Outback Steakhouse - North Wales, PA_Pand te koop
Outback Steakhouse - North Wales, PA_Pand te koop
450 Montgomery Mall, North Wales, PA, 19454, US

Outback Steakhouse - North Wales, PA

Objectomschrijving

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.

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Attributen

Vraagprijs
€ 2.873.000
Cap rate
6%
Netto gebouwoppervlakte
635 vierkante meter
Bezettingspercentage
100%
Bouwjaar
2021
Bruto landoppervlakte
635 vierkante meter
Resterende huurtermijn
7.6 jaren
NOI
€ 173.000

Media

Investeringskenmerken

  • Long-term, Absolute NNN Lease expiring in 2031 with zero landlord responsibilities and four (4), five-year extension options


  • Incredible site-level performance with 5% rent-to-sales ratio in 2023


  • Outparcel to the Montgomery Mal that sees 3.2+ million annual visitors. Across the street, the Airport Square Center sees over 4 million annual visitors


  • Over 159,000 residents in the five miles surrounding the Property earning an average household income of $161,500


  • Outback is owned by Bloomin’ Brands (NYSE: BLMN), which operates 1,400+ restaurants


  • Frontage along Bethlehem and Dekalb Pikes, which see +45,760 vehicles per day and hosts national tenants such as Best Buy, Marshal’s, Michael’s, HomeGoods, and Old Navy
Outback Steakhouse - North Wales, PA 4_Pand te koop
Outback Steakhouse - North Wales, PA 4_Pand te koop

Contact adviseurs

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Laatst bijgewerkt
May 20, 2024