bonefish absolute triple net lease

CONTACT:
Erik Nelson
407-650-3667
erik.nelson@nnnreit.com
BONEFISH
ABSOLUTE TRIPLE NET LEASE
6955 Airport Blvd Mobile, AL
CONTACT:
Jon Adamo
407-650-3654
jon.adamo@nnnreit.com
Investment Summary
INVESTMENT OVERVIEW
INVESTMENT HIGHLIGHTS
•
Bloomin’ Brands Inc. Guaranty (NASDAQ: BLMN )
•
17+ Years Remain on Lease Term
Cap Rate
•
Annual Rent increases 1.7xCPI, capped at 1.75%
Annual Rent*
•
NNN Lease - Zero Landlord Responsibilities
•
Rare opportunity to own a fee-simple Bonefish Grill
Bonefish Grill is an American casual dining seafood restaurant chain owned and
operated by Bloomin' Brands, headquartered in Tampa, Florida. Bloomin' Brands
acquired Bonefish Grill on October 5, 2001. At the time, the chain had only three
locations. As of December 31, 2011, Bloomin' Brands 151 corporate owned and
operated Bonefish Grills across 28 states. Bloomin' Brands, Inc., together with its
subsidiaries, owns and operates various concepts, including Outback Steakhouse,
Carrabba’
s Italian Grill, Bonefish Grill, Fleming’
s Prime Steakhouse and Roy’
s, an
upscale dining restaurant. As of March 4, 2014, it owned and operated
approximately 1,500 restaurants in 48 states, Puerto Rico, Guam, and 21
countries.
This single tenant freestanding Bonfish Grill is located at 6955 Airport Blvd in
Mobile, AL. The property is well positioned between the Mobile Regional Airport
and Providence Health hospital campus. Airport Blvd is a major commercial
thoroughfare that caries 42,000 vehciles per day and links western Mobile to
downtown. The location is the only Bonefish Grill in Mobile and is supported by
strong demographics with over 130,000 residents within 5 miles. The city of
Mobile is the third largest city in Alabama and is a large trade center due to its
deep saltwater port (one of the top ten in the nation). Additionally, Airbus is
building a $600 MM assembly factory that will employ 1,000 people and build 50
planes per year by 2018.
Price
Rent Per SF
Rent Increases
Next Rent Increase
$3,671,000
6.50%
$238,638
$41.92
1.7x CPI or 1.75%
Annually
4/1/2016
Lease Term Remaining
17 years
Lease Commencement
2012
Renewal Options
Landlord Responsibilities
Building Size
Four - 5 year options
None
5,693 SF
Year Built
2006
Land Area
2.06 Acres
Lease Type
Lease Guaranty
NNN
Bloomin’ Brands Inc.
Map
Aerial
Aerial
Photo