OFFERING MEMORANDUM - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Red Lobster
Subject Property
EXCLU S I V E N ET - L EA S E O F F ER I N G
OFFERING
MEMORANDUM 2080 Sam Rittenberg Boulevard
Charleston, SC 29407
Confidentiality and Disclaimer
Marcus & Millichap hereby advises all prospective purchasers of and lease guarantees, Buyer is responsible for conducting his/her NON-ENDORSEMENT NOTICE
Net Leased property as follows: own investigation of all matters affecting the intrinsic value of the
property and the value of any long-term lease, including the Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”)
The information contained in this Marketing Brochure has been likelihood of locating a replacement tenant if the current tenant is not affiliated with, sponsored by, or endorsed by any
obtained from sources we believe to be reliable. However, Marcus should default or abandon the property, and the lease terms that commercial tenant or lessee identified in this marketing package.
& Millichap has not and will not verify any of this information, nor Buyer may be able to negotiate with a potential replacement The presence of any corporation’s logo or name is not intended to
has Marcus & Millichap conducted any investigation regarding tenant considering the location of the property, and Buyer’s legal indicate or imply affiliation with, or sponsorship or endorsement
these matters. Marcus & Millichap makes no guarantee, warranty ability to make alternate use of the property. by, said corporation of M&M, its affiliates or subsidiaries, or any
or representation whatsoever about the accuracy or completeness By accepting this Marketing Brochure you agree to release Marcus agent, product, service, or commercial listing of M&M, and is
of any information provided. & Millichap Real Estate Investment Services and hold it harmless solely included for the purpose of providing tenant lessee
from any kind of claim, cost, expense, or liability arising out of information about this listing to prospective customers.
As the Buyer of a net leased property, it is the Buyer’s your investigation and/or purchase of this net leased property.
responsibility to independently confirm the accuracy and ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE
completeness of all material information before completing any CONFIDENTIALITY AND DISCLAIMER CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE
purchase. This Marketing Brochure is not a substitute for your DETAILS.
thorough due diligence investigation of this investment The information contained in the following Marketing Brochure is
SPECIAL COVID-19 NOTICE
opportunity. Marcus & Millichap expressly denies any obligation proprietary and strictly confidential. It is intended to be reviewed
to conduct a due diligence examination of this Property for Buyer. only by the party receiving it from Marcus & Millichap and should All potential buyers are strongly advised to take advantage of
not be made available to any other person or entity without the their opportunities and obligations to conduct thorough due
Any projections, opinions, assumptions or estimates used in this written consent of Marcus & Millichap. This Marketing Brochure diligence and seek expert opinions as they may deem necessary,
Marketing Brochure are for example only and do not represent has been prepared to provide summary, unverified information to especially given the unpredictable changes resulting from the
the current or future performance of this property. The value of a prospective purchasers, and to establish only a preliminary level continuing COVID-19 pandemic. Marcus & Millichap has not been
net leased property to you depends on factors that should be of interest in the subject property. The information contained retained to perform, and cannot conduct, due diligence on behalf
evaluated by you and your tax, financial and legal advisors. herein is not a substitute for a thorough due diligence of any prospective purchaser. Marcus & Millichap’s principal
investigation. Marcus & Millichap has not made any investigation, expertise is in marketing investment properties and acting as
Buyer and Buyer’s tax, financial, legal, and construction advisors and makes no warranty or representation, with respect to the intermediaries between buyers and sellers. Marcus & Millichap
should conduct a careful, independent investigation of any net income or expenses for the subject property, the future projected and its investment professionals cannot and will not act as
leased property to determine to your satisfaction with the financial performance of the property, the size and square footage lawyers, accountants, contractors, or engineers. All potential
suitability of the property for your needs. of the property and improvements, the presence or absence of buyers are admonished and advised to engage other
contaminating substances, PCB’s or asbestos, the compliance with professionals on legal issues, tax, regulatory, financial, and
Like all real estate investments, this investment carries significant State and Federal regulations, the physical condition of the accounting matters, and for questions involving the property’s
risks. Buyer and Buyer’s legal and financial advisors must request improvements thereon, or the financial condition or business physical condition or financial outlook. Projections and pro forma
and carefully review all legal and financial documents related to prospects of any tenant, or any tenant’s plans or intentions to financial statements are not guarantees and, given the potential
the property and tenant. While the tenant’s past performance at continue its occupancy of the subject property. The information volatility created by COVID-19, all potential buyers should be
this or other locations is an important consideration, it is not a contained in this Marketing Brochure has been obtained from comfortable with and rely solely on their own projections,
guarantee of future success. Similarly, the lease rate for some sources we believe to be reliable; however, Marcus & Millichap analyses, and decision-making.
