Outback Steakhouse

8880 Springbrook Drive Northwest, Coon Rapids, MN 55433

$3,486,185

Cap Rate 6.50%

Views: 76 DOM: 251 Updated: 04.22.24 Posted: 09.08.23 Status: Active

Summary

Price $3,486,185	Built/Renov 1997	Tenant Outback Steakhouse
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,268	Lease Start 03-13-2015	#Units 1,001
Price/SF $556.19	Expiration 02-28-2035	Tenant Type Casual Dining
NOI $226,602	R. Term 10.9	Ownership Fee Simple
Rent/SF $36.15	Increases 1.8%/1/yrs	Pop 5Mi 235,938
Lot/AC 1.83	Options 3/5yrs/10%	AHHI 5Mi $103,158

Lease Highlights

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 each option
Absolute NNN | Zero landlord responsibilities
Corporate guarantee by Bloomin' Brands (NASDAQ: BLMN)

Location Description

This Outback is located along Springbrook Drive (12,600 VPD), which intersects with Coon Rapids Boulevard (25,000 VPD) a half mile north, and provides access to Minnesota State Highway 47 (50,000 VPD). Outback is immediately adjacent to ALDI, Magnum LTD, and the Coon Rapids YMCA. The site is a half mile north of a Target-anchored shopping center, and less than a mile from the...

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Key Features

Dense retail corridor
Near major nationals
Strong tenant synergy
Highway close
Top 100 MSA
Strong demographics
Absolute NNN
Long 10+ yr lease
Traded and rated company
Corporate Guarantee

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Links

Outback Steakhouse Wikipedia Outback Steakhouse Wikipedia Coon Rapids, Minnesota Zip Code 55433 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 :	6,735	80,130	240,884
2023 Total Population :	6,464	79,092	236,211
2023 Employed Civilian Pop :	3,340	41,507	127,181
2023 Total Businesses :	491	2,476	5,939
2023 Average Household Income :	$ 85,245	$ 98,886	$ 104,746
2023 Total Consumer Spending :	$ 199 M	$ 2512 M	$ 7818 M
2023 Median Age :	41	39	38
2023 Total Households :	2,718	29,639	86,919
2023 Pop Age 25+: Bachelor's Degree :	1,154	12,748	36,979
2023 Average Home Value :	$ 340,173	$ 312,369	$ 331,416

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Springbrook Drive Northwest	Springbrook Dr	2018	9,800	0.12 mi
Coon Rapids Blvd NW	Hwy 10	2018	22,100	0.13 mi
Evergreen Blvd	87th Ln NW	2008	1,950	0.15 mi
CON 1676	State Hwy 47	2021	1,780	0.16 mi
CON 2999	Coon Rapids Blvd NW	2021	1,436	0.17 mi
State Hwy 47	University Ave NE	2017	22,400	0.22 mi
Coon Rapids Boulevard Northwest	Hwy 10	2018	20,400	0.25 mi
Coon Rapids Blvd NW	Hwy 10	2011	17,000	0.25 mi
Coon Rapids Blvd NW	Hwy 47	2016	21,900	0.26 mi
University Avenue Northeast	Hwy 47	2018	15,000	0.30 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5888 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5928 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
6005 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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