LONG-TERM NNN LEASE ACQUIRED AT A 6.10% CAP RATE

February 1, 2021

Just closed! Our 1031 exchange client has acquired a NNN-leased Red Lobster in Olathe, KS (Kansas City MSA) at a 6.10% cap rate for $3,771,492. The property is on an attractive long-term, 25-year NNN lease with 2% annual rent increases and is well-located in a retail corridor off of Highway 56 surrounded by national tenants such as Whole Foods, Target, Michaels, Pet Smart, Olive Garden, Bed Bath & Beyond, and more. We represented the buyer in this transaction. For more information, please contact Steve “Bogie” Bogoyevac at Steve.Bogoyevac@MarcusMillichap.com.