Outback Steakhouse

1650 South Clearview Avenue, Mesa, AZ 85206

$4,357,296

Cap Rate 6.25%

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

Summary

Price $4,357,296	Built/Renov 1996/2010	Tenant Outback Steakhouse
Cap Rate 6.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,184	Lease Start 03-13-2015	#Units 1,001
Price/SF $704.61	Expiration 02-28-2035	Tenant Type Casual Dining
NOI $272,331	R. Term 10.9	Ownership Fee Simple
Rent/SF $44.04	Increases 1.8%/1/yrs	Pop 5Mi 284,077
Lot/AC 1.51	Options 3/5yrs/1.8%	AHHI 5Mi $99,687

Lease Highlights

Outback Steakhouse has a 27-year operating history at this location
Outback has 11+ years remaining on the current lease term with 3 (5-year) options to extend
Lease features 1.8% annual rental increases throughout the initial term and during each option
Absolute NNN | Zero landlord responsibilities
Corporate guarantee by Bloomin' Brands (NASDAQ: BLMN)

Location Description

Outback Steakhouse is located along South Clearview Avenue, which intersects with Superstition Springs Boulevard (10,644 VPD) and is 0.6 miles from the on-ramp to Superstition Freeway (164,863 VPD). The site is strategically positioned as an outparcel to Harkins Theatres and is also feet from a Home Depot-anchored shopping center. Just north of the site, a 254-unit apartment complex is...

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Key Features

In location for years
Dense retail corridor
Shopping Ctr out-parcel
Freeway close
Top 100 MSA
Strong demographics
Long 10+ yr lease
Annual rent increases
Traded and rated company
Corporate Guarantee

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Links

Outback Steakhouse Wikipedia Outback Steakhouse Wikipedia Mesa, Arizona Zip Code 85206 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 :	10,271	110,509	289,541
2023 Total Population :	10,349	109,679	286,310
2023 Employed Civilian Pop :	5,150	48,623	133,880
2023 Total Businesses :	718	2,473	6,258
2023 Average Household Income :	$ 87,288	$ 93,708	$ 103,863
2023 Total Consumer Spending :	$ 326 M	$ 3666 M	$ 10023 M
2023 Median Age :	40	44	41
2023 Total Households :	4,291	45,033	111,480
2023 Pop Age 25+: Bachelor's Degree :	1,878	16,769	46,211
2023 Average Home Value :	$ 343,034	$ 325,843	$ 374,993

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Superstition Freeway	Roosevelt Wcd	2021	161,085	0.05 mi
South Clearview Avenue	E Hampton Ave	2017	7,200	0.14 mi
Superstition Springs Boulevard	S Clearview Ave	2017	11,333	0.19 mi
South Clearview Avenue	E Hampton Ave	2018	6,837	0.19 mi
S Clearview Ave	E Hampton Ave	2015	6,800	0.19 mi
Superstition Springs Boulevard	S Clearview Ave	2018	10,644	0.20 mi
Superstition Springs Blvd	S Clearview Ave	2015	11,500	0.20 mi
East Hampton Avenue	S Clearview Ave	2017	8,169	0.27 mi
US-60 Exit 188 G-Ramp	S Power Rd	2020	9,437	0.30 mi
E Hampton Ave	S Clearview Ave	2015	8,700	0.31 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5893 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5933 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
6010 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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