SRS Sells Outback Steakhouse Land for Nearly $7M

SRS Real Estate Partners’ National Net Lease Group has sold 1/2-acre of land supporting an Outback Steakhouse location for $7 million. The property sits at 12001 Harbor Blvd. in Garden Grove, CA. Prior to the sale, Outback Steakhouse recently extended its absolute triple net lease for an additional 20 years at the location.

According to the SRS announcement, at $1,072 per-square-foot, this sale was one of 2019’s highest prices per square foot and lowest cap rate transactions for a Southern California casual dining property.

SRS managing principals Patrick Luther and Matthew Mousavi represented the seller, an undisclosed Southern California-based partnership. The also undisclosed buyer was represented 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 regarding the property’s location just 1.2 miles south of Disneyland and near the Anaheim Convention Center.

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