LONGHORN STEAKHOUSE 110 BLUEBIRD LN, MILLVILLE, NJ 08332
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LONGHORN STEAKHOUSE 110 BLUEBIRD LN, MILLVILLE, NJ 08332
LONGHORN STEAKHOUSE
TABLE OF CONTENTS
PAGE
03 Investment Summary
04 Lease Summary
05 Retail Aerial
07 Site Plan
08 Rent Schedule
09 About the Brand
11 Location Overview
CONTACT INFORMATION
Jonathan Eckerd
Vice President
(602) 704-5252
02 110 BLUEBIRD LN, MILLVILLE, NJ 08332
LONGHORN STEAKHOUSE
INVESTMENT SUMMARY
Tenant LongHorn Steakhouse
$ $3,612,927 $642.07
Street Address 110 Bluebird Ln List Price Price / SF
City Millville
State NJ
% 5.50% 5,627 SF
Zip 08332 Cap Rate GLA
GLA 5,627 SF
Lot Size 1.97 AC
$ $198,711 $35.31
Year Built 2006 NOI Rent / SF
*Additional Income of $4,200 annually paid by Motiva as a part of an access agreement. Please contact agent for further details.
Debt Quote Strong Corporate Guaranty from Industry Leading Darden Restaurants, Inc
Darden Restaurants, Inc (DRI) stock has almost quadrupled since the COVID 19 shutdown showing the restaurant
3.65%
LONGHORN STEAKHOUSE
Lease summary
Lease Type Absolute Net (NNN) Real Estate Taxes Tenant Responsible
Type of Ownership Fee Simple Insurance Tenant Responsible
Original Lease Term 20 Years Roof & Structure Tenant Responsible
Commencement Date 04/04/2016 Lease Guarantor Corporate
Lease Expiration 04/30/2036 Company Name Darden Restaurants Group
Term Remaining 15+ Years Ownership Public
Increases 1% Annually Years in Business 40
Options Four (4), 5-year Number of Locations 500+
Tenant Paid Full Rent During Shutdown
Strong performing location with Rent to Sales healthy even during the peak of the pandemic and no indoor
dining and alcohol sales. Year end 2020 sales showing increasing volumes as location positioned to stabilize
back to pre-COVID norms.
Seasoned Location in as an Out-Parcel to Lowe’s
Longhorn has been successfully operating at location since 2006 showing a strong customer base and future
security for a new investor.
Immediate Proximity to Cumberland Mall
Convenient shopping, dining and entertainment hub for the community of Millville, NJ and travelers from the
Jersey Shore and Philadelphia. Mall anchored by Home Depot, Dick’s Sporting Goods, Boscov’s, Petco,
Marshall’s, Michaels and more.
04 CONTACT JONATHAN ECKERD
LONGHORN STEAKHOUSE
RETAIL AERIAL
05 110 BLUEBIRD LN, MILLVILLE, NJ 08332
LONGHORN STEAKHOUSE
RETAIL AERIAL
06 110 BLUEBIRD LN, MILLVILLE, NJ 08332
LONGHORN STEAKHOUSE
RETAIL AERIAL
07 110 BLUEBIRD LN, MILLVILLE, NJ 08332
LONGHORN STEAKHOUSE
SITE PLAN
08 110 BLUEBIRD LN, MILLVILLE, NJ 08332
LONGHORN STEAKHOUSE
RENT SCHEDULE
Period Term Annual Rent Monthly Rent Increase CAP Rate
Current - 4/30/2022 Base Term $198,711.32 $16,559.28 - 5.50%
5/1/2022 - 4/30/2023 Base Term $200,698.43 $16,724.87 1% 5.56%
5/1/2023 - 4/30/2024 Base Term $202,705.42 $16,892.12 1% 5.61%
5/1/2024 - 4/30/2025 Base Term $204,732.47 $17,061.04 1% 5.67%
5/1/2025 - 4/30/2026 Base Term $206,779.80 $17,231.65 1% 5.72%
5/1/2026 - 4/30/2027 Base Term $208,847.59 $17,403.97 1% 5.78%
5/1/2027 - 4/30/2028 Base Term $210,936.07 $17,578.01 1% 5.84%
5/1/2028 - 4/30/2029 Base Term $213,045.43 $17,753.79 1% 5.90%
5/1/2029 - 4/30/2030 Base Term $215,175.89 $17,931.32 1% 5.96%
5/1/2030 - 4/30/2031 Base Term $217,327.64 $18,110.64 1% 6.02%
5/1/2031 - 4/30/2032 Base Term $219,500.92 $18,291.74 1% 6.08%
5/1/2032 - 4/30/2033 Base Term $221,695.93 $18,474.66 1% 6.14%
5/1/2033 - 4/30/2034 Base Term $223,912.89 $18,659.41 1% 6.20%
5/1/2034 - 4/30/2035 Base Term $226,152.02 $18,846.00 1% 6.26%
5/1/2035 - 4/30/2036 Base Term $228,413.54 $19,034.46 1% 6.32%
*Additional Income of $4,200 annually paid by Motiva as a part of an access agreement. Please contact agent for further details.
