Outback Steakhouse

497 East 120th Avenue, Thornton, CO 80241

$3,944,297

Cap Rate 6.00%

Views: 129 Updated: 01.13.24 Posted: 09.09.23 Status: Sold 08.01.23

Summary

Price $3,944,297	Built/Renov 1995	Tenant Outback Steakhouse
Cap Rate 6.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,231	Lease Start 09-30-2016	#Units 1,001
Price/SF $633.01	Expiration 09-30-2036	Tenant Type Casual Dining
NOI $236,658	R. Term 11.8	Ownership Fee Simple
Rent/SF $37.98	Increases 1.8%/1/yrs	Pop 5Mi 317,068
Lot/AC 1.46	Options 3/5yrs/1.8%	AHHI 5Mi $115,385

Lease Highlights

Long 26-year operating history at this location
Tenant has 13 years remaining of primary term 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 the hard corner, signalized intersection of Pennsylvania Street and East 120th Avenue (53,226 VPD), where it is feet from the on-ramp to I-25 (129,000 VPD). Outback is immediately adjacent to 17,328-square-foot Penn Plaza offices. It is also across from the 154,947-square-foot Washington Point shopping center, anchored by Safeway and home to Petco, Party City,...

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Key Features

Signalized intersection
High traffic 50M+ VPD
Freeway close
Dense 200M+ pop 5 mi
Top 100 MSA
Affluent AHHI $100K 5 Mi
New development zone
Absolute NNN
Annual rent increases
Traded and rated company

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Links

Outback Steakhouse Wikipedia Outback Steakhouse Wikipedia Thornton, Colorado Zip Code 80233 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 :	17,923	134,381	319,364
2023 Total Population :	17,402	133,072	314,956
2023 Employed Civilian Pop :	10,154	74,441	173,598
2023 Total Businesses :	692	3,410	6,391
2023 Average Household Income :	$ 76,427	$ 111,843	$ 117,142
2023 Total Consumer Spending :	$ 498 M	$ 4835 M	$ 11378 M
2023 Median Age :	33	36	36
2023 Total Households :	7,365	50,273	112,956
2023 Pop Age 25+: Bachelor's Degree :	1,933	21,877	49,753
2023 Average Home Value :	$ 424,163	$ 514,460	$ 491,065

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
E 120th Ave	Pennsylvania St	2016	51,374	0.06 mi
East 120th Avenue	Pennsylvania St	2019	53,226	0.11 mi
East 120th Avenue	Community Center Dr	2021	45,273	0.15 mi
E 120th Ave	Grant St	2011	40,443	0.20 mi
Washington Street	Thorncreek Crossing Parking Lot Rd	2021	21,962	0.24 mi
Washington St	E 120th Ave	2015	27,207	0.26 mi
East 120th Avenue	Pennsylvania St	2021	51,374	0.26 mi
120TH AV	E 120th Ave	2019	59,000	0.27 mi
Washington Street	Sylvia Dr	2019	27,207	0.28 mi
120TH AV	E 120th Ave	2019	43,000	0.28 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
18934 Views
62 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
19054 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
19089 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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