Outback – Burleson TX
Outback Steakhouse is a casual steakhouse restaurant focused on steaks, signature flavors, and Australian-inspired decor. The Outback Steakhouse menu offers seasoned and seared or woodfire grilled steaks, chops, chicken, seafood, pasta, salads, and seasonal specials. The menu also includes several specialty appetizers, including the signature Bloomin’ Onion®, and desserts as well as a full-service bar featuring Australian wine and beer. As of September 25, 2016, the company had 974 Outback Steakhouse restaurants around the world (746 company-owned and 228 franchised). Outback Steakhouse reported TTM system-wide sales in excess of $3.14 billion.
PUBLICLY TRADED PARENT COMPANY
Bloomin’ Brands, Inc. (NASDAQ: BLMN) is one of the world’s largest casual dining restaurant companies with approximately 1,500 restaurants throughout 48 states, Puerto Rico, Guam, and 20 countries. The company operates restaurants through a portfolio of leading, differentiated restaurant brands including Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar. As of September 25, 2016, Bloomin’ Brands reported TTM revenues of $4.30 billion and EBITDA of $358 million.
LONG-TERM NET LEASE WITH ANNUAL RENT ESCALATIONS
At closing, Outback will execute a new 15-year NNN lease with four 5-year options to renew. The lease will include 1% annual rent increases throughout the term.
The property was recently renovated in 2012 showing the tenant’s commitment to the site.
The property is strategically located immediately adjacent to a Cracker Barrel Old Country Store and 100-room Holiday Inn Express providing Outback with a built-in customer base. The site is also across I-35W from the 510,703-square-foot Gateway Station Shopping Center (Anchors: Kohl’s, Old Navy, Ross Dress for Less, Michaels, PetSmart, Conn’s) and Burleson Town Center (Anchors: Albertsons and JCPenney).
EXCELLENT ACCESS IN HIGH TRAFFIC CORRIDOR
The property is ideally situated with excellent frontage and visibility on South Fairway (Traffic Count: 7,409 VPD) which is an access road just off of I-35W (Traffic Count: 112,000 VPD). I-35W leads directly to Fort Worth’s CBD (14 miles north) and all the way south to Waco (75 mils) and Austin (176 miles).
The property benefits from dynamic demographics with a 3-mile population of 56,844 and average household income of $79,904.