Lakeland, FL - Outback Steakhouse

Description:

• Outback has operated at this location for 18 years and has 2+ years remaining on their lease with 2 (5-year) options to extend
• The lease features 10% rental increases every 5 years throughout the option periods, increasing NOI and hedging against inflation
• There are 678 Outback Steakhouse locations in the U.S.
• The tenant had exceptional sales in 2024 of $4.6M
• Outback has a contractual right to be on the pylon sign on the hard corner of US-98 & Sleepy Hill
• A future investor would be purchasing this property at well below replacement cost as the tenant is paying below market rent at $15/SF

• The asset is located at the signalized, hard corner intersection of US Hwy 98 and Sleepy Hill Rd averaging 58,000 VPD
• Adjacent to Lakeland Square Mall, a 1M+ SF super-regional mall that features Dillard’s, JCPenney, and more
• Just North of I-4 (111,500 VPD), allowing users to benefit from on/off ramp access to the site and surrounding trade areas
• Outparcel to Village Plaza, a Hobby Lobby-anchored shopping center that ranks in the 74th percentile (10,086 out of 40,174) of all nationwide shopping centers via Placer.ai