Single Tenant Outback Steakhouse

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Outback Steakhouse (the “Property”) in Huntersville, a town just 15 miles north of Charlotte and part of the Charlotte MSA, home to a population of over 2.8 million residents. Outback Steakhouse operates on an absolute triple-net (NNN) lease featuring 1% annual rental increases. The triple net (NNN) lease structure allows for a hands-free, passive form of ownership. Outback’s lease contains a corporate guaranty from OSI Restaurant Partners, LLC (Bloomin’ Brands), one of the world’s largest casual dining companies with over 1,450 restaurants worldwide. The property sits along Northcross Drive (11,400 VPD), less than ½ mile off Exit 25 of Interstate 77, a major interstate highway boasting 101,900 VPD and can be easily accessed via NC-73/Sam Furr Road 45,000 VPD. Outback is strategically positioned across from Birkdale Business Park, adjacent to three hotels with a total of over 265 rooms, and seconds from a 312-unit apartment complex in Greys Harbor at Lake Norman. Less than 1 mile from Outback, the Birkdale Village ranks in the top 90th percentile of Lifestyle Centers in North Carolina and in the top 78th percentile in the United States, signifying the strength of the retail corridor. The 5-mile area surrounding the property boasts excellent demographics with a population of 106,000 and 42,000 households. The average household income within that same area sits at $168,000. In the area surrounding the property there are multiple developments enhancing the community. In 2024, Rosechire Chase, a 36-home development, was completed, and a proposal is underway to widen NC-73 (45,000 VPD), a main thoroughfare in the area. The Charlotte MSA is the 22nd largest metro area in the country and home to several Fortune 500 companies. Bank of America and Truist Financial are headquartered within Charlotte and help bolster the city's presence as the 2nd largest financial center in the United States. Outback Steakhouse, Inc. is one of the largest casual steakhouse chains in the United States consisting of 673 restaurants that span across 47 states. Their parent company, Bloomin’ Brands (NASDAQ: BLMN) owns a variety of well-known chain restaurants such as Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar. In total, Bloomin’ Brands Inc. consists of approximately 1,450 restaurants in 47 states and 20 countries. Bloomin’ Brands reported total revenues of $1.039 billion in Q3 2024.