The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Outback Steakhouse restaurant located at 8880 Springbrook Dr NW in Coon Rapids, MN for $3,418,000.
The 6,268 square foot property is strategically positioned just west of MN 47 (22,100 VPD), which bifurcates the main retail corridor for the surrounding area and provides access to downtown Minneapolis less than 15 miles to the south.
The subject property benefits from its location less than 1 mile from the Northtown Mall, which has 62 stores and receives over 5 million visitors annually. Prominent retailers nearby include Target, Walmart, Home Depot, Best Buy, Burlington, Hobby Lobby, ALDI, Cub Foods, Big Lots, Walgreens, Barnes & Noble, Dollar Tree, Urban Air Trampoline and Adventure Park, Planet Fitness, Chick-fil-A, Chipotle, KFC, Taco Bell, Wendy’s, Chase, and Wells Fargo.
The property is located within the Minneapolis-St. Paul MSA, ranked #16 in the United States by population. The area has strong demographics, with over 235,000 people living within 5 miles of the property and an average household income of $107,635.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction. The seller is a New York-based real estate private equity firm and the buyer is a California-based private individual.
This NNN lease has 12 years remaining with three 5-year renewal options and contains 1.8% annual rental increases in the primary term. The tenant has operated at the property for 27 years.
Outback Steakhouse is an American chain of Australian-themed casual restaurants. The chain operates over 1,000 locations worldwide, including 675 in the United States. Outback Steakhouse is a subsidiary of Bloomin’ Brands, a publicly traded restaurant holding company headquartered in Tampa, Florida. In addition to Outback, the company also owns Bonefish Grill, Carrabba’s Italian Grill, and Fleming’s Prime Steakhouse & Wine Bar.
“Investors gravitate towards assets in populous MSAs with diversified economies like Minneapolis-St. Paul,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The fast casual sector continues to garner investor interest, especially for recognizable tenants like Outback Steakhouse.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high-net-worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $9 billion of single tenant net lease real estate transactions. From 2013-2023, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.
More Info: www.bouldergroup.com
Media Contact
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Phone: 8478816388
Address:3520 Lake Avenue Suite 203
City: Wilmette
State: Illinois
Country: United States
Website: https://www.bouldergroup.com/NNN-Properties-For-Sale.html