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.

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Attributes

Asking price

A$4,456,000

Cap rate

5.65%

Remaining lease term

10 years

Year built

2001

Building area net

622 m²

Land area net

0.57 ha

Media

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)