Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Detroit
$3,493,200
Carrabba's Italian Grill: Canton, MI
Details
Property Type Retail
Sub Type Restaurant
Square Footage 6,511
Cap Rate 6.65%
NOI $232,295
Brand/Tenant Carrabba's Italian Grill
Lease Type Absolute NNN
Lease Expiration 03/31/2032
Remaining Term 5.8
Rent Bumps Yes
Lease Options Four 5-year options
Price per SqFt $537
Year Built 2002
Acreage 1.980
Ground Lease No
Retail | 6.65% CAP | 6,511 SqFt
Marketing description
The CBRE Net lease Property Group is pleased to exclusively offer for sale the 6,511-square-foot Carrabba’s Italian Grill situated on 1.98 acres in Canton, MI—a component of the Detroit-Warren-Dearborn, MI MSA (Population: 4.4 Million). 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 store boasts a long operating history with strong store sales. Since 2019, sales have increased 18%.
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) 1.7x the CPI increase.
- Proven Location: Long operating history with strong store sales. Since 2019, sales have increased 18%.
Listing Contacts
Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Detroit
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$232,295.00
$19,357.92/mo
Valuation Metrics
0
DSCR
6.65%
Cap Rate
6.65%
ROI
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