Net Leased LongHorn Steakhouse Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased LongHorn Steakhouse located at 2636 Dallas Highway in Marietta, Georgia for $3,157,000.

 

The 5,160 square foot building is strategically positioned along Dallas Highway (37,500 VPD) and is less than one mile east of NC-55 Bypass (60,331 VPD). The property is located in a dense retail corridor with tenants including Target, Lowe’s, Home Depot, Publix, Chase Bank, Wells Fargo, Starbucks, Chick-fil-A, and many others. There are nearly 150,000 people living within a five-mile radius. The property is situated in an affluent area, with an average annual household income of over $165,000 within a three-mile radius.

 

LongHorn Steakhouse has a triple net ground lease with over 10 years remaining. There are 10% rent increases every five years that continue through the two 5-year renewal options.

 

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the Seller in the transaction. The Seller was an Atlanta-based real estate developer, and the Buyer was a high-net worth individual in a 1031 Exchange based in California.

 

LongHorn Steakhouse is a prominent casual dining chain established in 1981. It was founded in Atlanta, Georgia and is a subsidiary of Darden Restaurants. There are 563 LongHorn locations as of September 2023.

 

“Investors gravitate towards assets in populous and growing Sun Belt MSAs such as Atlanta” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Long term leases to well-known tenants like LongHorn Steakhouse remain attractive investments.”

Back