Outback Steakhouse - North Wales, PA

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Outback Steakhouse (the “Property” or “Asset”) located at 450 Montgomery Mall in North Wales, PA. The Property totals 6,830 SF and features a 10-year lease with four (4), five-year renewal options, and 10% rent bumps in the primary term and throughout the renewal options. The lease structure is an absolute NNN lease and offers investors long-term cash flow with no landlord expenses.

The Asset is located in North Wales, within the Philadelphia MSA. The Property sits on an out-parcel to the Montgomery Mall (3.2 million annual visitors) at the intersection of Bethlehem Pike and Dekalb Pike (combined 45,760 VPD). Additionally, across the street from the Property, the Airport Square shopping Center, which is home to national retailers such as Best Buy, Marshal’s, Michael’s, HomeGoods, and Old Navy, sees 4 million annual visitors.

Outback Steakhouse is a leading brand in casual dining, with over 1,300 locations across 20 countries. The Tenant is an operating subsidiary of Bloomin’ Brands, which owns concepts such as Carrabba’s, Bonefish Grill, and Fleming’s Steakhouse. In 2023, the Tenant demonstrated incredible performance at the Property, achieving revenues resulting in a 5% rent-to-sales ratio.

The Offering provides investors with the opportunity to acquire over 8 years of passive cash flow from an international retail tenant, with in-place renewal options, and a surrounding affluent community earning over $160K in average household income.