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JLL is pleased to offer for sale the fee-simple Yard House (the “Property” or “Asset”) located in Miami Beach, FL. Yard House is a wholly-owned subsidiary of Darden Restaurants, an investment grade (Moody’s: ‘Baa3’), industry leading operator. The Asset was a 2014 build-to-suit, and Yard House has nearly 8 years remaining on an original 15-year primary term. The tenant has a stellar rent paying history and did not miss a payment throughout the COVID-19 pandemic. Yard House has a 10% rent bump in March of 2024, offering an excellent opportunity to pick up yield. The Asset is located on Lenox Avenue, just steps from the world-renowned Lincoln Road Mall, and sits on some of the best intrinsic real estate the southeast has to offer. This offering presents the opportunity to acquire a quality Asset leased to an industry leading operator on a mid-term lease.
- 7.75 years remaining on a lease with minimal landlord responsibilities
- 10% rent bump in 2024, offering an excellent opportunity to pick up yield
- Flagship location, Yard House did not miss a payment during the pandemic
- Tax free Miami Beach, #2 most visited city in U.S. by overseas travelers
- Steps off Lincoln Road Mall, preferred destination for tourists and residents
- Wholly owned sub of $18 billion Darden Restaurants (Moody's 'Baa3')