Outback Steakhouse

2314 West Loop 250 North, Midland, TX 79705

$6,351,000

Cap Rate 6.25%

Views: 299 DOM: 30 Updated: 08.27.24 Posted: 08.20.24 Status: Active

Summary

Price $6,351,000	Built/Renov 1994	Tenant Outback Steakhouse
Cap Rate 6.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,192	Lease Start 09-30-2016	#Units 935
Price/SF $1,025.68	Expiration 09-30-2036	Tenant Type Casual Dining
NOI $396,940	R. Term 12.0	Ownership Fee Simple
Rent/SF $64.11	Increases 1.8%/1/yrs	Pop 5Mi 71,349
Lot/AC 1.45	Options 3/5yrs/1.8%	AHHI 5Mi $138,810

Lease Highlights

29-year operating history at this location
Outback Steakhouse has 11+ years remaining on the current lease term with 3 (5-year) options to extend
The lease features 1.8% annual rental escalations throughout the initial term and option periods
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease (NASDAQ: BLMN)

Location Description

Outback Steakhouse is strategically located on West Loop 250 North, with access to a high daily traffic count of 53,183 vehicles. The property is adjacent to Office Depot, Talbots, Cotton Patch Café, and Occasions Fine Jewelry. It is also directly across from Fairfield Inn & Suites and The Colonnade at Polo Park, which features Jason’s Deli, Chili’s, Tuesday Morning, Champs Sports Bar,...

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Key Features

In location for years
Dense retail corridor
Near major nationals
Freeway visibility
Affluent AHHI $100K 5 Mi
Income tax free state
Absolute NNN
Long 10+ yr lease
Traded and rated company
Corporate Guarantee

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Links

Outback Steakhouse Wikipedia Outback Steakhouse Wikipedia Midland, Texas Zip Code 79705 Broker Site Page Portfolio Properties

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 :	10,079	72,211	138,889
2023 Total Population :	9,786	70,469	133,829
2023 Employed Civilian Pop :	6,102	40,285	73,988
2023 Total Businesses :	348	2,432	5,364
2023 Average Household Income :	$ 115,146	$ 122,516	$ 118,390
2023 Total Consumer Spending :	$ 409 M	$ 2910 M	$ 5030 M
2023 Median Age :	38	37	36
2023 Total Households :	4,122	27,599	49,032
2023 Pop Age 25+: Bachelor's Degree :	2,281	14,974	23,003
2023 Average Home Value :	$ 370,795	$ 356,283	$ 318,177

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
N Garfield St	Faulkner Dr	2015	6,476	0.10 mi
Faulkner Dr	Melville Dr	2015	777	0.19 mi
N Garfield St	Whitmire Blvd	2012	18,240	0.21 mi
Whitmire Blvd	N Garfield St	2012	3,620	0.22 mi
W Loop 250 N	N Garfield St	2012	45,200	0.24 mi
Belle Grove Ct	Chretien Pl	2012	140	0.30 mi
N Garfield St	Siesta Ln	2015	24,392	0.30 mi
W Loop 250 N	Whitman Dr	2012	56,750	0.31 mi
West Loop 250 North	N A St	2021	5,980	0.32 mi
	N Midkiff Rd	2021	53,183	0.32 mi

Listing Broker

Brian Pfohl

CBRE: NLPG Atlanta

Contact

128 Listings
13050 Views
60 Sold

Chris Bosworth

CBRE: NLPG Atlanta

Contact

128 Listings
12876 Views
62 Sold

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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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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Thomas Carr

CBRE: NLPG Atlanta

Contact

130 Listings
13080 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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