Carrabba's Italian Grill

3405 Briarfield Boulevard, Maumee, OH 43537

$4,338,810

Cap Rate 7.00%

Views: 134 DOM: 509 Updated: 10.10.24 Posted: 07.01.23 Status: Active

Summary

Price $4,338,810	Built/Renov 2002	Tenant Carrabba's Italian Grill
Cap Rate 7.00%	Lease Type Abs NNN	Guarantor Corp Rated
Size/SF 7,083	Lease Start 03-14-2012	#Units 217
Price/SF $612.57	Expiration 03-31-2032	Tenant Type Casual Dining
NOI $303,716	R. Term 7.4	Ownership Fee Simple
Rent/SF $42.14	Increases 1.8%/1/yrs	Pop 5Mi 120,526
Lot/AC 3.22	Options 4/5yrs/1.75%	AHHI 5Mi $96,978

Lease Highlights

Long operating history with strong store sales | Since 2019, sales have increased 37%
Tenant has 7+ years remaining on its current lease term with 4 (5-year) options to extend
Annual rent increases by the lesser of 1.75% or 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 Briarfield Blvd with traffic counts of 7,008 vehicles per day. The subject property is positioned less than 9.5 miles southwest of downtown Toledo and a half mile from interchange of Salisbury Road (16,257 VPD) and Interstate 475 (72,426 VPD). Carrabba’s is part of a shopping center with Best Western, Urban Pine Winery, the 3355 Briarfield strip center...

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Key Features

In location for years
Dense retail corridor
Near major nationals
Freeway visibility
Top 100 MSA
Strong demographics
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 Maumee, Ohio Zip Code 43537 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 :	2,000	45,360	120,088
2023 Total Population :	2,038	45,875	120,901
2023 Employed Civilian Pop :	1,056	23,406	60,507
2023 Total Businesses :	523	2,391	4,585
2023 Average Household Income :	$ 121,069	$ 100,892	$ 98,842
2023 Total Consumer Spending :	$ 91 M	$ 1773 M	$ 4437 M
2023 Median Age :	46	42	42
2023 Total Households :	897	20,397	52,057
2023 Pop Age 25+: Bachelor's Degree :	413	8,699	22,026
2023 Average Home Value :	$ 290,932	$ 242,626	$ 237,634

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
RAMP FROM SALISBURY RD TO IR475 SB	Salisbury Rd	2021	3,110	0.09 mi
RAMP FROM SALISBURY RD TO IR475 SB	Salisbury Rd	2020	2,738	0.09 mi
Briarfield Blvd	Wheatstone Ct	2018	9,275	0.11 mi
RAMP FROM SALISBURY RD E TO IR 475 N	Dussel Dr	2020	3,249	0.13 mi
RAMP FROM SALISBURY RD E TO IR 475 N		2021	3,691	0.13 mi
RAMP FROM IR475 NB TO SALISBURY RD	Salisbury Rd	2021	6,170	0.14 mi
SALISBURY RD	I- 475	2020	13,612	0.15 mi
Salisbury Rd	Brandyway Ln	2011	9,300	0.17 mi
RAMP FROM SALISBURY RD W TO IR 475 S	Salisbury Rd	2021	2,582	0.18 mi
RAMP FROM SALISBURY RD TO IR475 NB	Salisbury Rd	2020	6,184	0.23 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
15526 Views
62 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
15704 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
15684 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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