Carrabba's NNN Lease Portfolio

CBRE is pleased to offer for sale the Carrabba’s NNN Lease Portfolio (the “Portfolio”) consisting of 4 remaining Carrabba’s Italian Grill assets totaling 26,707 square feet on 7.63 acres. The properties are located in 4 states (AL, MD, MI & OH) and benefit from strong retail synergies within bustling corridors. The Portfolio enjoys a year-one net operating income (“NOI”) of $1,115,435, ±7.6 years of term remaining and a corporate guaranty from Bloomin’ Brands, Inc. (S&P: BB-). The properties boast attractive annual rent increases (lesser of 1.75% or 1.7x the CPI increase) and four 5-year renewal options. 
Bloomin’ Brands, Inc. (NASDAQ: BLMN) is one of the world’s largest casual dining restaurant companies with approximately 1,500 restaurants throughout 47 states, Guam, and 17 countries. The company operates restaurants through a portfolio of leading, differentiated restaurant brands including Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime Steakhouse & Wine Bar and Aussie Grill. Bloomin’ Brands reported 2022 revenues of $4.42 billion and net income of $101.9 million.
CBRE will respond to offers on a rolling basis. Bids on both the individual properties and portfolio are encouraged.