Description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to offer the opportunity to acquire the single-tenant LongHorn Steakhouse in Sheboygan, Wisconsin ("Property" or "Asset"). The Property is operating on an absolute NNN ground lease with ±9.7 years of primary lease term remaining, 10% rent escalations every 5 years, and four five-year renewal options.

WI Broker of Record: Jaime Fink: WI License #: 54163-90

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Attributes

Asking price

HK$18,889,000

Cap rate

5.6%

NOI

HK$1,059,000

WAULT

9.7 years

Building area net

5,780 sf

Year built

2026

Land area gross

2.17 acres

Media

Investment Highlights

Absolute NNN ground lease with ±9.7 years of primary lease term remaining
Adjacent to new construction 99-acre North Town Mixed Use Development w/ 600+ residential units
5 of the state’s finest golf courses sit within a 20-mile radius, including Whistling Straits & Blackwolf Run
32% population growth since 2010 within 1-mile radius, with $125K in AHHI
Anchored by Kohler Co., one of America’s oldest and largest privately held companies with 30,000+ employees
Interstate frontage off the I-43 /WIS-42 interchange with 46,000+ VPD
Adjacent to new construction Home2 Suites and Hampton Inn with 184 combined rooms
The adjacent Olive Garden's strong performance in this trade area drove Darden's decision to make a second investment here with LongHorn, pairing the portfolio's two largest concepts on one corridor.