09 CONTACT JONATHAN ECKERD
LONGHORN STEAKHOUSE
ABOUT THE brand
LongHorn Steakhouse
LongHorn Steakhouse is an American multinational casual dining restaurant chain owned and operated by
Darden Restaurants, Inc. Known for fresh, boldly seasoned and expertly grilled steaks – like the signature
bone-in Outlaw Ribeye® – all served in a relaxed, warm atmosphere inspired by a rancher’s home.
500+ 40 states
Number of Locations Geographical Footprint
$ $1.70 billion 40 years
Annual Revenue Years in Business
The Making of a Legend
In 1981, one man set out on a mission to bring legendary steak to the people of Atlanta, Georgia. His passion
for grilling was great but business wasn’t quite booming. Then, in 1982, a freak snowstorm hit the city, stranding
motorists and driving them into the hospitable comforts of a joint called LongHorn Steaks Restaurant & Saloon.
Tales of the expertly grilled steaks spread, and the legend of LongHorn was born.
By 1990, the restaurant had spread throughout the East, Midwest and Southwest United States and Puerto
Rico. LongHorn Steaks Restaurant & Saloon became LongHorn Steakhouse in 1996 and, in 2007, Darden
Restaurants, Inc. purchased the restaurant.
Today, LongHorn continues the mission of grilling up legendary steaks done right, the LongHorn way. The
steak, chicken and seafood is always fresh, never frozen for a difference you can taste.
10 110 BLUEBIRD LN, MILLVILLE, NJ 08332LONGHORN STEAKHOUSE
ABOUT THE company
Darden Restaurants Group
Darden Restaurants, Inc. is the premier full-service restaurant company featuring a portfolio of category-leading
brands that include Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, Cheddar’s Scratch
Kitchen, The Capital Grille, Eddie V’s and Yard House.
1,700+ bbb-
Number of Locations Credit Rating
$ $7.81 billion 372
Annual Revenue Forbes Ranking
Darden Stock at Record Highs Top Diversity Employer Darden Sees Staffing as Top Issue The Return of Table Service
Workers gain $17 million in bonuses Darden looks toward the return to table
Darden’s stock post pandemic Forbes recognized Darden among the
and $10 minimum wage. service to bring sales back up.
performance has hit record highs. top emloyers for diversity.
Read More > Read More >
Read More > Read More >
11 110 BLUEBIRD LN, MILLVILLE, NJ 08332LONGHORN STEAKHOUSE
LOCATION OVERvIEW
Innovation Foods Facility Expansion
Innovation Foods, a family owned food and
beverage contract manufacturer, plans to
build a $45 million processing and packaging
plant in Millville, New Jersey.
The project is expected to create 40 jobs.
The new facility is part of an ongoing $110
million investment that began three years ago
between Innovation and Swedish oat milk
company Oatly, a food brand that produces
alternatives to dairy products from oats. The
new facility will be directly behind the Oatly
plant and will allow Oatly to move product via
a pipeline instead of tankers.
New Jersey Wind Port
The New Jersey Wind Port project is expected
to cost $300-$400 million to complete. At full
build-out, proponents estimate the port will
support up to 1,500 permanent manufacturing,
assembly and operations jobs.
Construction will start in 2021, which also will
create hundreds of jobs. Overall, the port is
expected to support up to $500 million of
new economic activity within the state and the
region each year.
12 110 BLUEBIRD LN, MILLVILLE, NJ 08332LONGHORN STEAKHOUSE
DEMOGRAPHICS
POPULATION 1-Mile 3-Mile 5-Mile
2025 Projection 2,164 27,214 67,087
2020 Estimate 2,165 27,573 67,943
2010 Census 2,100 28,483 70,023
Growth ‘20 - ‘25 -0.05% -1.3% -1.26%
Growth ‘10 - ‘20 3.1% -3.19% -2.97%
HOUSEHOLDS 1-Mile 3-Mile 5-Mile
2025 Projection 865 10,266 24,199
2020 Estimate 868 10,419 24,535
2010 Census 843 10,745 25,191
Growth ‘20 - ‘25 -0.35% -1.47% -1.37%
Growth ‘10 - ‘20 2.97% -3.03% -2.6%
Average Income $89,713 $67,352 $69,016
Median Income $69,469 $50,905 $51,802
13 110 BLUEBIRD LN, MILLVILLE, NJ 08332JAMES CAPITAL ADVISORS, INC.
