LongHorn Steakhouse (Darden) | 5877 State Rte 100 East
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LongHorn Steakhouse (Darden) 5877 State Rte 100 East
5,780 SF Retail Building Palm Coast, FL 32164 £3,051,555 (£528/SF) 5% Net Initial Yield
Investment Highlights
- Investment-grade credit tenant with long-term lease (Darden, S&P: BBB)
- Attractive 10% rent increases every 5 years
- Part of the new Cornerstone at Seminole Woods shopping center anchored by BJ’s Wholesale Club and home to Chick-fil-A, Chase Bank and Miller’s Ale
- LongHorn is Darden’s 2nd largest revenue source contributing 25% of the $10.5 billion in total sales for 2023
- Absolute NNN ground lease – No landlord management obligations
- NO STATE INCOME TAX, Florida is the Highest Net Domestic Migration/Growth State in the U.S.
Executive Summary
CBRE is pleased to present an opportunity to acquire a LongHorn Steakhouse, currently under construction, in the rapidly expanding Palm Coast, Florida market. This new Darden restaurant is located within the recently developed Cornerstone at Seminole Woods, a 31-acre retail center anchored by BJ’s Wholesale Club, conveniently situated on State Highway 100, just off Interstate 95. This prime location in Palm Coast is experiencing significant growth, making it an attractive investment opportunity.
In addition to LongHorn Steakhouse, the retail center will also feature Chase Bank, Miller’s Ale House, and Chick-fil-A, further enhancing its appeal. Positioned in Palm Coast’s primary retail corridor, this development contributes to the ongoing expansion along State Highway 100, where numerous national retailers have already established or are planning to establish a presence due to the area’s rapid population growth.
The site also benefits from its proximity to key local amenities, including AdventHealth Palm Coast Hospital, Flagler Palm Coast High School, and the 2,050-acre master-planned community of Town Center, which includes several new multifamily and single-family developments.
According to the U.S. Census Bureau, Palm Coast ranks as the fifth fastest-growing city in Florida, a state that has consistently led the nation in population growth in recent years. Researchers from the University of Florida note that Palm Coast is now the most populous city in the Volusia-Flagler region and is expected to maintain its rapid growth trajectory over the next decade.
In addition to LongHorn Steakhouse, the retail center will also feature Chase Bank, Miller’s Ale House, and Chick-fil-A, further enhancing its appeal. Positioned in Palm Coast’s primary retail corridor, this development contributes to the ongoing expansion along State Highway 100, where numerous national retailers have already established or are planning to establish a presence due to the area’s rapid population growth.
The site also benefits from its proximity to key local amenities, including AdventHealth Palm Coast Hospital, Flagler Palm Coast High School, and the 2,050-acre master-planned community of Town Center, which includes several new multifamily and single-family developments.
According to the U.S. Census Bureau, Palm Coast ranks as the fifth fastest-growing city in Florida, a state that has consistently led the nation in population growth in recent years. Researchers from the University of Florida note that Palm Coast is now the most populous city in the Volusia-Flagler region and is expected to maintain its rapid growth trajectory over the next decade.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
5,780 SF
Building Class
C
Year Built
2024
Construction Status
Under Construction
Price
£3,051,555
Price Per SF
£528
Net Initial Yield
5%
NOI
£152,578
Tenancy
Single
Number of Floors
1
Building FAR
0.08
Lot Size
1.61 AC
Parking
116 Spaces (20.07 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- LongHorn Steakhouse
- -
- 5,780 SF
- £26.40
- NNN
- Nov 2034
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| LongHorn Steakhouse | - | 5,780 SF | £26.40 | NNN | Nov 2034 |
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 08-12-31-0650-000B0-0074 | Improvements Assessment | £0 |
| Land Assessment | £355,734 | Total Assessment | £355,734 |
PROPERTY TAXES
Parcel Number
08-12-31-0650-000B0-0074
Land Assessment
£355,734
Improvements Assessment
£0
Total Assessment
£355,734
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LongHorn Steakhouse (Darden) | 5877 State Rte 100 East
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