Carrabba's Italian Grill
Corporate Bloomin Brands Guarantee | 6.10% CAP | Abs. NNN
Marketing description
SLN Capital Markets, a division of S.L. Nusbaum Realty Co., is pleased to exclusively present for sale the property leased to Carrabba’s Italian Grill located at 2700 SE Federal Highway in Stuart, Florida.
Carrabba’s has been operating at this location for nearly 20 years and signed a new 15-year lease in 2017 with annual rent increases throughout the term and during the option periods. The lease is guaranteed corporately by Bloomin’ Brands, a publicly traded company (NASDAQ: BLMN) that includes Outback Steakhouse, Carrabba’s, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.
The 7,123 SF building sits on approximately 1.60 AC along heavily traveled Federal Hwy (US-1), a major retail corridor featuring shopping centers, car dealerships and dozens of national retailers. There are more than 3000 apartments within a 3-mile radius of the restaurant including 10X Harbour Cay (272 units), which is within walking distance.
The lease is Absolute NNN with zero landlord responsibilities.
Investment highlights
Absolute NNN lease.
Corporate guarantee with Bloomin’ Brands, Inc (NASDAQ: BLMN) includes Outback Steakhouse, Bonefish Grill & Fleming’s Steakhouse & Wine Bar.
Annual rent increases.
Florida has no state income tax.
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