mascotte
Mayo
McIntosh
Melbourne Village
Mexico Beach
Micanopy
Minneola
Molino
Montverde
Moore Haven
Mountain Park
Newberry
Noma
North Brooksville
North De Land
North Redington Beach
North Winter Haven
Oak Hill
Oakland
Ocean Breeze Park
Ocean Ridge
OkaloosaIsland
Osprey
Otter Creek
Painters Hill
Palm Beach Shores
Palm Shores
Parkland
Patrick AFB North
Patrick AFB South
Paxton
Penney Farms
Pennsuco
Pierson
Pine Shores
Pinecraft
Point O Rocks
Polk City
Pomona Park
Ponce De Leon
Ponce Inlet
Port St. John
Raiford
Reddick
Redington Beach
Ridge Manor
Rio
Roseland
Rotonda
Samsula-Spruce Creek
San Antonio
Sewalls Point
Shalimar
Silver Springs
Sneads
Solana
Sopchoppy
South Brooksville
South Palm Beach
South Weeki Wachee
Southport
St. Augustine Beach
St. James City
St. Leo
St. Lucie
St. Marks
Sylvan Shores
Sylvan Shores
Tavernier
Trenton
Tri Par Estates
Umatilla
Venice East
Vernon
WaldoWard Ridge
Wausau
Waverly
Webster
Weeki Wachee
Weeki Wachee Acres
Welaka
Westville
Wewahitchka
White Springs
Wimauma
Windermere
Woodville
Worthington Springs
Yankeetown
Zellwood
Zephyrhills North
Zephyrhills South
Zolfo Springs
Apopka
Arcadia
Atlantic Beach
Auburndale
Avon Park
Bay Pines
Beacon Square
Beverly Hills
Bonita Springs
Broadview Park
Broadview-Pompano Park
Brooksville
Callaway
Cape Canaveral
Chattahoochee
Clermont
Clewiston
Cocoa West
Collier City
Collier Manor-Cresthaven
Combee Settlement
Crestview
Cypress Lake
De Funiak Springs
Del Rio
East Lake-Orient Park
Edgewater
Eglin AFB
Eustis
Fern Park
Fernandina Beach
Florida City
Fort Meade
Fort Myers Beach
Fort Pierce Northwest
Gibsonia
Gifford
Gonzalez
Goulding
Goulds
Greenacres City
Gulf Breeze
Gulf Gate Estates
Hobe Sound
Holly Hill
Homestead AFB
Hudson
Indian Harbour Beach
Jensen Beach
Jupiter
Kendall Green
Key Largo
Killearn
Kings Point
Lake City
Lake Lorraine
Lake Park
Lake Wales
Lantana
Laurel
Lehigh Acres
Leto
Live Oak
Lutz
Lynn Haven
Maitland
Mango-Seffner
Marathon
Marianna
Memphis
Milton
Mims
Mount Dora
Naples Park
Neptune Beach
New Port Richey East
Niceville
North Naples
North Port
Ocoee
Oneco
Opa-Locka North
Orange Park
Orlovista
Ormond-By-The-Sea
Pace
Pahokee
Palm Beach
Palm Harbor
Palm Springs
Palm Springs North
Palmetto
Perry
Punta Gorda
Quincy
Richmond Heights
Riverland
Ruskin
Safety Harbor
Samoset
Sandalfoot Cove
Satellite Beach
Sebring
Siesta Key
Sky Lake
South Patrick Shores
South Venice
Southgate
Spring Hill
Springfield
St. Cloud
St. Petersburg Beach
Starke
Stuart
Sun City Center
Tanglewood
Tice
Treasure Island
Valparaiso
Venice Gardens
Villas
West MelbourneWinston
Winter Garden
Zephyrhills
Alachua
Apalachicola
Apollo Beach
Bassville Park
Bee Ridge
Belle Isle
BelleairBelleair Bluffs
Big Pine Key
Bithlo
Blountstown
Bonifay
Bonita Shores
Bowling Green
Campbell
Charlotte Harbor
Chipley
Cleveland
Coral Cove
Cortez
Cross City
Crystal River
Dade CityDade City North
De Bary
Destin
Dover Dundee
East Auburndale
Eatonville
Flagler Beach
Florida Ridge
Fort Myers Shores
Fort Pierce South
Franklin Park
Frostproof
Fruit Cove-Switzerland
Fruitland Park
Golden Gate
Gordonville
Graceville
Green Cove Springs
Harlem
Havana
Hialeah Gardens
High Springs
Highland Beach
Hiland Park
Holmes Beach
Indialantic
Indian Rocks Beach
Indiantown
Inverness
Jan Phyl Village
Jasper
June Park
Kenneth City
Kensington Park
La Belle
Lake Alfred
Lake Clarke Shores
Lake Helen
Lake MaryLake Panasoffkee
Lakewood Park
Land O Lakes
Longboat Key
Macclenny
Madeira Beach
Madison
Marco
Mary Esther
Medulla
Melbourne Beach
Micco
Monticello
Mulberry
Naples Manor
Nassau Village-Ratliff
Nokomis
