Enter the "Deal room" for exclusive documents related to this property.
|Remaining Term||3 years, 3 months|
JLL is pleased to exclusively offer the opportunity to acquire a single tenant property corporately leased to Red Lobster (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. Red Lobster has a longstanding operating history at this location dating back to 1977, demonstrating the company’s success over the years. In 2019, the restaurant ranked in the 88th percentile within the entire Red Lobster chain based on estimated foot traffic. Further, they ranked 5th out of 33 Red Lobster locations (87th percentile) in Pennsylvania (Placer.ai). The tenant, who exercised its 5th option period in 2018, has more than 3 years of term remaining on its NNN ground lease and two (2), five (5) year options in place. Both option periods feature attractive, 12.50% rental increases.
- Red Lobster is located across from the Berkshire Mall, one of the premier shopping destinations in Berks County. The mall consists of approximately 100 retailers including Boscov’s, T.J. Maxx, Outback Steakhouse, Ruby Tuesday, Chick-fil-A and more.
- The Property is located just off U.S. Route 422, one of the most heavily trafficked highways in the eastern portion of Pennsylvania (86,000 VPD), connecting travelers from Hershey, PA to the suburbs of Philadelphia.
- Educational opportunities are nearby. Albright College and Penn State University Berks Campus are both 10 minutes away and contribute more than 4,400 students to the daytime population of Wyomissing.
- The Property is surrounded by a host of shopping destinations such as Berkshire Square, The Shoppes at Wyomissing, Broadcasting Square and VF Outlet Reading. Together, these shopping centers are home to nationally recognized retailers such as Walmart, ROSS, Bed Bath & Beyond, LA Fitness, Marshalls and more. In addition, The Home Depot and Crowne Plaza Hotel are located across the street.
- There are seven hotel options in the immediate trade area, demonstrating the area’s centralized location for business and opportunity. Each day, these hotels contribute to Berks County’s workforce of 32,000 people and make it convenient for those flying into Reading Regional Airport.
- Wyomissing is a member of Berks County, an area conveniently situated equidistant from Harrisburg, Allentown and Philadelphia. The county consists of roughly 420,000 people and contains a diverse economy ranging from manufacturing, health care, and government services to education, retail and agriculture.