properties, including newly-constructed facilities or newly- has not verified, and will not verify, any of the information
acquired locations, may be set based on a tenant’s projected sales contained herein, nor has Marcus & Millichap conducted any
with little or no record of actual performance, or comparable investigation regarding these matters and makes no warranty or
rents for the area. Returns are not guaranteed; the tenant and any representation whatsoever regarding the accuracy or
guarantors may fail to pay the lease rent or property taxes, or may completeness of the information provided. All potential buyers
fali to comply with other material terms of the lease; cash flow must take appropriate measures to verify all of the information
may be interrupted in part or in whole due to market, economic, set forth herein.
environmental or other conditions. Regardless of tenant history
2080 Sam Rittenberg Boulevard
Charleston, SC 29407
Table of Contents
Investment Highlights 4
Financial Analysis 5
Concept Overview 6-12
Surrounding Area 13
Location Overview 14
Property Photos 15
Local Map 16
Regional Map 17
Demographics / Market
18-19
Overview
Representative Photo
Investment Highlights
PRICE: $3,096,947 | CAP: 6.00% | RENT: $185,817
About the Investment
Long-Term, 19.9-Year Absolute Triple-Net (NNN) Lease with Nearly 15 Years Remaining on
the Base Term
Corporate Tenant | Corporate Guaranty
Attractive Rental Increases of Two Percent (2.00%) Annually, Beginning in 2021
Four (4), Five (5)-Year Tenant Renewal Options, Bringing the Potential Lease Term to ~40
Years
About the Location
Dense Retail Corridor | Citadel Mall (1,138,000+ SF Mall with 100+ Stores), Target,
Dillard’s, Dick’s Sporting Goods, Cost Plus World Market, Belk, Walgreens, Office Depot,
Best Buy, McDonald’s, Chick-fil-A, Panera Bread, Ross, TJ Maxx, Taco Bell, Zaxby’s, Dunkin’
Donuts, and Many More
Affluent Suburban Community | Average Household Income Exceeds $75,000 for Homes
within Five Miles of the Subject Property
Strong & Growing Demographics | Population Exceeds 123,500 Individuals Within a Five-
Mile Radius
Heavily Trafficked Area | Sam Rittenberg Blvd, U.S. Hwy 17 & I-526 | Average Daily Traffic
Counts Exceeding 24,000, 46,000 & 80,000, Respectively
Highly Accommodating Area | Comfort Suites West, Hampton Inn & Suites, Holiday Inn,
Hotel Bennett, WoodSpring Suites, Town & Country Inn and Suites, TownPlace Suites, and
Many More
Excellent South Carolina Real Estate | Less than Six Miles from the Heart of Downtown
Charleston | Most Populous City in South Carolina
About the Tenant / Brand
Red Lobster is the largest seafood restaurant concept in the world and is an iconic full-
service brand with broad demographic appeal and a significant advertising budget (2nd-
largest in casual dining)
The Company was founded in 1968 and currently operates over 700 restaurants
throughout the United States and Canada, and has more than 40 franchised restaurants in
international markets
Red Lobster is led by an experienced management team with a history of success leading
the brand (average 27+ years experience across executive team)
The company generates $2.5B in revenue and is the 6th-largest casual dining concept in
North America
Recently acquired by an investment group led by Thai Union Group, one of the worlds
largest seafood distributors
Red Lobster – Charleston, SC 4
Financial Analysis
PRICE: $3,096,9471 | CAP: 6.00% | RENT: $185,817
PROPERTY DESCRIPTION RENT SCHEDULE
Property Red Lobster
Lease Year Annual Rent Monthly Rent Rent Escalation
Property Address 2080 Sam Rittenberg Boulevard
Year 6 $182,173 $15,181 -
City, State ZIP Charleston, SC 29407
Year 7 $185,817 $15,485 2.00%
Year Built / Renovated 1984 / 2012
Year 8 $189,533 $15,794 2.00%
Building Size (SF) 7,821 SF
Year 9 $193,324 $16,110 2.00%
Lot Size (Acres) +/- 1.99 Acres
Year 10 $197,190 $16,433 2.00%
Type of Ownership Fee Simple
Year 11 $201,134 $16,761 2.00%
THE OFFERING
Year 12 $205,157 $17,096 2.00%
Purchase Price $3,096,947
Year 13 $209,260 $17,438 2.00%
CAP Rate 6.00%
Year 14 $213,445 $17,787 2.00%
Annual Rent $185,817
