Carrabba's Italian Grill

311 North 9th Avenue, Pensacola, FL 32502

$3,400,000

Cap Rate 7.21%

$3,687,400

Cap Rate 6.65%

DOM: 291 Updated: 05.10.24 Posted: 07.01.23 Status: Sold 04.17.24

Summary

Price $3,400,000 $3,687,400	Built/Renov 2003	Tenant Carrabba's Italian Grill
Cap Rate 7.21% 6.65%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,214	Lease Start 03-14-2012	#Units 220
Price/SF $547.15 $593.40	Expiration 03-31-2032	Tenant Type Casual Dining
NOI $245,212	R. Term 6.10	Ownership Fee Simple
Rent/SF $38.78	Increases 1.8%/1/yrs	Pop 5Mi 100,341
Lot/AC 1.53	Options 4/5yrs/1.75%	AHHI 5Mi $80,966

Lease Highlights

Long operating history with strong store sales | Since 2019, sales have increased 26%
Tenant has 8+ years remaining on its current lease term with 4 (5-year) options to extend
Annual rent increases by the lesser of (i) 1.75% or (ii) 1.7 times the CPI increase
Absolute NNN | Zero Landlord Responsibilities
Corporate guarantee by Bloomin' Brands

Location Description

This 6,214 square foot Carrabba’s Italian Grill is located on the signalized, hard corner intersection of North 9th Avenue and East Gregory Street with access to a combined 30,900 vehicles per day. The site is within close proximity to the on/off ramp to Interstate 110 which sees over 59,500 VPD. The site is diagonally across from the Pensacola Bay Center, which includes a 10,000-seat arena...

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Key Features

Signalized intersection
In location for years
Freeway close
Dense 100M+ pop 5 mi
Strong demographics
Income tax free state
Absolute NNN
Annual rent increases
Traded and rated company
Corporate Guarantee

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Links

Carrabba's Italian Grill Wikipedia Carrabba's Italian Grill Wikipedia Pensacola, Florida Zip Code 32501 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Carrabba's Italian Grill
Guarantor:Corp T and Rated
Company:Bloomin' Brands
# Units:220
Tenant S&P: BB-
Moody’s: Ba3
Stock: NASDAQ: BLMN

About Tenant

Carrabba's Italian Grill (or simply Carrabba’s) is an American restaurant chain featuring Italian-American cuisine, and is the second largest Italian themed restaurant chain in the United...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	5,962	39,327	100,631
2023 Total Population :	5,791	38,789	100,228
2023 Employed Civilian Pop :	3,091	17,792	46,550
2023 Total Businesses :	1,754	3,660	6,949
2023 Average Household Income :	$ 100,078	$ 82,750	$ 80,060
2023 Total Consumer Spending :	$ 259 M	$ 1236 M	$ 2852 M
2023 Median Age :	45	43	39
2023 Total Households :	2,949	17,044	40,706
2023 Pop Age 25+: Bachelor's Degree :	1,305	5,823	13,157
2023 Average Home Value :	$ 438,625	$ 352,437	$ 314,203

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
E Gregory St	N 9th Ave	2009	17,000	0.03 mi
North 9th Avenue	E de Leon St	2021	10,800	0.09 mi
E Gregory St	N 10th Ave	2009	20,000	0.10 mi
E GREGORY ST	N 8th Ave	2021	550	0.11 mi
E Chase St	N 9th Ave	2009	16,500	0.14 mi
N 9th Ave	E Chase St	2009	4,800	0.14 mi
CHASE ST	N 8th Ave	2021	11,500	0.17 mi
North 9th Avenue	E la Rua St	2021	14,900	0.18 mi
East Gregory Street	Dr Martin Luther	2021	16,000	0.20 mi
I-110/SR-8A NB	E Gregory St	2021	11,000	0.21 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
26680 Views
79 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
25994 Views
76 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLPG Atlanta

Contact

135 Listings
26865 Views
78 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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