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August 12, 2020
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OC Outback Steakhouse Property Sells for Over $1,000/sf


A private investor paid $6.625 mil for the ground lease of a single-tenant, 6.2k sf property in Orange County fully occupied by Outback Steakhouse. Located on a .54-acre site at 12001 Harbor Blvd, along Restaurant Row near Disneyland in Garden Grove, Outback Steakhouse recently extended its absolute triple net lease for an additional 20 years.

At $1,072 per square foot, this was one of the highest prices per square foot and lowest cap rate transactions for a casual dining property in Southern California in 2019, according to CoStar. The property was sold by a SoCal-based partnership.

Outback Steakhouse property is just 1.2 miles south of Disneyland and is located at the signalized intersection of Chapman Ave and S. Harbor Blvd, with a combined 60,000 vehicles passing by daily. Harbor Blvd is the main thoroughfare for visitors traveling to Disneyland. Additionally, the asset is just minutes from the Anaheim Convention Center, a major tourist destination that just underwent a 200,000 SF, $190 million expansion.

The Outback Steakhouse is surrounded by numerous hotels for visitors and is positioned directly across from a Target-anchored center. It is also less than two miles west of the Outlets at Orange, with major tenants including the Nike Factory Store, Levi’s Outlet, Nordstrom Rack and more, further increasing consumer draw to the trade area. Within a five-mile radius, there is a population of more than 866,400 residents.

Patrick Luther and Matthew Mousavi with SRS’ National Net Lease Group represented the seller in the deal. The buyer was repped by Tom Carosella of Carosella Properties Inc.

“Single-tenant assets situated in high barriers to entry locations are extremely sought after by capital,” said Luther. “As Disneyland, the Anaheim Convention Center and other nearby tourist attractions continue to expand and attract more visitors, the surrounding area’s restaurants, hospitality and retailers reap the benefits of an increasing flow of crossover customer traffic.”

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