Outback Steakhouse

945 Factory Shops Blvd, Gaffney, SC 29341

$3,711,415

Cap Rate 6.50%

Views: 67 DOM: 252 Updated: 04.15.24 Posted: 09.08.23 Status: Active

Summary

Price $3,711,415	Built/Renov 2003	Tenant Outback Steakhouse
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,172	Lease Start 03-13-2015	#Units 1,001
Price/SF $601.33	Expiration 02-28-2035	Tenant Type Casual Dining
NOI $241,242	R. Term 10.9	Ownership Fee Simple
Rent/SF $39.09	Increases 1.8%/1/yrs	Pop 5Mi 25,764
Lot/AC 0.24	Options 3/5yrs/1.8%	AHHI 5Mi $62,361

Lease Highlights

Long 20-year operating history at this location
Tenant has 11+ years of primary term remaining with 3 (5-year) renewal options
Lease features 1.8% annual rental increases
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Outback is conveniently situated along State Route S-11-440, which intersects with Hyatt Street around half a mile to the east. This location provides easy access to Interstate 85, which sees a daily traffic volume of 65,000 vehicles. Exit 90 off Interstate 85, where this section is located, is part of the ongoing 29-mile I-85 Widening Project. This freestanding Outback restaurant is...

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Key Features

High traffic 50M+ VPD
Shopping Ctr out-parcel
Freeway visibility
Top 100 MSA
New development zone
Long operation history
Absolute NNN
Annual rent increases
Traded and rated company
Corporate Guarantee

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Links

Outback Steakhouse Wikipedia Outback Steakhouse Wikipedia Gaffney, South Carolina Zip Code 29341 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Outback Steakhouse
Guarantor:Corp T and Rated
Company:Bloomin' Brands
# Units:1,001
Tenant S&P: BB-
Moody’s: Baa3
Stock: NASDAQ: BLMN

About Tenant

Outback Steakhouse is a chain of Australian-themed casual dining restaurants, serving American cuisine. The chain specializes in a wide variety of dishes; including prime steak cuts, chicken,...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	177	5,506	26,055
2023 Total Population :	181	5,554	25,929
2023 Employed Civilian Pop :	79	2,342	9,660
2023 Total Businesses :	72	382	1,016
2023 Average Household Income :	$ 74,677	$ 72,527	$ 61,113
2023 Total Consumer Spending :	$ 4 M	$ 149 M	$ 554 M
2023 Median Age :	45	45	40
2023 Total Households :	66	2,354	10,324
2023 Pop Age 25+: Bachelor's Degree :	23	722	1,965
2023 Average Home Value :	$ 190,426	$ 184,763	$ 161,951

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Hyatt Street	Peachoid Rd	2021	6,900	0.43 mi
I 85	Whelchel Rd	2021	58,400	1.15 mi
Hyatt Street	Old Post Rd	2021	6,900	1.28 mi
Overbrook Dr	Overbrook Mobile Home Park	2010	2,200	1.32 mi
I- 85	Crawford Dr	2010	50,800	1.32 mi
Overbrook Drive	Overbrook Mobile Home Park	2021	3,300	1.34 mi
Old Post Rd	Pettit Ct	2010	5,900	1.52 mi
I 85	Hyatt St	2021	63,400	1.56 mi
Old Post Road	Mildred Ave	2021	6,900	1.65 mi
West Rutledge Avenue	Cambridge Cir	2021	450	1.99 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5900 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5940 Views
41 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6017 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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