July 31, 2023 – Justin Spillane and Kyle Danielson of Horvath & Tremblay have successfully completed the sale of an Outback Steakhouse in San Antonio, Texas. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $3,627,451.
Outback Steakhouse is located at 2814 SE Military Drive in San Antonio, Texas. The Outback Steakhouse lease has 14+ years remaining on a 15-year Absolute NNN Ground Lease with five (5), 5-year renewal options. The 5,800 square foot building was constructed in 2023 and features Outback’s newer, modern design. The Absolute NNN ground lease features attractive 10% rent increases every 5-years throughout the primary term and at the start of each of the 5-year renewal options. Outback is situated on a pad site within Brooks Town Center, an under construction mixed-use shopping destination. The Property is positioned at the intersection of S New Braunfels Avenue and SE Military Drive (TX Route 13), the area’s primary commercial corridor. The location is part of an exceptional trade area centered around the junction of SE Military Drive and Interstate 37 and is home to countless national retailers and restaurants including Walmart, Target, Sam’s Club, Lowe’s, Home Depot, H-E-B, Texas Roadhouse, Olive Garden Raising Cane’s, Starbucks, and Chick-fil-A that draw significant traffic to the area. The Property is also home to numerous hotels and apartment communities providing a built-in customer base.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.