Longhorn
1085 Woodland Rd Reading , PA 19610-1203

Longhorn - retail for sale

2.31 ac
Retail --Single tenant/Standalone Sale/Purchase
USD $2,445,000

Description

JLL is pleased to exclusively offer the opportunity to acquire a single tenant property corporately leased to LongHorn Steakhouse (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. The tenant, who built the building in 2013 on a larger 2.31-acre parcel, has 2.5 years of term remaining on its NNN ground lease and Three (3), Five (5) Year Options and One, Four (4) Year, Eleven (11) Month Option. All option periods feature attractive, 10.00% rental increases. LongHorn Steakhouse is a subsidiary of Darden Restaurants Inc., which boasts an investment-grade credit rating of BBB (S&P). They have remained open during the pandemic, providing contactless pick-up for all of their locations. 


Longhorn Steakhouse is ideally situated within the main retail trade area in Wyomissing. The restaurant is located just off U.S. Route 422, which boasts 86,000 VPD, across from the Berkshire Mall. The mall contains nearly 100 tenants including Boscov’s, T.J. Maxx, American Eagle Outfitters, A.C. Moore, Chick-fil-A and more. In addition, other popular shopping destinations such as Berkshire Square, The Shoppes at Wyomissing, Broadcasting Square and VF Outlet Reading are nearby. Together, these shopping centers are home to nationally recognized retailers such as Walmart, ROSS, Bed Bath & Beyond, LA Fitness, and Marshalls. Lastly, The Home Depot and Crowne Plaza are across the street from Longhorn Steakhouse, further driving consumers to the area.


LongHorn Steakhouse is a full-service steakhouse restaurant with locations primarily in the eastern United States. LongHorn Steakhouse opened its first restaurant in 1981 and was acquired by Darden Restaurants in 2007 as a part of the RARE Hospitality International, Inc. acquisition. LongHorn Steakhouses have increased their national footprint, growing every year since 2008, increasing their number of locations by 71% in that timeframe. In fiscal 2020, there have been 12 LongHorn Steakhouse openings with another 12-15 openings projected for 2021.