Year 15 $217,714 $18,143 2.00%
LEASE SUMMARY
Year 16 $222,068 $18,506 2.00%
Property Type Net Leased Restaurant
Year 17 $226,510 $18,876 2.00%
Tenant / Guarantor Corporate
Year 18 $231,040 $19,253 2.00%
Original Lease Term 19.9 Years
Year 19 $235,661 $19,638 2.00%
Lease Commencement February 10, 2015
Year 20 $240,374 $20,031 2.00%
Lease Expiration December 31, 2034
Lease Term Remaining 14.8 Years 1 - Purchase price based off upcoming rental increase on 1/1/2021
Lease Type Absolute Triple-Net (NNN) INVESTMENT SUMMARY
Roof & Structure Tenant Responsible Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster located
at 2080 Sam Rittenberg Boulevard in Charleston, SC. The site consists of roughly 7,821
Rental Increases 2.00% Annually, Beginning in 2021 rentable square feet of building space on an estimated 1.99-acre parcel of land. This
Options to Renew Four (4), Five (5)-Year Options Red Lobster is subject to a 19.9-year absolute triple-net (NNN) lease, which
commenced February 10, 2015. The current annual rent is $182,173 and is scheduled
* Glen Kunofsky & other members of the selling entity, Exclusive Listing Agents, are part fee simple owners of to increase by 2.00% annually throughout the remainder of the base term and in each
this property. They are licensed real estate salespeople for Marcus & Millichap in the State of New York. of the four (4), five (5)-year tenant renewal options.
Red Lobster – Charleston, SC 5
Concept Overview
About Red Lobster
• Red Lobster is the largest seafood restaurant concept in the
world and is an iconic full service brand with broad
demographic appeal and a significant advertising budget (2nd
largest in casual dining).
• The Company was founded in 1968 and currently operates
700+ restaurants throughout the United States and Canada
and has 40+ franchised restaurants in international markets.
• Red Lobster is led by an experienced management team with
a history of success leading the brand (average 27+ years
experience across executive team).
• The company generates $2.5B in revenue and is the 6th
largest casual dining concept in North America.
The Transaction
• On August 31st, 2020, a group led by Thai Union Group (“TUG”)
acquired Red Lobster from Golden Gate Capital.
• Thai Union Group was previously a minority owner of Red
Lobster – first acquiring a 25% stake in the company in 2016.
• The new ownership group now includes Thai Union Group,
current Red Lobster management, and a newly formed
investment group, Seafood Alliance, which is led by two
prominent global restaurant operators.
Red Lobster – Charleston, SC 6
Concept Overview
OUR HISTORY
FRESH IS IN OUR FOOD FRESH IS IN OUR DEDICATION
Each day, you’ll find an updated selection of fresh fish on We hold ourselves to the highest standards for service,
our Today’s Fresh Fish menu, not to mention live Maine quality and a welcoming atmosphere. And we’re focused
lobster, freshly baked Cheddar Bay Biscuits™, crisp salads on doing what’s right – for our employees, in our
and a host of fresh seafood recipes waiting to be communities and in the world.
explored.
FRESH IS IN OUR KNOWLEDGE FRESH IS IN OUR COMMITMENT
No one knows seafood better than we do. As global You deserve the freshest food and thinking. So every time
seafood buyers, we have employees stationed you visit one of our seafood restaurants or our online
throughout the world who inspect our seafood the seafood store, you’ll find an uncommon commitment to
moment it comes out of the water. They ensure it meets deliver the best of the sea with fresh energy and fresh
standards that are second to none. Then, the renowned ideas that we hope will make you want to come back
chefs at our culinary center deliver the fresh expertise again and again.
that turns it all into something truly special.
We invite you to come in and experience our commitment to quality for
yourself. Whether it’s choosing your favorite fresh fish from our “Today’s
Fresh Fish” menu, or selecting your favorite seafood to be prepared over our
wood-fired grill, Red Lobster is the place you can enjoy fresh, delicious
seafood now and for generations.
