Evansville’s Red Lobster Building Up For Sale for $7.9 Million
I love Red Lobster. I really do. I could eat my weight in cheddar biscuits alone and pre-pandemic, you could count on having to wait for a table on a Friday or Saturday night because everyone else loves cheddar biscuits as much as I do. To be fair, the food at Red Lobster is really good and there is so much more to appease your taste buds than just the cheddar biscuits but frankly, my current pandemic-body is constantly craving carbs so now that I've started thinking about them, I can't stop. If you've ever dreamed of owning your own cheddar biscuits... I mean restaurant, Red Lobster in Evansville is for sale.
While it has been on the market since February 2019, according to a recent Facebook post from Evansville411, Red Lobster is not closing. So just exactly how much money would it cost you to buy Evansville's Red Lobster located at 4605 Bellemeade Avenue? You'd need $7,904,020 to purchase the property. The building and parking lot are leased property and the current owners are in the middle of a 25 year Triple-Net (NNN) lease with 20 years still to go. The rent for this property? $484,315 annually and it increases every year by an additional 2% and "will continue through the four, five-year tenant renewal options." That may seem like a lot of money but according to the Offering Memorandum, "the company generates $2.5 billion in revenue and is the 5th largest casual dining concept in North America." That's a lot of cheddar biscuits! There is definitely potential in owning the property for the restaurant here in Evansville and we wish the current owner(s) and the potential new owner(s) the very best!