Chili's
Corporate Chili's | Low Rent per SF | Absolute NNN Lease
Marketing description
CBRE is pleased to present for sale a single-tenant Chili’s Grill & Bar located at 17643 Bruce B Downs Boulevard in Tampa, Florida. The investment features a 5,864 SF freestanding building situated on an expansive 1.79-acre parcel. This high-volume location is positioned in the heart of the New Tampa trade area, benefiting from exceptional visibility and traffic counts exceeding 64,000 vehicles per day along the Bruce B Downs Boulevard retail corridor.
The asset is secured by an Absolute NNN Ground Lease, offering an investor a completely passive income stream with zero landlord maintenance responsibilities. This site boasts a remarkably proven track record, with the tenant successfully operating at this location for over 25 years. The current lease structure provides a significant intrinsic value play, as the rent is currently situated well below market at $21.00 per SF. This low basis offers an investor long-term security and substantial future upside in one of Tampa’s most sought-after submarkets. The lease features a primary term through December 2027 with four 5-year renewal options, including structured rent increases that serve as a strong hedge against inflation.
Strategically positioned, the property is located just down the street from the James A. Haley Veterans’ Hospital and the University of South Florida (USF), which provide a constant influx of daytime traffic. It sits directly within a premier retail hub alongside major national brands including Home Depot, Sportsman’s Warehouse, Dunkin’, Panera Bread, and Chipotle. This dense concentration of retail, combined with nearby high-income residential neighborhoods featuring an Average Household Income of $139,937, ensures a consistent and captive customer base for the tenant.
Investment highlights
- Corporate Guarantee from Brinker International (NYSE: EAT) | The lease is backed by a corporate guarantee from Brinker International, one of the world’s premier casual dining companies. Brinker has demonstrated exceptional market strength, with the stock surging over 260% since early 2024. This growth is underpinned by 19 consecutive quarters of same store sales growth and an aggressive, highly successful expansion of the Chili’s brand, providing an investor with supreme confidence in the long term stability of the tenant.
- Absolute NNN Ground Lease | The Absolute NNN Ground Lease structure ensures zero landlord obligations, making it an ideal vehicle for investors seeking passive income.
- Substantial Upside & Below-Market Rents | The tenant is currently paying $21.00 PSF, well below market rates for the Tampa MSA. This low rental basis offers excellent protection today and significant upside potential as submarket rents continue to climb.
- 25+ Year Operating History | This location has been a staple of the New Tampa trade area for over a quarter-century, demonstrating the tenant's long-term commitment to this market as the surrounding corridor has evolved into a premier retail destination.
- Proven High-Traffic Location | The site is strategically located on a primary retail artery which sees over 64,000 vehicles per day. Situated in a dense corridor anchored by Home Depot, the property benefits from massive visibility and a constant flow of local traffic.
- Rare Oversized Infill Parcel | Unlike typical pad sites, this property consists of a 1.79-acre lot, offering superior intrinsic land value in a fully built-out trade area.
- Strong Affluent Demographics | Located in a premier market with HHI approaching $140,000. The trade area is anchored by major institutional drivers, including a top-tier university (University of South Florida) and a regional hospital, ensuring a steady daytime population.
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