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JLL is pleased to exclusively offer the opportunity to acquire a single tenant property corporately leased to LongHorn Steakhouse (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. The tenant, who built the building in 2013 on a larger 2.31-acre parcel, has 2.5 years of term remaining on its NNN ground lease and Three (3), Five (5) Year Options and One, Four (4) Year, Eleven (11) Month Option. All option periods feature attractive, 10.00% rental increases. LongHorn Steakhouse is a subsidiary of Darden Restaurants Inc., which boasts an investment-grade credit rating of BBB (S&P). They have remained open during the pandemic, providing contactless pick-up for all of their locations.
Longhorn Steakhouse is ideally situated within the main retail trade area in Wyomissing. The restaurant is located just off U.S. Route 422, which boasts 86,000 VPD, across from the Berkshire Mall. The mall contains nearly 100 tenants including Boscov’s, T.J. Maxx, American Eagle Outfitters, A.C. Moore, Chick-fil-A and more. In addition, other popular shopping destinations such as Berkshire Square, The Shoppes at Wyomissing, Broadcasting Square and VF Outlet Reading are nearby. Together, these shopping centers are home to nationally recognized retailers such as Walmart, ROSS, Bed Bath & Beyond, LA Fitness, and Marshalls. Lastly, The Home Depot and Crowne Plaza are across the street from Longhorn Steakhouse, further driving consumers to the area.
LongHorn Steakhouse is a full-service steakhouse restaurant with locations primarily in the eastern United States. LongHorn Steakhouse opened its first restaurant in 1981 and was acquired by Darden Restaurants in 2007 as a part of the RARE Hospitality International, Inc. acquisition. LongHorn Steakhouses have increased their national footprint, growing every year since 2008, increasing their number of locations by 71% in that timeframe. In fiscal 2020, there have been 12 LongHorn Steakhouse openings with another 12-15 openings projected for 2021.
- Longhorn Steakhouse 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.