Carrabba's Italian Grill

5152 Merten Drive, Mason, OH 45040

$3,696,000

Cap Rate 7.35%

$3,880,571

Cap Rate 7.00%

DOM: 173 Updated: 07.22.24 Posted: 07.01.23 Status: Sold 12.21.23

Summary

Price $3,696,000 $3,880,571	Built/Renov 2000/2015	Tenant Carrabba's Italian Grill
Cap Rate 7.35% 7.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,781	Lease Start 03-14-2012	#Units 220
Price/SF $545.05 $572.27	Expiration 03-31-2032	Tenant Type Casual Dining
NOI $271,640	R. Term 6.10	Ownership Fee Simple
Rent/SF $40.06	Increases 1.8%/1/yrs	Pop 5Mi 150,498
Lot/AC 1.25	Options 4/5yrs/1.75%	AHHI 5Mi $147,567

Lease Highlights

Long operating history with strong store sales | Since 2019, sales have increased 10%
Tenant has 9+ years remaining on its current lease term with 4 (5-year) options to extend
Annual rent increases by the lesser of 1.75% or 1.7 times the CPI increase
Absolute NNN | Zero Landlord Responsibilities
Corporate guarantee by Bloomin' Brands

Location Description

Carrabba’s Italian Grill is positioned along Mason Montgomery Road (24,609 VPD), which is accessible via Natorp Boulevard and Merten Drive, and is less than 1 mile north of Interstate 71 (118,587 VPD). The property is part of Deerfield Crossing—a 16-acre mixed-use campus that is home to Homewood Suites, Latitude at Deerfield apartments, and Chick-fil-A. The immediate area is highlighted by the...

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Key Features

In location for years
Dense retail corridor
Near major nationals
Freeway visibility
Top 100 MSA
Affluent AHHI $100K 5 Mi
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 Mason, Ohio Zip Code 45040 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 :	6,687	68,599	152,723
2023 Total Population :	6,360	67,338	150,787
2023 Employed Civilian Pop :	3,614	36,166	78,274
2023 Total Businesses :	743	2,929	7,191
2023 Average Household Income :	$ 137,654	$ 146,520	$ 146,980
2023 Total Consumer Spending :	$ 308 M	$ 3274 M	$ 7283 M
2023 Median Age :	34	40	41
2023 Total Households :	2,624	26,290	58,461
2023 Pop Age 25+: Bachelor's Degree :	1,609	17,767	37,224
2023 Average Home Value :	$ 427,633	$ 366,191	$ 369,094

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Mason-Montgomery Rd	Merten Dr	2000	40,000	0.07 mi
Natorp Blvd	Mason-Montgomery Rd	2018	15,716	0.11 mi
Mason Montgomery Rd		2009	35,410	0.12 mi
Natorp Boulevard		2019	15,952	0.13 mi
NATORP BLVD	Natorp Blvd	2020	14,389	0.13 mi
Mason-Montgomery Rd	Escort Dr	2018	39,367	0.22 mi
Mason Montgomery Rd		2002	26,872	0.29 mi
I- 71		2019	6,134	0.29 mi
RAMP FROM IR71 SB TO MASON-MONTGOMERY	Escort Dr	2021	5,707	0.29 mi
Mason-Montgomery Rd	Escort Dr	2009	38,467	0.33 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
26679 Views
79 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
25993 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
26864 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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