Outback Steakhouse

4505 Sherwood Way, San Angelo, TX 76904

$4,353,300

Cap Rate 6.50%

Views: 83 DOM: 115 Updated: 11.27.24 Posted: 08.28.24 Status: Contract 11.27.24

Summary

Price $4,353,300	Built/Renov 2000	Tenant Outback Steakhouse
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,184	Lease Start 09-30-2016	#Units 935
Price/SF $703.96	Expiration 09-30-2036	Tenant Type Casual Dining
NOI $282,965	R. Term 11.9	Ownership Fee Simple
Rent/SF $45.76	Increases 1.8%/1/yrs	Pop 5Mi 82,427
Lot/AC 1.20	Options 3/5yrs/1.8%	AHHI 5Mi $84,120

Lease Highlights

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 increases 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 Sherwood Way, with access to 24,040 vehicles passing by daily. The property is conveniently situated just steps from the on-ramp to TX-306 Loop, which sees 39,118 VPD, and serves as an outparcel of Sherwood Oaks Shopping Center. This center is anchored by Cinemark Tinseltown USA and Crunch Fitness, and features additional tenants such as O’Reilly...

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Key Features

Dense retail corridor
Near major nationals
Shopping Ctr out-parcel
Freeway close
Income tax free state
Absolute NNN
Long 10+ yr lease
Annual rent increases
Traded and rated company
Corporate Guarantee

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Links

Outback Steakhouse Wikipedia Outback Steakhouse Wikipedia San Angelo, Texas Zip Code 76904 Broker Site Page Portfolio Properties Link

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 :	8,120	53,105	84,311
2023 Total Population :	8,071	52,242	82,930
2023 Employed Civilian Pop :	4,252	26,881	40,423
2023 Total Businesses :	382	1,703	3,370
2023 Average Household Income :	$ 84,589	$ 84,724	$ 78,731
2023 Total Consumer Spending :	$ 259 M	$ 1621 M	$ 2351 M
2023 Median Age :	37	37	37
2023 Total Households :	3,554	22,040	34,300
2023 Pop Age 25+: Bachelor's Degree :	1,516	8,232	11,328
2023 Average Home Value :	$ 204,435	$ 230,969	$ 223,247

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Sherwood Way	Sunset Dr	2021	18,384	0.23 mi
Southwest Boulevard	Sherwood Way	2021	8,640	0.29 mi
	Northwest Dr	2021	10,500	0.34 mi
Loop 306	Northwest Dr	2021	22,995	0.37 mi
US 67	Northwest Dr	2021	11,320	0.40 mi
West Houston Harte Expressway	Southwest Blvd	2020	44,342	0.52 mi
	Oak Grove Blvd	2021	1,373	0.62 mi
W State Hwy Loop 306	State Loop 306	2002	27,000	0.64 mi
	Oak Grove Blvd	2021	39,118	0.65 mi
Hunters Glen Rd	Drexel Dr	2002	5,400	0.77 mi

Listing Broker

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
16925 Views
60 Sold

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
16775 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

135 Listings
16926 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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