Outback Steakhouse

8880 Springbrook Drive Northwest, Coon Rapids, MN 55433

$3,548,900

Cap Rate 6.50%

Views: 47 DOM: 85 Updated: 08.28.24 Posted: 08.28.24 Status: Active

Summary

Price $3,548,900	Built/Renov 1997	Tenant Outback Steakhouse
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,268	Lease Start 09-30-2016	#Units 935
Price/SF $566.19	Expiration 09-30-2036	Tenant Type Casual Dining
NOI $230,681	R. Term 11.10	Ownership Fee Simple
Rent/SF $36.80	Increases 1.8%/1/yrs	Pop 5Mi 235,938
Lot/AC 1.83	Options 3/5yrs/1.8%	AHHI 5Mi $103,158

Lease Highlights

Outback Steakhouse has 12+ 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 Springbrook Drive, with access to 12,600 vehicles passing by daily. The property conveniently intersects with Coon Rapids Boulevard (25,000 VPD) just a half mile to the north and provides access to Minnesota State Highway 47 (50,000 VPD). It is immediately adjacent to ALDI, Magnum LTD, and the Coon Rapids YMCA. The site is also half a mile north...

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Key Features

Dense retail corridor
Near major nationals
Highway close
Top 100 MSA
Strong demographics
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 Coon Rapids, Minnesota Zip Code 55433 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 :	6,735	80,130	240,884
2023 Total Population :	6,464	79,092	236,211
2023 Employed Civilian Pop :	3,340	41,507	127,181
2023 Total Businesses :	491	2,476	5,939
2023 Average Household Income :	$ 85,245	$ 98,886	$ 104,746
2023 Total Consumer Spending :	$ 199 M	$ 2512 M	$ 7818 M
2023 Median Age :	41	39	38
2023 Total Households :	2,718	29,639	86,919
2023 Pop Age 25+: Bachelor's Degree :	1,154	12,748	36,979
2023 Average Home Value :	$ 340,173	$ 312,369	$ 331,416

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Springbrook Drive Northwest	Springbrook Dr	2018	9,800	0.12 mi
Coon Rapids Blvd NW	Hwy 10	2018	22,100	0.13 mi
Evergreen Blvd	87th Ln NW	2008	1,950	0.15 mi
CON 1676	State Hwy 47	2021	1,780	0.16 mi
CON 2999	Coon Rapids Blvd NW	2021	1,436	0.17 mi
State Hwy 47	University Ave NE	2017	22,400	0.22 mi
Coon Rapids Boulevard Northwest	Hwy 10	2018	20,400	0.25 mi
Coon Rapids Blvd NW	Hwy 10	2011	17,000	0.25 mi
Coon Rapids Blvd NW	Hwy 47	2016	21,900	0.26 mi
University Avenue Northeast	Hwy 47	2018	15,000	0.30 mi

Listing Broker

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
15683 Views
60 Sold

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
15505 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
15663 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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