President’s Opinion – Marc Insul, President & Chief Operating Officer, Commercial Asset Preservation

How long can we expect Red Lobster properties to remain vacant?

The recent announcement of Red Lobster’s bankruptcy has created a significant pool of vacant sit-down restaurants across the United States. There has been no shortage of opinions about the demise of Red Lobster in traditional media, social media, and blog posts. Some opine on why the restaurant brand failed, others speak to the short notice given to the employees of the chain, while the publications that I read write about what will become of the real estate. Those who write about real estate generally are of the consensus that Red Lobster picked prime locations for its restaurants therefore the old adage of “location, location, location” will facilitate the transition of closed Red Lobsters into a more valuable usage. 

CAP Covers Properties in the Short or Long Term

At Commercial Asset Preservation (CAP) we provide services for more vacant commercial property than anyone in the United States. Not all of the locations that CAP services can be considered prime real estate. It is not uncommon for a property to be serviced by CAP for many years as the property owner tries to find a next life for the building. In my conversations with the owners of closed Red Lobster locations, I am hearing that these properties are attractive to potential new tenants. Does that mean that a transaction will occur quickly in each case, that remains to be seen.

Whether a property is vacant for days or years, protecting and maintaining the property is crucial in retaining value. Commercial Asset Preservation provides property owners with guidance and services to ensure their vacant property retains value and has a favorable upside. 

If you own vacant commercial real estate let CAP cover and preserve your property. 

Learn more about the vacant property services offered by CAP by visiting https://www.commercialpreservation.com/vacant-property-services/ or by emailing inquiries@commercialpreservation.com.