Outback Steakhouse (GL)

2805 Mannheim Road, Des Plaines, IL 60018

$3,600,000

Cap Rate 5.00%

Views: 157 DOM: 332 Updated: 10.21.24 Posted: 01.24.24 Status: Contract 03.25.24

Summary

Price $3,600,000	Built/Renov 2023	Tenant Outback Steakhouse (GL)
Cap Rate 5.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,000	Lease Start 01-01-2024	#Units 935
Price/SF $600.00	Expiration 12-31-2038	Tenant Type Casual Dining
NOI $180,000	R. Term 14.0	Ownership Ground Lease
Rent/SF $30.00	Increases 10.0%/5/yrs	Pop 5Mi 324,633
Lot/AC 1.13	Options 4/5yrs/10%	AHHI 5Mi $113,060

Matt McParland

Mid-America Real Estate

Contact

Lease Highlights

Brand new 2023 construction
Outback Steakhouse recently executed a brand new 15-year lease with 4 (5-year) options to extend
The lease features 10% rental increases every 5 years throughout the initial term and each option period
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease (NASDAQ: BLMN)

Location Description

Outback Steakhouse is strategically located along Mannheim Rd. (20,100 VPD) and benefits from strong visibility from both the eastbound and westbound lanes of Interstate 90 (Jane Addams Tollway), one of Chicago’s most frequently travelled roadways. Interstate 90 has an average daily traffic count of 169,000 VPD in front of the subject property, creating a substantial potential customer base...

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Key Features

New construction
Hard corner intersection
Near major nationals
Freeway visibility
Top 100 MSA
Strong demographics
Brand new lease
Long 10+ yr lease
Traded and rated company
Corporate Guarantee

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Links

Outback Steakhouse Wikipedia Outback Steakhouse Wikipedia Des Plaines, Illinois Zip Code 60018 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Outback Steakhouse
Guarantor:Corp T and Rated
Company:Bloomin' Brands, Inc.
# Units:935
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. Best known for grilled steaks, chicken, and seafood, Outback also offers a wide variety of...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	8,089	86,311	318,160
2023 Total Population :	8,354	88,021	324,444
2023 Employed Civilian Pop :	4,647	47,815	173,669
2023 Total Businesses :	740	5,141	14,951
2023 Average Household Income :	$ 95,608	$ 121,166	$ 113,090
2023 Total Consumer Spending :	$ 257 M	$ 3574 M	$ 12086 M
2023 Median Age :	41	43	43
2023 Total Households :	3,153	34,747	125,823
2023 Pop Age 25+: Bachelor's Degree :	1,078	18,787	63,791
2023 Average Home Value :	$ 339,899	$ 388,758	$ 363,914

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Pratt Street	Orchard Pl	2018	1,950	0.05 mi
Jane Addams Memorial Tollway	Mannheim Rd	2018	171,600	0.08 mi
Jane Addams Memorial Tollway	Mannheim Rd	2018	85,800	0.08 mi
US 12;US 45	I- 90	2021	20,100	0.18 mi
I- 90	Mannheim Rd	2013	160,900	0.19 mi
US 12;US 45	Pratt Ave	2021	18,300	0.22 mi
Orchard Place	E Higgins Rd	2018	1,950	0.24 mi
Orchard Place	W Higgins Rd	2022	1,075	0.26 mi
Mannheim Rd	Lunt Ave	2007	23,300	0.28 mi
I- 90	Lee St	2013	160,900	0.29 mi

Listing Broker

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