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Views: 30 DOM: 113 Updated: 03.25.24 Posted: 01.24.24 Status: Contract 03.25.24

Summary

Price $3,600,000
Built/Renov 2023
Tenant Outback Steakhouse (GL)
Cap Rate 5.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 6,000
Lease Start 01-01-2024
#Units 1,001
Price/SF $600.00
Expiration 12-31-2038
Tenant Type Casual Dining
NOI $180,000
R. Term 14.7
Ownership Ground Lease
Rent/SF $30.00
Increases 10.0%/5/yrs
Pop 5Mi 324,633
Lot/AC 1.13
Options 4/5yrs/10%
AHHI 5Mi $113,060

Lease Highlights

  • Brand new 2023 construction
  • Outback Steakhouse recently executed a brand new 15-year lease with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease (NASDAQ: BLMN)

Location Description

Outback Steakhouse is strategically located along Mannheim Rd. (20,100 VPD) and benefits from strong visibility from both the eastbound and westbound lanes of Interstate 90 (Jane Addams Tollway), one of Chicago’s most frequently travelled roadways. Interstate 90 has an average daily traffic count of 169,000 VPD in front of the subject property, creating a substantial potential customer base...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Outback Steakhouse
  • Guarantor:Corp T and Rated
  • Company:Bloomin' Brands, Inc.
  • # 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 : 8,089 86,311 318,160
2023 Total Population : 8,354 88,021 324,444
2023 Employed Civilian Pop : 4,647 47,815 173,669
2023 Total Businesses : 740 5,141 14,951
2023 Average Household Income : $ 95,608 $ 121,166 $ 113,090
2023 Total Consumer Spending : $ 257 M $ 3574 M $ 12086 M
2023 Median Age : 41 43 43
2023 Total Households : 3,153 34,747 125,823
2023 Pop Age 25+: Bachelor's Degree : 1,078 18,787 63,791
2023 Average Home Value : $ 339,899 $ 388,758 $ 363,914
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Pratt Street Orchard Pl 2018 1,950 0.05 mi
Jane Addams Memorial Tollway Mannheim Rd 2018 171,600 0.08 mi
Jane Addams Memorial Tollway Mannheim Rd 2018 85,800 0.08 mi
US 12;US 45 I- 90 2021 20,100 0.18 mi
I- 90 Mannheim Rd 2013 160,900 0.19 mi
US 12;US 45 Pratt Ave 2021 18,300 0.22 mi
Orchard Place E Higgins Rd 2018 1,950 0.24 mi
Orchard Place W Higgins Rd 2022 1,075 0.26 mi
Mannheim Rd Lunt Ave 2007 23,300 0.28 mi
I- 90 Lee St 2013 160,900 0.29 mi

Listing Broker

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