Red Lobster – Charleston, SC 7
Concept Overview
2018
We celebrate our 50th anniversary of
serving fresh, delicious seafood 2020
Acquisition by Thai Union Group
Red Lobster – Charleston, SC 8
Concept Overview
Strong Market Position Significant Scale With Broad Geographic Reach
• Red Lobster is the largest seafood restaurant concept in the
world and the 6th largest casual dining concept in the United
States with over $2.5 billion in annual sales and 700+
restaurants.
• The Company is the category killer in the seafood casual
dining space, holding almost 50% market share.
• Largest share of any restaurant concept in any
segment.
• 6 largest overall casual dining concept in the US.
th
6th Largest Casual Dining Concept in the US ~50% Share in Seafood Casual Dining
Red Lobster – Charleston, SC 9
Concept Overview
Iconic Brand With Unparalleled Customer Healthy and Recently Remodeled Restaurant
Loyalty Base
• Red Lobster has strong consumer appeal and broad usage • Over $320 million invested in remodels covering >90% of
across multiple dining out occasions, including high-crave, restaurants over the past 9 years.
healthier “good for you” and special meal occasions. • $1.4 billion in overall capital expenditure investment over
• The brand has a strong foundation of loyal guests, who visit 1- the past 11 years.
2 times per month and account for more than 50% of sales. • New Bar Harbor format has strong appeal across customer
• Red Lobster is the clear leader in casual dining seafood, and base.
the most indispensable brand among major casual dining
concepts, further indicating strong consumer loyalty.
Indispensability vs. Peers New Bar Harbor Format
Before After
Indispensability (How difficult it would be for me to ‘give up’ ever going there
again ) - % very difficult (10 out of 10) shown
Red Lobster – Charleston, SC 10Concept Overview
Red Lobster is led by an experienced management team with prior success leading the brand.
• Kim served as President of Red Lobster from FY2005 to FY2011, a period of consistent, above-market
Kim Lopdrup growth for the brand
CEO • Prior to his return to Red Lobster, Kim served as President of Specialty Restaurant Group and New
(31 years in Restaurant Business
Industry)
• Before joining Darden, Kim served as EVP and COO of North America for Burger King, and at Dunkin’
Brands as VP of Marketing and CEO of its international division
• BBA, College of William & Mary; MBA with distinction, Harvard Business School
• Salli was named President of Red Lobster in July of 2013
• Prior to her promotion to President, Salli served as Red Lobster’s EVP of Marketing, before which she
Salli Setta held numerous roles in Marketing and Culinary at Olive Garden during its turnaround, including VP
President Marketing and SVP Culinary and Beverage
(28 years in Restaurant
• 24 years of experience in restaurant marketing, advertising and menu development; named “Menu
Industry)
Strategist of the Year” in 2003; recipient of three Menu Masters’ Awards and a Silver Effie for her work
on the “Hospitaliano” ad campaign
• BA, University of Central Florida; MBA, Florida Institute of Technology
• Bill served as CFO of Red Lobster from FY2006 to FY2010
Bill Lambert • Prior to his return to Red Lobster, Bill served as CFO of LongHorn Steakhouse
CFO
• Prior to joining Darden and Red Lobster, Bill spent 21 years with Federated Department Stores in various
(12 years in Restaurant
roles including CFO of Macy’s Central
Industry)
• BS, Duke University; MBA, University of Michigan
• Darryl “Chip” Wade is EVP of Operations at Red Lobster
Chip Wade
EVP • Previously, Chip held positions in Enterprise Operations at Darden and as SVP of its Smokey Bones brand
Operations • Outside of Darden, Chip previously served as COO of Legal Sea Foods and in various operations
(30 years in Restaurant management roles at TGI Friday’s
Industry)
• BA, Widener University; MBA, University of Texas
Red Lobster – Charleston, SC 11Concept Overview
• Founded in 1977, Thai Union has a rich history of commitment to seafood expertise and innovation around
the world.
• Thai Union Group, based out of Thailand with offices North America, Europe, the Middle-East and Asia,
currently serves as a main supplier of seafood for Red Lobster’s across the world.
• Thai Union Group has been listed on the Stock Exchange of Thailand (SET) since November 1994
• Prior to the Red Lobster acquisition, Thai Union Group reported annual sales of over $4.1 Billion
• Through acquisitions and organic growth, TUG’s ambitious expansion strategy has established a diverse global
brand portfolio. Covering three continents, their brands are consumer favorites and market leaders with a
wide range of products including shelf-stable seafood products, frozen and chilled seafood, PetCare products
and more.
