Red Lobster NNN Properties for Sale (1 Listing)
1 active listing · Updated October 20, 2026
Red Lobster is a private casual-dining chain that left Chapter 11 in September 2024. The buyer was RL Investor Holdings, formed by Fortress-managed funds with TCW and Blue Torch. At exit the company said it had 545 restaurants. A later report said one co-investor marked its equity down hard. None of that is a substitute for the lease on the building in front of you.
Asking yields are commonly reported from the mid-6s into the mid-8s. Quick Facts is that commonly reported band, deliberately wide. It is not owner-verified. Other restaurant and retail asks are on properties for sale.
Quick Facts
- Typical cap range
- 6.50–8.50%
- Lease type
- NN or NNN — confirm; post-restructuring paper is not uniform
- Typical term
- Varies by location; many leases were touched in 2024
- Credit
- Private — RL Investor Holdings since September 2024
- Guarantee
- Red Lobster entity — confirm; Fortress is the sponsor, not the signer
Red Lobster Listings
Listing information is deemed reliable but not guaranteed — pricing, cap rates, and lease terms are subject to change, prior sale, or withdrawal without notice.
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What survived the case
Some leases were assumed, some were rejected, and some were amended. Your first job is to learn which happened at this address. Rent, term, and guarantor can all differ from the 2023 abstract a broker still has in a folder. Ask for the assumption order or the new lease, plus an estoppel. A Cookeville restaurant is not "the brand." It is one contract.
Sponsor versus rent
Fortress led the deal. Fortress does not owe you rent. The operating company does, and it is private, leveraged by the restructuring itself, and still proving a smaller fleet can cover occupancy costs. Seafood commodity costs and a dinner-house labor model are the tenant's operating risks. Your risks are term, guaranty, and a specialized building.
Do not comp this to a healthy dinner house at the same cap
Chipotle is corporate limited-service credit. Burger King is franchise drive-thru paper with a better pad. Dollar General is the generic box if you decide you do not want a dining room. Red Lobster is a yield for buyers who have read the 2024 documents and still like the basis. Everyone else should demand a wider cap or pass.
Buildings and roofs
Many of these restaurants are older. If the lease is NN, the roof and structure are your capital plan. Run that through the NOI calculator before you accept a cap rate that assumed absolute net. Tennessee, Florida, Texas, Ohio, and North Carolina still have restaurants. Closed units nearby are part of the trade-area story, not a footnote.
Red Lobster NNN FAQs
Who owns Red Lobster after bankruptcy?
The chain exited Chapter 11 on September 16, 2024, when RL Investor Holdings LLC completed the acquisition. The company's announcement said that buyer was formed by funds managed by Fortress Investment Group affiliates, with TCW Private Credit and Blue Torch as co-investors. It reported 545 restaurants in 44 states and four Canadian provinces at exit. The company is private. A 2026 report described a steep write-down of one co-investor's equity stake. That is a credit caution, not proof a particular lease defaulted.
Should I underwrite the pre-bankruptcy rent?
No. Rejected leases and renegotiated leases were part of the case. A restaurant that is open in 2026 may be on a new term, a reduced rent, or a landlord who gave concessions to stay occupied. Get the current lease and any bankruptcy stipulation. The old abstract is a historical document.
What cap rates are commonly reported?
Post-restructuring casual dining with a private sponsor is commonly reported from the mid-6s into the mid-8s, sometimes wider for short terms or tired buildings. The Quick Facts band is that commonly reported range. It is not a verified Red Lobster sales study, and it should not be compared with a new Darden lease without a large adjustment.
What is the building if the restaurant closes?
A large casual-dining box with a kitchen built for a seafood menu, a parking field, and a trade-dress that the next user will remove. Another sit-down brand is the hopeful backfill. Demolition for a pad user is the honest alternative in a weak trade area. Basis has to work on one of those, because the 2024 process already showed the brand will close restaurants.
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