North River Shores
North Sarasota
Oakland Park
Okeechobee
Oldsmar
Orange City
Palm City
Palm Coast
Panama City Beach
Parker
Plantation
Port Richey
Port Salerno
Port St. Joe
Pretty Bayou
Redington Shores
Royal Palm Beach
San Carlos ParkSanibel
Sebastian
Seminole
Sharpes
Silver Springs Shores
South Bay
South Gate Ridge
South Pasadena
South Sarasota
St. Augustine Shores
St. Augustine South
Stock Island
Suncoast Estates
Surfside
Tavares
Taylor Creek
Tequesta
Trailer Estates
Tyndall AFB
Upper Grand Lagoon
Vamo
Virginia Gardens
Wabasso
Wahneta
Watertown
Wauchula
Wellington
West Bradenton
West De Land
West Eau Gallie
White CityWhitfield Estates
Wildwood
Williston
Willow Oak
Yulee
Zephyrhills West
Boca Raton
Boynton Beach
Bradenton
Brandon
Cape Coral
Carol City
Coral Springs
Deerfield Beach
Delray Beach
Dunedin
Fort Myers
Fort Pierce
Hallandale
Kendale Lakes
Lake Worth
Lakeland
Lauderdale LakesLauderhill
Margate
Melbourne
Merritt Island
Miramar
North Miami
North Miami Beach
Ocala
Panama City
Pembroke Pines
Pine Hills
Pinellas Park
Plantation
Port Charlotte
Riviera Beach
Sarasota
SunriseTamarac
Titusville
Town N Country
West Little River
Westchester
Altamonte Springs
Bartow
Bayonet Point
Bayshore Gardens
Bellair
Belle Glade
BellviewBrent
Casselberry
Century Village
Cocoa
Cocoa Beach
Conway
Cooper City
Cutler Ridge
DaniaDavie
De Land
Deltona
East Naples
Egypt Lake
Elfers
Englewood
Ensley
Fairview Shores
Ferry Pass
Fort Walton Beach
Gladeview
Golden Glades
Goldenrod
Gulfport
Haines City
Holden Heights
Holiday
Homestead
Immokalee
Jacksonville Beach
Jasmine Estates
Key West
Kissimmee
Lake CarrollLake Magdalene
Lakeland Highlands
Lakeside
Lealman
Leesburg
Leisure City
Lighthouse Point
Lindgren Acres
Lockhart
Longwood
Myrtle Grove
Naples
Naranja
New Port Richey
New Smyrna Beach
Norland
North Fort Myers
North Lauderdale
North Palm Beach
Oak Ridge
Oakland Park
Ormond Beach
Palatka
Palm Bay
Palm Beach Gardens
Palm River
Palmetto EstatesPerrine
Pinewood
Plant City
Port Orange
Port St. Lucie
Rockledge
Sanford
Sarasota Springs
South Bradenton
South Daytona
South Miami
South Miami Heights
St. Augustine
Tamiami
Tarpon Springs
Temple TerraceUniversity
Venice
Vero Beach
Vero Beach South
Warrington
Wekiva Springs
West Pensacola
Westwood Lakes
Winter Haven
Winter Park
Winter Springs
Wright
Fort Lauderdale
Hialeah
Hollywood
Orlando
Clearwater
Daytona Beach
Gainesville
Kendall
Largo
Miami Beach
Pensacola
Pompano Beach
West Palm Beach
Jacksonville
Miami
St. Petersburg
Tampa
Tallahassee
100
100
100
11
11
115
12
12
121
121
121
121
13
145
183
19
19
19
19
197
2
22
20
20
20
20
20
20
20
20
200200
200
21
21
24
24
24
24
247
2626
267
267
285
29
29
31
31
33
349
37
37
375
39
4
40
4040
44
44
44 44
46
46
47
47
50
51
51
52
520
5359
59
6060
60
60
60
6262
64
64
64
65
65
66
674
69
69
70
70
70
70709
71
71
71
715
72
76
77
77
77578
78
78
79
79
79
80
80
81
81
82
85
85
867
867
87
87
884
91
91
91
91
91
91
91
91
91
9336
97
A1A
A1A
A1A
A1A
A1A
A1A
A1A
880
1
1
1
1
1
1
1
1
1
1
1
1
1
1
129
129
129
17
17
17
17
17
17
17
17
17
19
19
19
19
19
19
19
19
192
19219A
221
221
231
231
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27A
27A
27A
27A
301
301
301
301
301
301
301
319
319
331
331
331
41
41
41
41
41
41
41
41
41
41
41
41
441
441
441
441
441
441
441
441
90
90
90
90
90
9090
90
90
90
90
90
92
92
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
10
10
10
10
10
10
10
10
275
4
4
4
4
75
75
75
75
75
75
75
75
75
75
7595
95
95
95
95
95
95
95
95
95
95
Century
LOCATION HIGHLIGHTS
Strategically located in the heart of the region’s
destination retail
