Goddard School - Estero, FL
10100 Arcos Avenue, Estero, FL, 33928, US
£8,249,000 | 14,330 sf
Description
Jones Lang LaSalle Americas, Inc (“JLL”) is pleased to exclusively offer the opportunity to acquire OCEAN PRIME (the “Asset” or “Property”), Sarasota's premier waterfront steakhouse and seafood dining destination. The Offering features approximately ±8.0 years of remaining lease term, generating $1,157,863 in annual net operating income with minimal landlord responsibilities and 2.0% annual rent escalations throughout the primary term and options. Moreover, future ownership may benefit from a strong and consistent percentage rent feature, which has already proven meaningful as the restaurant is currently on pace to exceed 2025 sales (included in OM after NDA execution).
OCEAN PRIME Sarasota represents a truly generational opportunity to acquire a trophy waterfront restaurant asset within The Quay, a $1 billion mixed-use destination surrounded by luxury residential towers, Ritz-Carlton-branded developments, and some of the most affluent waterfront communities on Florida's Gulf Coast.
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Attributes
Asking price
£14,489,000
Cap rate
6%
NOI
£870,000
Building area net
12,189 sf
Year built
2024
WALT
8 years
Annual escalation
Fixed
Lease type
Net lease (N/NN/NNN)
Media
Investment Highlights
- Rare fee-simple waterfront restaurant opportunity within Sarasota's premier luxury mixed-use district, The Quay Sarasota, a $1 billion, 14.5-acre waterfront development.
- Corporate guarantee from Cameron Mitchell Restaurants, a nationally recognized platform operating 50+ restaurants across 15 states and Washington, D.C.
- OCEAN PRIME is Cameron Mitchell's flagship and most scalable concept, with 21 locations across 15 states and the District of Columbia.
- Property generates very strong sales and is currently tracking ahead of prior-year performance.
- Located approximately 220 feet from Sarasota Bay, offering an irreplaceable waterfront setting with exceptional visibility and access.
- Surrounded by some of Florida's most affluent residential communities, including Bird Key, Lido Key, Longboat Key, and St. Armands, where home values commonly range from $2 million to nearly $6 million.
- Benefits from adjacency to The Bay, a 53-acre waterfront park and cultural destination supported by approximately $200 million in planned investment and future programming.
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Ocean Prime - Sarasota, FL (0 Properties)