DISCLAIMER
The information contained in this Marketing Brochure has been obtained from sources believed to be reliable, but the accuracy or completeness of the information contained therein cannot be guaranteed. James
Capital Advisors, Inc. (“Broker”) has not, and will not, verify any of this information, nor has Broker conducted, nor will it conduct, any investigation regarding these matters. Broker makes no representations, guar-
antees, or warranties of any nature about the accuracy or completeness of any information provided. The information provided in this brochure is in no way a substitute for a thorough due diligence investigation
by Buyer. Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to income and expenses for this property nor the future financial performance
of the property. In addition, Broker has made no investigation of, and has made no representations, guarantees, or warranties as to the size and square footage of the property, the presence of any contaminating
substances at the property, the physical condition of the property or compliance with any State, Local or Federal regulations. In addition, Broker has made no investigation of, and has made no representations,
guarantees, or warranties of any nature, with regard to the financial condition or future financial condition of any tenants, nor any future plans or intentions of tenants with regard to the continued occupancy of the
property. All parties are aware that Broker has no affirmative obligation to conduct a due diligence examination of the property for any Buyer. Any and all projections or estimates used in this Marketing Brochure
are for example only and do not represent the current or future performance of this property. Therefore, Broker assumes no legal responsibility for accuracy or completeness of this information, and expressly
disclaims all representations, guarantees, or warranties related thereto.
The value of the property to any Buyer depends on numerous factors that must be evaluated by Buyer and Buyer’s legal, tax, construction, and financial advisors. Buyer and Buyer’s advisors should conduct a
thorough, independent investigation of the property to determine its suitability for Buyer’s intended usage. This investment, as with all real estate investments, carries a substantial risk. As such, Buyer and Buyer’s
legal and financial advisors are strongly advised to request and review all legal and financial documentations related to the property and tenants.
A tenant’s past performance is not a guarantee of future performance. The lease rate stated for some properties may be based on a tenant’s projected sales with little or no record of actual performance or com-
parable rents for the area in question. Returns are in no way guaranteed. Tenants may fail to pay the rent or property taxes or any other tenant obligations under the terms of the lease or may default under the
terms of such lease. Regardless of tenant’s history of performance, and/or any lease guarantors and/or guarantees, Buyer is responsible for conducting Buyer’s own investigation of all matters related to any and
all tenants and lease agreements. Broker is not, in any way, responsible for the performance of any tenant or for any breach or default by any tenant of any terms of any lease agreement related to the property.
Further, Buyer is responsible for conducting Buyer’s own independent investigation of all matters related to the value of the property, including, but not limited to, the value of any long-term leases. Buyer must
carefully evaluate the possibility of tenants vacating the property or breaching their leases and the likelihood and financial impact of being required to find a replacement tenant if the current tenant should default
and/or abandon the property. Buyer must also evaluate Buyer’s legal ability to make alternate use of the property in the event of a tenant abandonment of the property.
CONFIDENTIALITY
This Marketing Brochure and the information contained within, is propriety and strictly confidential. It is intended to be used only by the party receiving it from Broker. It should not be made available to any other
person or entity without the express written consent of Broker.
release
This Marketing Brochure has been prepared to provide basic, unverified information for prospective purchasers. By accepting this Marketing Brochure, the recipient agrees to release and hold harmless Broker
from any claim, demand, liability or loss arising out, or relating in any way, to the information contained in this Marketing Brochure and from Buyer’s investigation of the property. In no event shall James Capital
Advisors, Inc. or Broker be liable to any party for any direct, indirect, special, incidental, or consequential damages of any kind whatsoever arising out of the use of this Marketing Brochure or any information
contained herein.
NON-ENDORSEMENT
Broker is not affiliated with, endorsed by or sponsored in any way by any tenant or lessee identified in this Marketing Brochure. The presence of any entity’s logo or name is not intended in any way to indicate
affiliation, sponsorship or endorsement by said entity of Broker.
14 www.jamescapitaladvisors.com @jamescapitaladvisorsJAMES CAPITAL ADVISORS, INC.
CONTACT INFORMATION
LISTING AGENTS
Jonathan (602) 704-5252
eckerd jonathan.eckerd@jamescapitaladvisors.com
Vice President AZ RE Lic. SA663487000
BROKER OF RECORD
Brian (513) 898-1551
brian@bangrealty.com
Brockman NJ RE Lic. 2078547
Bang Realty - New Jersey, Inc. CORP. Lic. 197032
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