Outback Steakhouse

4505 Sherwood Way, San Angelo, TX 76904

$4,447,392

Cap Rate 6.25%

Views: 79 DOM: 251 Updated: 04.22.24 Posted: 09.09.23 Status: Active

Summary

Price $4,447,392	Built/Renov 2000	Tenant Outback Steakhouse
Cap Rate 6.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,184	Lease Start 09-30-2016	#Units 1,001
Price/SF $719.18	Expiration 09-30-2036	Tenant Type Casual Dining
NOI $277,962	R. Term 12.4	Ownership Fee Simple
Rent/SF $44.95	Increases 1.8%/1/yrs	Pop 5Mi 82,427
Lot/AC 1.20	Options 3/5yrs/1.8%	AHHI 5Mi $84,120

Lease Highlights

Long 23-year operating history at this location
Tenant has 13 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 Steakhouse is located on Sherwood Way (24,040 VPD), where it is just feet from the on-ramp of TX-306 Loop (39,118 VPD). The property is positioned as an outparcel to the Sherwood Oaks Shopping Center, which is anchored by Cinemark Tinseltown USA and Crunch Fitness, and also includes O’Reilly Auto Parts, McAlister’s Deli, Marble Slab Creamery, and more, creating a strong draw to the...

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Key Features

Near major nationals
Strategically located
Highway location
Top 100 MSA
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 San Angelo, Texas Zip Code 76904 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 :	8,120	53,105	84,311
2023 Total Population :	8,071	52,242	82,930
2023 Employed Civilian Pop :	4,252	26,881	40,423
2023 Total Businesses :	382	1,703	3,370
2023 Average Household Income :	$ 84,589	$ 84,724	$ 78,731
2023 Total Consumer Spending :	$ 259 M	$ 1621 M	$ 2351 M
2023 Median Age :	37	37	37
2023 Total Households :	3,554	22,040	34,300
2023 Pop Age 25+: Bachelor's Degree :	1,516	8,232	11,328
2023 Average Home Value :	$ 204,435	$ 230,969	$ 223,247

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Sherwood Way	Sunset Dr	2021	18,384	0.23 mi
Southwest Boulevard	Sherwood Way	2021	8,640	0.29 mi
	Northwest Dr	2021	10,500	0.34 mi
Loop 306	Northwest Dr	2021	22,995	0.37 mi
US 67	Northwest Dr	2021	11,320	0.40 mi
West Houston Harte Expressway	Southwest Blvd	2020	44,342	0.52 mi
	Oak Grove Blvd	2021	1,373	0.62 mi
W State Hwy Loop 306	State Loop 306	2002	27,000	0.64 mi
	Oak Grove Blvd	2021	39,118	0.65 mi
Hunters Glen Rd	Drexel Dr	2002	5,400	0.77 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5892 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5932 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
6009 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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