• TUG has a long, successful track record and significant experience servicing consumers, supermarkets,
restaurants, hospitality and others.
Global Brands and Partnerships
Red Lobster – Charleston, SC 12Surrounding Area
2080 Sam Rittenberg Boulevard, Charleston, SC 29407
CAROLINA
VOYAGER
CHARTER
SCHOOL
Red Lobster – Charleston, SC 13Location Overview
2080 Sam Rittenberg Boulevard, Charleston, SC 29407
This Red Lobster investment property is situated on Sam Rittenberg Boulevard, which
boasts an average daily traffic count exceeding 24,300 vehicles. Sam Rittenberg
Boulevard intersects and merges with Interstate-526, as well as Savannah Highway
(U.S. Route 17), which bring an additional 80,000 and 46,000 vehicles into the
immediate surrounding area each day, respectively. There are more than 53,500
individuals residing within a three-mile radius of the subject property and more than
123,500 individuals within a five-mile radius. Average household income for homes
within five miles of the subject property exceeds $75,000.
The subject property is strategically situated in a highly dense retail corridor that
consists of numerous regional and national tenants, shopping centers and hospitality
accommodations, all within close proximity of this site. Major national tenants in the
immediate area include: Target, Dillard’s, Dick’s Sporting Goods, Cost Plus World
Market, Belk, Walgreens, Office Depot, Best Buy, McDonald’s, Chick-fil-A, Panera
Bread, Ross, TJ Maxx, Taco Bell, Zaxby’s, Dunkin’ Donuts, in addition to many others.
This Red Lobster benefits from being an outparcel to Citadel Mall, a regional shopping
mall consisting of more than 1,138,500 square feet and over 100 stores. The subject ADTC: 80,000
Red Lobster additionally benefits from being located within close proximity of various
hospitality accommodations. Among them are: Comfort Suites West, Hampton Inn &
Suites, Holiday Inn, Hotel Bennett, WoodSpring Suites, Town & Country Inn and
Suites, TownPlace Suites, and more. The Bon Secours Saint Francis Hospital, a 189-
bed, state of the art medical facility, is located approximately two miles from the
subject property. ADTC: 24,000
Many businesses have located and invested hundreds of millions of dollars in
Charleston's economy in recent years. Industrial hubs continue to provide high-paying
jobs in the area. With the arrival of Boeing Aircraft, the city has gained international
importance and stature as one of only three places in the world for the manufacture
and assembly of wide-body long range commercial aircraft. Other notable firms
within Charleston include Verizon, Cummins, Daimler AG, Hess Corporation, and
InterContinental Hotels Group. Joint Base Charleston, encompassing over 20,877
acres and supporting 67 Military Commands and Federal Agencies, provides service to
over 90,000 Airmen, Sailors, Soldiers, Marines, Coast Guardsmen, DOD civilians,
dependents, and retirees. Because of the influx of investments in Charleston, the city
continues to expand its inventory of 4-star hotel accommodations. Today the Port of
Charleston boasts the deepest water of any port in the southeast region. With
beaches, history, amazing sights, great food and friendly people, Charleston is a ADTC: 46,000
consistent hit with tourists who venture to this gracious and beautiful city.
