6950 Ridge Rd
Parma, OH 44129
Outback Steakhouse: Parma, OH · Retail Property For Sale

CBRE' S NET LEASE PROPERTY GROUP is pleased to exclusively offer a 6,281-square-foot freestanding Outback Steakhouse situated on 1.92 acres in Parma, Ohio, which is a bedroom community just 8 miles southwest of Downtown Cleveland, Ohio (MSA Population: 2.06 million). Outback Steakhouse' s new 20-year absolute NNN lease with 1.80% annual rent increases recently commenced in October 2016. This investment offers investors an excellent opportunity to acquire a net leased asset leased on a long-term NNN basis to one of the nation' s premier casual dining restaurant operators. The site is ideally located with excellent access and visibility on a hard corner at the signalized intersection of Ridge Road (Traffic Count: 24,595 VPD) and Regency Drive. Outback Steakhouse is also immediately adjacent to Wendy' s, directly across Regency Road from a shopping center anchored by Target, Kohl' s and Petsmart, directly across Ridge Road from Fifth Third Bank and diagonally across from Dunkin' Donuts. In addition, the property benefits from its position within a commercial cluster that is highlighted by The Shoppes at Parma (Anchors: Walmart Supercenter, J.C. Penney, Dick' s Sporting Goods, Marc' s Grocery and a newly opened Gordmans), which is a 750,000-square-foot mixed-use development that is currently undergoing a $95 million multi-phase redevelopment and lies just 0.5 miles northeast of the subject property. In total, there are 6.7 MSF of retail, 1.4 MSF of office and 9,098 multifamily units within a 3-mile radius, making the immediate area Parma' s premier retail and commercial corridor.