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311 N 9th Ave
Pensacola, FL 32502 Downtown Pensacola

$3,877,000

Restaurant For Sale  •  6,463 Sq Ft

Property Details

  • Property Type Restaurant
  • Total Building Size 6,463 Sq Ft
  • Lot Size 1.52 ac
  • Building Class B
  • Year Built 2003
  • Cap Rate 5.70 %
  • Tenancy Single
  • Zoning GRD
34 Transit Score
67 Walk Score

Description

• Premier Casual Dining Brand: Carrabba’s Italian Grill is an authentic Italian restaurant focused on casual dining in a warm, festive atmosphere. The Carrabba’s Italian Grill menu includes a variety of Italian pastas, chicken, beef and seafood dishes, salads, and wood-fired pizzas. As of December 2017, Carrabba’s had 228 nationwide locations (225 company-owned and 3 franchised) and TTM system-wide sales of $677 million.
• Publicly Traded Parent Company: Bloomin’ Brands, Inc. (NASDAQ: BLMN) is one of the world’s largest casual dining restaurant companies, with approximately 1,489 restaurants throughout 48 states, Puerto Rico, Guam, and 19 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. Bloomin’ Brands reported 2017 revenues of $4.21 billion and EBITDA of $352 million.
• Long-Term Net Lease with Annual Rent Escalations: Carrabba’s absolute NNN Lease has ±12.8 years of primary term remaining, four 5-year options to renew, and attractive rent escalations of 1.7 x CPI (not to exceed 1.75%) throughout the initial term.
• Excellent Access & Visibility: The property is strategically located with excellent access and visibility at the signalized corner of North 9th Avenue (Traffic Count: 33,500 VPD) and East Gregory Street (Traffic Count: 20,500 VPD), which diverges onto the ramp to Interstate 110 (Traffic Count 58,000 VPD) within feet of the property.
• Strategic Location: The site benefits from its position within Downtown Pensacola’s retail and commercial corridor (4.0 MSF of retail, 6.4 MSF of office, 4.6 MSF of industrial and 1,595 multifamily units within a 3-mile radius). Major retailers within the vicinity include McDonald’s, Starbuck’s, Jimmy Johns, Nothing Bundt Cakes, The Melting Pot, Waffle House, Five Guys, Whataburger, Newk’s Eatery, Verizon, SunTrust, Pep Boys, UPS, Wendy’s, Shell, and Dollar General, among many others.
• Dynamic Demographics: In total, the site features an average household Income of $59,428 and a population of 39,606 within a 3-mile radius, placing a large population within walking distance of the property.
• Market: The city of Pensacola is the county seat of Escambia County and is a principal city in the Pensacola – Ferry – Pass Brent, FL Metropolitan Statistical Area (Population: 485,684). Pensacola benefits from its picturesque coastal location as well as its proximity to other major cities including Mobile and Birmingham, Alabama (60 miles to the northwest and 255 miles to the north, respectively) and New Orleans, Louisiana (200 miles to the southwest). The city’s solid, diverse economy features strongholds in the military and tourism industries and boasts one of the most prosperous manufacturing sectors in the northwest Florida region.

Highlights

As of June 25, 2017, Carrabba’s had 230 stores nationwide (227 company-owned and 3 franchised) and TTM system-wide sales of $686 million.
Bloomin’ Brands, Inc. (NASDAQ: BLMN)–the successor entity to OSI Restaurant Partners, Inc.–is one of the world’s largest casual dining restaurants.
Carrabba’s absolute NNN Lease has ±13.5 years of primary term remaining with four 5-year options to renew.
Attractive rent escalations of 1.7 x CPI (not to exceed 1.75%) throughout the initial term.
4.0 MSF of retail, 6.4 MSF of office, 4.6 MSF of industrial and 1,595 multifamily units within a 3-mile radius.

Financial Summary

Cap Rate: 5.70 %

Amenities

  • Freeway Visibility
  • Pylon Sign
  • Signage
  • Signalized Intersection

Public Transportation

AirportDriveWalkDistance
Pensacola Regional Airport 13 min - 5.8 mi

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
Christopher Bosworth 404-923-1486 CBRE, Inc.
Christopher Bosworth 404-923-1486 CBRE, Inc.