Red Lobster – Charleston, SC 14Property Photos
2080 Sam Rittenberg Boulevard, Charleston, SC 29407
Red Lobster – Charleston, SC 15Local Map
2080 Sam Rittenberg Boulevard, Charleston, SC 29407
Charleston International Airport (CHS)
Red Lobster – Charleston, SC 16Regional Map
2080 Sam Rittenberg Boulevard, Charleston, SC 29407
SOUTH CAROLINA
Red Lobster – Charleston, SC 17Demographics
2080 Sam Rittenberg Boulevard, Charleston, SC 29407
1 Mile 3 Miles 5 Miles
POPULATION
2023 Projection 7,638 56,253 130,165
2018 Estimate 7,433 53,501 123,532
5 Miles 2010 Census 7,068 48,014 109,037
2000 Census 7,041 47,044 103,327
INCOME
3 Miles Average $64,904 $72,362 $75,005
Median $50,057 $54,541 $54,442
Per Capita $30,439 $34,000 $32,916
1 Mile
HOUSEHOLDS
2023 Projection 3,651 26,640 57,278
2018 Estimate 3,486 25,130 53,589
2010 Census 3,302 22,352 46,842
2000 Census 3,100 20,610 42,239
HOUSING
2018 $219,267 $240,440 $256,204
EMPLOYMENT
2018 Daytime Population 13,162 49,796 134,818
2018 Unemployment 2.15% 2.57% 3.17%
2018 Median Time Traveled 24 Mins 24 Mins 24 Mins
RACE & ETHNICITY
White 61.83% 65.41% 62.92%
Native American 0.18% 0.19% 0.10%
African American 33.39% 28.92% 31.41%
Asian/Pacific Islander 1.69% 1.96% 1.83%
Red Lobster – Charleston, SC 18Market Overview Charleston, SC is the oldest and most-populous city in the U.S. state of South
Carolina. With its world-class deepwater port, a growing international airport, and easily
accessible ground transportation, Charleston is well prepared to serve any transportation needs.
2080 Sam Rittenberg Boulevard, Charleston, SC 29407
The Deepest Water of Any Port in the South Atlantic Region:
With the deepest channels in the South Atlantic, regularly conducting vessels that draft up to 48
feet, and offering weekly service to more than 140 international destinations, Charleston’s
world-class port is well equipped to take on any shipping challenge. In fact, the city’s port is
internationally recognized for its high-efficiency rating—a rating based on speed of vessels
navigating the natural harbor, availability of multiple terminals specializing in containerized,
break-bulk, or rolling cargo, effective teamwork of port personnel and long shoremen, and smart
time-management with “truck turns.” To ensure continued efficiency, the port is ever
improving—with harbor deepening, development of a post-Panamax terminal, and purchase of
state-of-the-art cranes and equipment to handle post-Panamax vessels.
A Growing International Airport:
With new direct routes from Southwest Airlines, Frontier and Allegiant, air travel has become
easier at Charleston International Airport. Now offering non-stop service to 21 destinations, the
30+ year old airport completed a $200 million renovation in late 2016. The award-winning
improvements included the addition of five new gates and 15 new jet bridges and turned the
airport into a modern, sophisticated hub of travel for its 3.7 million passengers.
Well-Kept, Easily-Accessed Ground Transportation:
Just a short drive up I-26, I-95, I-77, and I-85 provide direct access to North Carolina, Tennessee,
New England, Miami, and connecting highways to the rest of the U.S. In fact, Charleston offers
one-day truck service to over 60 million people. And as for rail…the North Charleston Terminal’s
on-terminal rail yard provides easy transport for containers coming from the port to an inland
destination. Plus, two class-one carriers (Norfolk Southern and CSX) and one short-line service
provider (South Carolina Public Railways) offer service to strategic local and national locations.
Mature Industrial Parks:
Charleston County offers industrial buildings for lease (typically 20,000 – 200,000 sq. ft.) which
are ideal for light industrial, assembly, and distribution. These industrial buildings can be found
in the Ashley Phosphate Rd. corridor, along Cross County Rd., and in the Ladson area of the
North Charleston sub-market. Within this same sub-market, flex space of the type typically
preferred by defense contractors is abundant along the Aviation Ave. and N. Rhett Ave.
corridors.
Skilled Workforce:
Strong Charleston regional population growth has contributed to a labor force growth rate four
(4) times that of the national average. The Charleston region also enjoys one of the most
experienced and educated workforce populations in the nation. Charleston’s existing workforce
pool consists of 375,000 workers in the Charleston region, as well as 22,000+ potential
candidates in the SC Works online workforce system. Approximately 90% of residents have a
high school diploma or GED and 33% of residents have a bachelors or advanced degree.
Additionally, more than 40,000 students are enrolled in area colleges and universities, nearly
15,000 students are enrolled in high school academies, and 28 new residents move to the region
each day.
Red Lobster – Charleston, SC 19Glen Kunofsky John Winslow
Glen.Kunofsky@marcusmillichap.com John.Winslow@marcusmillichap.com
212.430.5115 | NY: 10301203289 646.805.1412 | NY: 10401332843
E XC LU S I V E N E T - L EA S E O F F E R I N G
SC Broker of Record:
Ben Yelm
Marcus & Millichap 2080 Sam Rittenberg Boulevard, Charleston, SC 29407
License #: 86628You can also read