Strong barriers to entry with Werner-Boyce
Salt Springs State Park located directly to
the west
PORT RICHEY, FLALONG THE WHITE BEACHES OF THE GULF OF MEXICO
US Hwy 19 parallels the entire Gulf coast from St. Petersburg
to Tallahassee
Highly trafficked area with over 55,000 vehicles passing in
front of the site along US Hwy 19M A J O R E M P L O Y E R S :
P O R T R I C H E Y, F L
Walmart Management Corporation 400
Seaway Mold & Engineering 140
Hooters Restaurant 85
Ocean Honda (Gateway Honda) 80
Red Lobster 73
City of Port Richey 62
U.S. Post Office 60
Golden Coral 50
The Cottages of Port Richey 50
Culvers 34
38 Miles from Tampa
25 Miles from Clearwater
15
6.71% From 2000
DEMOGRAPHICS /PORT RICHEY, FL
125,408Total Population Within 5-Mile Radius
$49,373Average Household Income
Within 5-Mile Radius
$37,080Median Household Income
Within 5-Mile Radius
56,619Total Households Within
5-Mile Radius
16
POPULATION 1 MILE 3 MILES 5 MILES2023 Projection
Total Population 7,568 59,941 125,408
2018 Estimate
Total Population 7,620 59,460 122,200
2010 Census
Total Population 7,305 55,913 115,317
2000 Census
Total Population 7,512 55,684 115,501
Current Daytime Population
2018 Estimate 7,679 54,389 119,917
HOUSEHOLDS 1 MILES 3 MILES 5 MILES2023 Projection
Total Households 3,362 26,400 56,619
2018 Estimate
Total Households 3,344 25,946 54,712
Average (Mean) Household Size 2.27 2.27 2.21
2010 Census
Total Households 3,209 24,375 51,667
2000 Census
Total Households 3,525 25,526 53,059
Occupied Units
2023 Projection 3,362 26,400 56,619
2018 Estimate 3,981 30,695 65,259
HOUSEHOLDS BY INCOME 1 MILES 3 MILES 5 MILES2018 Estimate
$150,000 or More 1.91% 1.91% 2.60%
$100,000 - $149,000 4.39% 4.43% 5.99%
$75,000 - $99,999 5.24% 7.43% 8.34%
$50,000 - $74,999 14.04% 17.43% 18.24%
$35,000 - $49,999 18.43% 18.24% 17.59%
Under $35,000 55.99% 50.56% 47.24%
Average Household Income $40,556 $45,025 $49,373
Median Household Income $29,654 $34,585 $37,080
Per Capita Income $17,906 $19,755 $22,241
HOUSEHOLDS BY EXPENDITURE 1 MILE 3 MILES 5 MILESTotal Average Household Retail Expenditure $40,620 $44,535 $47,551
Consumer Expenditure Top 10 Categories
Housing $12,215 $13,218 $14,108
Transportation $7,832 $8,501 $8,776
Shelter $7,173 $7,695 $8,158
Food $4,411 $4,794 $5,090
Health Care $2,925 $3,292 $3,639
Utilities $2,716 $2,925 $3,072
Personal Insurance and Pensions $2,566 $2,986 $3,344
Entertainment $1,538 $1,740 $1,914
Apparel $1,289 $1,320 $1,347
Household Furnishings and Equipment $967 $1,101 $1,230
POPULATION PROFILE 1 MILES 3 MILES 5 MILESPopulation By Age
2018 Estimate Total Population 7,620 59,460 122,200
Under 20 22.37% 21.47% 19.42%
20 to 34 Years 21.24% 17.99% 15.89%
35 to 39 Years 5.77% 5.78% 5.14%
40 to 49 Years 11.55% 11.69% 11.40%
50 to 64 Years 19.01% 20.31% 21.12%
Age 65+ 20.07% 22.73% 27.02%
Median Age 40.56 44.33 48.57
Population 25+ by Education Level
2018 Estimate Population Age 25+ 5,436 43,510 92,465
Elementary (0-8) 3.94% 3.50% 3.08%
Some High School (9-11) 10.21% 10.20% 9.66%
High School Graduate (12) 43.89% 39.86% 39.23%
Some College (13-15) 18.73% 22.06% 21.92%
Associate Degree Only 9.69% 10.74% 10.18%
Bachelors Degree Only 7.58% 8.94% 10.18%
Graduate Degree 3.09% 3.71% 4.56%
17
PORT RICHEYFLORIDA
BOR: RYAN NEETel: (954) 245-3400
License: BK 3154667
LIOR REGENSTREIFSENIOR MANAGING DIRECTOR INVESTMENTS
SENIOR DIRECTOR, NET LEASED PROPERTIES GROUPENCINO OFFICE
Tel: (818) 212-2730Fax: (818) 212-2710
[email protected]: CA 01267761
SERI BRYANTASSOCIATE
ENCINO OFFICETel: (818) 212 -2655 Fax: (818) 212-2710
[email protected]: CA 02042062