Listed by CBRE - Atlanta, CBRE Atlanta
$4,728,400
Carrabba's Italian Grill: Maumee, OH
Details
Property Type Retail
Sub Type Restaurant
Square Footage 7,083
Cap Rate 6.65%
NOI $314,440
Lease Type Absolute NNN
Lease Term 20.1
Lease Expiration 03/31/2032
Remaining Term 5.8
Rent Bumps Yes
Lease Options Four 5-Year Options
Price per SqFt $668
Year Built 2002
Buildings 1
Acreage 3.220
Parking Spaces 105 spaces
Parking Per SqFt 14.82
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 03/14/2012
Ground Lease No
Retail | 6.65% CAP | 7,083 SqFt
Marketing description
CBRE is pleased to exclusively offer for sale the 7,083-square-foot freestanding Carrabba’s Italian Grill situated on 3.22 acres in Maumee, OH—a component of the Toledo, OH MSA (Population: 644K). Carrabba’s absolute NNN lease features ±6.0 years of primary term remaining, four 5-year renewal options, and a corporate guaranty from Bloomin’ Brands, Inc. Each year, rent increases by the lesser of (i) 1.75% or (ii) 1.7 times the CPI increase. This location boasts a long operating history with strong store sales. Since 2019, sales have increased 37%.
Investment highlights
- Absolute NNN Lease: Carrabba’s absolute NNN lease features ±6.0 years of primary term remaining, four 5-year renewal options, and a corporate guaranty from Bloomin’ Brands, Inc.
- Rare Annual Escalations: Each year, rent increases by the lesser of (i) 1.75% or (ii) 1.7 times the CPI increase.
- Proven Location: This location boasts a long operating history with strong store sales. Since 2019, sales have increased 37%.
- Excellent Access & Visibility: Positioned less than 9.5 miles southwest of downtown Toledo, Carrabba’s is located along Briarfield Blvd (7,008 VPD), where it is a half mile from interchange of Salisbury Road (16,257 VPD) and Interstate 475 (72,426 VPD).
Listing Contacts
Listed by CBRE - Atlanta, CBRE Atlanta
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$314,440.00
$26,203.33/mo
Valuation Metrics
0
DSCR
6.65%
Cap Rate
6.65%
ROI
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