Red Lobster
Baskersfield, CA
Red Lobster Hospitality LLC is an American casual dining restaurant chain headquartered in Orlando, Florida. The company has operations in Canada, Malaysia, Saudi Arabia, the United Arab Emirates, Qatar, Mexico, and Japan, in addition to the United States.
As of February 24, 2013, the company had 705 locations worldwide. Golden Gate Capital has been Red Lobster’s parent company since it was acquired from Darden Restaurants on July 28, 2014. On August 6, 2014, Red Lobster announced their new headquarters location in CNL Center City Commons in Orlando. On March 6, 2015, Red Lobster officially opened the Restaurant Support Center.
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S&P Outlook: NR
Moody Outlook: Stable
Typical Lease Characteristics
Lease Term: 15– 20 Years Years
Lease Type: Absolute NNN Lease
Lease Increases: 10% Every 5 years
Lease Extensions: 4-5 (5) Year Options
Lease Guarantor: Corporate
Tenant Overview
Company founder Bill Darden opened his first restaurant, The Green Frog, at age 19. Thirty years later, Bill brought his passion for seafood to Lakeland, Fla., where he debuted the first Red Lobster in 1968. Bill’s vision was to create a place where America could go for seafood for generations and where employees could fulfill their aspirations.
As it grew into a national brand, Red Lobster introduced guests to fresh dishes such as popcorn shrimp, calamari, snow crab and lobster – often for the first time. Over the years, the brand’s passion for fresh, delicious seafood has kept Red Lobster evolving. The restaurant introduced an award-winning Today’s Fresh Fish Menu, installed wood-fire grills in every restaurant in North America, trained staff to become seafood experts and most recently launched a new restaurant design, inspired by the New England coast.
Positives:
- Generally located in areas with strong demographics
- Established Brand within its sector
- Typically Long term leases with increases
Negatives:
- Higher price point restaurant
- Competitive Industry Sector
- Susceptible to economic trends and pressures
Market Snapshots:
On Market Ranges:
# of Properties in set: 34
Price: $4,085,740 - $5,353,730Average: $4,696,252
PPSF: $520 - $690Average: $628
Year Built: 1966 - 2011Average: 1985
CAP Rate Range: 5.18% - 6.66%Average: 5.89%
Size range: 3,520 sq ft - 9,587 sq ft Average: 7,512 sq ft
Last 12 Month Range:
# of Properties in set: 35
Price: $3,414,490 - $3,989,560Average: $3,594,199
PPSF: $459 - $533Average: $489
Year Built: 1953 - 2012Average: 1989
CAP Rate Range: 5.51% - 7.01%Average: 5.99%
Size range: 2,613 sq ft - 9,870 sq ft Average: 7,205 sq ft
Red Lobster Company Profile
Headquarters Information
Orlando, Florida
Founded in 1968
Company type: Private
Parent Company: Golden Gate Capital
Sector: Services
Industry: Restaurant
# of Employees: 58,000