Investment Overview

Marcus & Millichap is pleased to present, Outback Steakhouse, located in West Chester, Ohio. The subject property is a brand-new class-A development with an anticipated construction completion date in Q2 2024. Outback measures 5,300 square feet and is situated on a large 1.49 acre parcel. As the newest addition to the Oaks at Wetherington development, this site proves to be an extremely meticulous & sought after location for the brand. Outback is encumbered by a landlord favorable ground-lease structure and has spent significant capital dollars on the construction of the site. This structure exemplifies a deep commitment and need for this location, which is Cincinnati’s 8th Outback site. Outback is one of the leading casual dining restaurant chains, with over 1,320 locations across the world. Outback is a wholly owned subsidiary of Bloomin Brands, and the company’s flagship brand. Bloomin Brand’s is publicly traded (Ticker Symbol: BLMN) and boasts annual revenue of over $4.4b across their 1,450+ locations. Outback will commence a long-term 10-year initial term which includes 12% rent bumps every 5-years, including all four, 5-year option terms. Outback is responsible for all operating expenses at the site, which includes Tax, CAM, and Insurance expenses – leaving virtually zero landlord responsibilities. Ownership benefits from a favorable & rare lease structure, brand-new construction, long-term lease, and true irreplaceable real estate. The subject property is located in West Chester, Ohio and is part of the Oaks at Wetherington Development, across from Liberty Center. Liberty Center is a Class-A lifestyle center built in 2015 which spans 64-acres and includes over 1.4 million square feet of retail, office dining, residential, entertainment and hotel options. The Oaks at Wetherington is a sister development of Liberty Center, and will include a combination of retail, restaurants, office, residential, and fitness across 18 acres. Prominent retailers and points of attraction nearby includes Costco, Target, Home Depot, Kroger, Meijer, Lowe’s, Dillard’s, Cabela’s, Planet Fitness, Cincinnati Children’s Hospital, UC Health West Hospital, Christ Medical Hospital, The Learning Experience, and prominent QSR/small shops such as Chick-Fil-A, Shack Shake, Starbucks, Verizon, Raising Cane’s, Freddy’s, and McDonalds. As part of two major developments, and co-located in a major retail corridor, the subject property sits on true irreplaceable real estate near the corner of Tyler’s Place Blvd and Preserve Pl which immediately see’s 32,290 vehicles per day. In addition to the immediate traffic counts, the site is directly off I-75 which sees over 136,575 vehicles per day. In addition to the two immediate developments, the city of West Chester proves to be a high growth suburb with dynamic demographics. Immediate demographics are dense and affluent with population counts of 2,790 within 1-mile, 56,931 within 3-miles and 138,494 within 5-miles, and a huge 1-mile average household income of $206,599. Population counts have grown 46%, 37% and 40% respectively since 2000. West Chester is a suburb of Cincinnati and is situated 20-miles from downtown Cincinnati. The Cincinnati MSA has a total population of 2.23m and is ranked as the 30th largest MSA in the nation.