Outback Steakhouse

2314 West Loop 250 North, Midland, TX 79705

$6,238,736

Cap Rate 6.25%

Views: 72 DOM: 251 Updated: 04.22.24 Posted: 09.09.23 Status: Active

Summary

Price $6,238,736	Built/Renov 1994	Tenant Outback Steakhouse
Cap Rate 6.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,192	Lease Start 03-13-2015	#Units 1,001
Price/SF $1,007.55	Expiration 02-28-2035	Tenant Type Casual Dining
NOI $389,921	R. Term 10.9	Ownership Fee Simple
Rent/SF $62.97	Increases 1.8%/1/yrs	Pop 5Mi 133,756
Lot/AC 1.45	Options 3/5yrs/1.8%	AHHI 5Mi $127,938

Lease Highlights

Long 29-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 located along both Faulkner Drive and West Loop 250 North, which sees a traffic count of 45,200 passing by daily. The property is situated just a few feet from its signalized intersection with North Garfield Street (18,240 VPD). Outback Steakhouse is adjacent to Office Depot, Talbots, Occasions Fine Jewelry and is across from Fairfield Inn & Suites. The Colonnade at...

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Key Features

High traffic 50M+ VPD
Freeway visibility
Affluent AHHI $100K 5 Mi
New development zone
Income tax free state
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 Midland, Texas Zip Code 79705 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 :	10,079	72,211	138,889
2023 Total Population :	9,786	70,469	133,829
2023 Employed Civilian Pop :	6,102	40,285	73,988
2023 Total Businesses :	348	2,432	5,364
2023 Average Household Income :	$ 115,146	$ 122,516	$ 118,390
2023 Total Consumer Spending :	$ 409 M	$ 2910 M	$ 5030 M
2023 Median Age :	38	37	36
2023 Total Households :	4,122	27,599	49,032
2023 Pop Age 25+: Bachelor's Degree :	2,281	14,974	23,003
2023 Average Home Value :	$ 370,795	$ 356,283	$ 318,177

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
N Garfield St	Faulkner Dr	2015	6,476	0.10 mi
Faulkner Dr	Melville Dr	2015	777	0.19 mi
N Garfield St	Whitmire Blvd	2012	18,240	0.21 mi
Whitmire Blvd	N Garfield St	2012	3,620	0.22 mi
W Loop 250 N	N Garfield St	2012	45,200	0.24 mi
Belle Grove Ct	Chretien Pl	2012	140	0.30 mi
N Garfield St	Siesta Ln	2015	24,392	0.30 mi
W Loop 250 N	Whitman Dr	2012	56,750	0.31 mi
West Loop 250 North	N A St	2021	5,980	0.32 mi
	N Midkiff Rd	2021	53,183	0.32 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5894 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5934 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
6011 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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