Listed by JLL - New York City, New York
$3,136,000
Carrabba's - North Chesterfield, VA (Richmond MSA)
Details
APN 741-70-95-60-000-000
Property Type Retail
Sub Type Restaurant
Square Footage 6,692
Cap Rate 5.65%
NOI $177,156
Occupancy 100%
Tenancy Single
Lease Type Absolute NNN
Lease Term 10
Rent Bumps Yes
Year Built 2001
Stories 1
Acreage 1.410
Ground Lease No
About This Property
Marketing description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire a single-tenant Carrabba’s Italian Grill located at 11450 Midlothian Turnpike in North Chesterfield, Virginia (the “Property” or “Asset”), within the Richmond MSA. The Property is subject to an absolute NNN ground lease with approximately 10 years of remaining lease term, featuring 10.0% rent escalations every five years and zero landlord responsibilities, providing investors with secure, long-term passive income.
This unique opportunity allows investors the ability to acquire long-term passive income from a widely recognized casual-dining operator with high value intrinsic real estate.
Investment highlights
- Carrabba’s Italian Grill is a nationally recognized casual dining chain with 240+ locations
- Bloomin’ Brands Inc. is the parent company (wholly owned subsidiary)
- Midlothian West Retail submarket has a 0.1% general retail vacancy
- ±10 years of remaining lease term (recently extended)
- Carrabba’s has planned exterior renovation investment supporting long-term occupancy
- Absolute NNN ground lease
- Outparcel to Chesterfield Towne Center Mall
- 5.8 million visits annually
- 377% increase in daytime population within a 1-mile radius
- $144K average household income within a 3-mile radius
- Located in Richmond MSA with 8 Fortune 500 headquarters
- Direct visibility to approximately 78,000 vehicles per day (VPD)
Listing Contacts
Listed by JLL - New York City, New York
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$177,156.00
$14,763.00/mo
Valuation Metrics
0
DSCR
5.65%
Cap Rate
5.65%
ROI
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