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Outback Steakhouse Ground Lease, Strongsville, OH

Outback Steakhouse Ground Lease

Strongsville, Ohio

Price $2,762,000
Cap Rate 5.25%
NOI $145,000
Lease Term 10 Years
Lease Type NNN Ground Lease, with Tenant Responsible for All Taxes, Insurance, and Maintenance
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2020
Building Size 6,500 SF
Lot Size 1.4455 Acres (62,967 SF)
Status Available
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

10-YEAR NNN GROUND LEASE TO CORPORATE TENANT
» Tenant is responsible for taxes, insurance, and all maintenance
» Minimal landlord management, making this an ideal investment opportunity for an out-of-area investor
» 2020 construction featuring latest Outback Steakhouse prototype

MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Owned and operated by Bloomin’ Brands, Inc. (NASDAQ: “BLMN”)
» Outback Steakhouse’s annual revenue exceeds $3.8 billion
» Outback Steakhouse operates more than 1,000 locations in 23 countries throughout North and South America, Asia, and Australia

EASILY ACCESSIBLE LOCATION IN GROWING AND AFFLUENT AREA
» Central location in Royalton Collection (200,000 SF of new retail and 125,000 SF existing office)
» 138,216 residents within a five-mile radius
» Located on Royalton Road, a primary Strongsville retail corridor
» $101,217 average household income within three miles of the property with a projected 12 percent increase in the next five years
» Convenient access to U.S. Highway 42, Interstate 71, Interstate 80, and State
Route 82 (combined 165,168 AADT)

CENTRAL LOCATION NEAR MULTIPLE TOURIST ATTRACTIONS, RETAILERS, AND COMMUNITY HUBS
» Royalton Collection features several national retailers such as Panera Bread, HomeGoods, Red Wing Shoes, and Tropical Smoothie Cafe
» Across the street from SouthPark Mall (183 stores, 1.6 million SF of retail space)
» Neighbored by The Plaza at SouthPark and The Greens of Strongsville (combined 44 stores, 640,000 SF of retail space), increasing visibility to the site
» Gateway to Downtown Cleveland and Lake Erie ($15.1 billion annual Lake Erie tourism-related spending in Ohio)
» Surrounded by major national retailers such as Costco, Target, Chick-fil-A, Petco, Bed Bath & Beyond, Starbucks, and many more



Property Description

The property has an easily accessible location on Royalton Road, one of Strongsville’s main thoroughfares, which experiences a high traffic count of 41,680 vehicles per day. The site also resides in a growing and affluent area, with 138,216 residents living within a five-mile radius of the site. The average household income within three miles of the property is $101,217, with a projected 12 percent increase in the next five years. Visibility to the site is greatly increased by its proximity near several highly trafficked thoroughfares, including U.S. Highway 42, Interstate 71, Interstate 80, and State Route 82, with a combined 165,168 AADT.

The property is located in a dense and growing retail corridor. Traffic to the site is increased by its location in Royalton Collection, a brand new 200,000 SF office-retail development, which features a strong mix of well-established local and national retailers, including Panera Bread, HomeGoods, Red Wing Shoes, Tropical Smoothie, and more. Visibility is increased by the property’s convenient access to SouthPark Mall, The Greens of Strongsville, and The Plaza at SouthPark (combined 227 stores, 2.2 million SF of retail space). The site is surrounded by major national retailers such as Costco, Target, Chick-fil-A, Petco, Bed Bath & Beyond, Starbucks, and many more. The property is near several large Strongsville schools, including Strongsville High School, Strongsville Middle School, and Strongsville City Schools (combined 4,152 students). The location also serves as a gateway to Downtown Cleveland and Lake Erie ($15.1 billion annual Lake Erie tourism-related spending in Ohio), increasing visibility to the site.

Contact Us About This Property

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