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Chili's Grill & Bar 7643 Gall Blvd 4,468 SF Retail Building Zephyrhills, FL 33541 $4,993,955 ($1,117.72/SF) 5.80% Cap Rate
Investment Highlights
- Property is located along Gall Blvd, a rapidly growing retail corridor in the Lakeland MSA, and is an outparcel to a Walmart Supercenter
- Absolute NNN lease with no landlord obligations and 1.5% annual rent increases during the base term
- Corporate Guaranty - Brinker International (NYSE: EAT) Credit Rating "BB+" - S&P
- The property's proximity to major highways, including US-301 and State Road 54, provides convenient access for customers and employees.
Executive Summary
Collison Capital is pleased to present an absolute NNN leased Chili’s Grill & Bar located at 7643 Gall Blvd in Zephyrhills, FL, a rapidly expanding northern suburb of the Tampa MSA. The Zephyrhills/Pasco County submarket has experienced amongst the highest population growth over the last 5 years, increasing by 5% annually between 2020 and 2029. Cumulatively, the current & future growth is expected to yield a stunning 46% submarket household formation increase.
Built in 2003, the property comprises 4,468SF on 1.04 acres at the entrance to a Walmart Supercenter. The Chili's provides an investor the opportunity to acquire an exceptionally well located asset that is leased to a strong publicly traded tenant (Brinker International). This Chili's is subject to a 15-year absolute NNN lease w/ 7.5 years of base term remaining and 6 5-year options. During both the base term and extension periods there are 1.5% annual rent increases.
Built in 2003, the property comprises 4,468SF on 1.04 acres at the entrance to a Walmart Supercenter. The Chili's provides an investor the opportunity to acquire an exceptionally well located asset that is leased to a strong publicly traded tenant (Brinker International). This Chili's is subject to a 15-year absolute NNN lease w/ 7.5 years of base term remaining and 6 5-year options. During both the base term and extension periods there are 1.5% annual rent increases.
Property Facts Under Contract
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,468 SF
Building Class
B
Year Built
2003
Price
$4,993,955
Price Per SF
$1,117.72
Cap Rate
5.80%
NOI
$289,649
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
1.04 AC
Opportunity Zone
Yes
Zoning
C2
Frontage
209’ on Gall Blvd
Amenities
- Pylon Sign
- Drive Thru
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Accommodation and Food Services
- -
- -
- Triple Net
- Aug 2033
Chili's Grill & Bar began in Texas in 1975 as a casual dining restaurant concept and became part of Brinker International, the parent company behind the brand. The company serves burgers, fajitas, ribs, Tex-Mex dishes, and margaritas, and offers dine-in, pickup, delivery, and rewards options through a broad restaurant network in the United States and international markets. Chili's continues to operate as a flagship restaurant brand within Brinker International and remains centered on casual dining service.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Accommodation and Food Services | - | - | Triple Net | Aug 2033 |
Fairly walkable
50/100
Very drivable
80/100
Somewhat bikeable
20/100
Nearby Major Retailers
LongHorn Steakhouse
Property Taxes
| Parcel Number | 34-25-21-0110-00000-0040 | Improvements Assessment | $413,550 |
| Land Assessment | $815,291 | Total Assessment | $1,228,841 |
Property Taxes
Parcel Number
34-25-21-0110-00000-0040
Land Assessment
$815,291
Improvements Assessment
$413,550
Total Assessment
$1,228,841
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Chili's Grill & Bar | 7643 Gall Blvd
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