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Outback Steakhouse Outback Steakhouse 6,115 SF Retail Building Saint Augustine, FL 32086 $4,420,000 ($722.81/SF) 5.75% Cap Rate

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INVESTMENT HIGHLIGHTS

Proven Long Term NNN Corp. Lease by Outback Steakhouse - Part of Bloomin Brands (NASDAQ: BLMN)
Bloomin' Brands is one of Largest Casual Dining Companies in World - 1450+ Sites Worldwide
Zero LL Duties - Corporate Backed Lease – Annual Rent Increases

High Profile Site in Dense Retail Trade Corridor - Surrounded by Lowe’s, Home Depot, Walmart, ALDI
Located on FL-312 (38,500 VPD) – Access from Dixie Hwy (41,900 VPD)
18+ Year of Operating History – 5.8 Lease Years Remaining

EXECUTIVE SUMMARY

The Snyder Carlton National Net Lease Team is pleased to present an opportunity to purchase a single tenant absolute NNN leased retail asset fully occupied by Outback Steakhouse in St. Augustine, FL. Blooming Brands, which owns Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar, operates over 1,450 restaurants worldwide with 81,000+ team members. With over 18 years of successful operating history at this location, 5.8 lease years remaining in the primary term, four 5-year option periods, and annual rental increases, this is an excellent opportunity for an investor seeking zero landlord responsibilities and years of inflation resistant cash flows.
The 6,115 SF building on a 1.72-acre parcel is located on Florida State Road 312 (38,5000 VPD) with great access from Dixie Highway (41,900 VPD) and is positioned in St. Augustine’s premier retail corridor with countless national retailers including Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, Walgreens, CVS, Publix, ALDI, Starbucks, McDonald’s, Chick-fil-A and more.
This is a wonderful opportunity to acquire an absolute NNN leased retail asset in St. Augustine’s busiest retail corridors with zero landlord responsibilities, annual rent increases, a corporate backed lease and strong demographics providing years of worry-free income.

PROPERTY FACTS

Sale Type

Investment

Property Type

Retail

Property Subtype

Restaurant

Building Size

6,115 SF

Building Class

Year Built

1994

Price

$4,420,000

Price Per SF

$722.81

Cap Rate

5.75%

NOI

$254,140

Tenancy

Single

Building Height

1 Story

Building FAR

0.08

Lot Size

1.72 AC

Zoning

PSD

Parking

149 Spaces (24.37 Spaces per 1,000 SF Leased)

Frontage

239’ on Sr-312

Dedicated Turn Lane

Pylon Sign

Signalized Intersection

Accommodation and Food Services
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Outback Steakhouse is an Australian-inspired steakhouse restaurant beloved worldwide. They pride themselves on serving up variety; their unbeatable steak cuts are complemented by delicious choices of chicken, ribs, seafood, and pasta at a price for everyone. Their strategy? They're the leader of the pack by emphasizing consistently high quality delicious food delivering a warm, welcoming environment. Their generous portions are moderately priced. Their casual atmosphere couldn't be more transporting - it's like you're right there in the Australian Outback.