Carrabba's Italian Grill

3917 Airport Boulevard, Mobile, AL 36608

$3,628,260

Cap Rate 6.65%

Views: 145 DOM: 509 Updated: 10.10.24 Posted: 07.01.23 Status: Active

Summary

Price $3,628,260	Built/Renov 2002	Tenant Carrabba's Italian Grill
Cap Rate 6.65%	Lease Type Abs NNN	Guarantor Corp Rated
Size/SF 6,926	Lease Start 03-14-2012	#Units 217
Price/SF $523.86	Expiration 03-31-2032	Tenant Type Casual Dining
NOI $241,279	R. Term 7.4	Ownership Fee Simple
Rent/SF $34.24	Increases 1.8%/1/yrs	Pop 5Mi 166,948
Lot/AC 1.22	Options 4/5yrs/1.75%	AHHI 5Mi $72,381

Lease Highlights

Tenant has 7+ years remaining on its current lease term with 4 (5-year) options to extend
Annual rent increases increases by the lesser of (i) 1.75% or (ii) 1.7 times the CPI increase.
Absolute NNN lease | Zero Landlord Responsibilities
Corporate guarantee by Bloomin' Brands (NASDAQ: BLMN)

Location Description

Carrabba’s Italian Grill is located along Airport Boulevard (53,839 VPD) and is about 1 mile west of Interstate 65 (101,254 VPD). The site is directly adjacent to Red Lobster, Starbucks, and Chuck E. Cheese. Across Airport Boulevard, is McGregor Square which is anchored by T.J. Maxx, DSW, Office Depot, The Fresh Market, and CLUB4 Fitness and is further occupied by Walgreens, PNC Bank,...

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Key Features

Signalized intersection
Major thoroughfare
Dense retail corridor
Near major nationals
Highway location
Dense 100M+ pop 5 mi
Absolute NNN
Annual rent increases
Traded and rated company
Corporate Guarantee

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Links

Carrabba's Italian Grill Wikipedia Carrabba's Italian Grill Wikipedia Mobile, Alabama Zip Code 36608 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Carrabba's Italian Grill
Guarantor:Corp Rated
Company:Bloomin' Brands, Inc.
# Units:217
Tenant S&P: BB-
Moody’s: Ba3
Stock: NASDAQ: BLMN

About Tenant

Carrabba's Italian Grill (or simply Carrabba’s) is an American restaurant chain featuring Italian-American cuisine, and is the second largest Italian themed restaurant chain in the United...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	9,069	69,543	164,158
2023 Total Population :	9,135	70,614	166,615
2023 Employed Civilian Pop :	5,020	32,808	73,642
2023 Total Businesses :	671	4,119	6,894
2023 Average Household Income :	$ 69,183	$ 76,513	$ 73,021
2023 Total Consumer Spending :	$ 268 M	$ 2001 M	$ 4435 M
2023 Median Age :	34	37	38
2023 Total Households :	4,408	30,067	69,826
2023 Pop Age 25+: Bachelor's Degree :	1,300	10,625	23,119
2023 Average Home Value :	$ 367,505	$ 262,383	$ 223,977

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
S Airport Blvd Srvc Rd	W Rue Maison	2006	1,900	0.15 mi
Airport Blvd Srvc Rd	Downtowner Blvd	2006	4,500	0.19 mi
Airport Boulevard	Western America Dr	2021	42,557	0.22 mi
Azalea Road	N Skyline Dr	2020	17,413	0.25 mi
Azalea Road	Michael Blvd	2021	17,413	0.25 mi
Azalea Rd	Michael Blvd	2006	19,500	0.29 mi
Azalea Road	Cabana Blvd W	2018	17,822	0.30 mi
McGregor Avenue	Turnout Ln	2021	19,004	0.34 mi
Downtowner Blvd	Midmost Dr	2006	11,600	0.36 mi
Airport Boulevard Service Road	Downtowner Blvd	2014	5,320	0.37 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
15513 Views
62 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
15692 Views
60 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: NLPG Atlanta

Contact

135 Listings
15672 Views
63 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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