Carrabba’s Italian Grill

The chain was founded on December 26, 1986, by John Charles “Johnny” Carrabba, III and his uncle Damian Mandola. Together, they opened the first restaurant on Kirby Drive in Houston, Texas. A second location was opened soon after at the intersection of Woodway and Voss street. After a considerable enlargement of the restaurant, it was renamed “Rosie Carrabba’s” in honor of Damian’s sister Rose. Johnny Carrabba and his family are still the proprietors of both original locations.

In January 1993, under a joint venture with Outback Steakhouse, Inc. (the predecessor to Bloomin’ Brands), 10 new Carrabba’s locations were opened in Houston and Florida. Two years later, OSI acquired the rights to develop the Carrabbas chain nationwide. In 2008, OSI teamed up with HMSHost to open the first airport location in Tampa International Airport. As of 2013, more Carrabba’s restaurants are in the state of Florida—home to parent company Bloomin’ Brands’ corporate headquarters—than any other in the United States.

In 2015, the first Carabba’s international location opened in Brazil rebranded as “Abbraccio.

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Parent Company: Bloomin' Brands
Store Count: 247
S&P Rating: BB

S&P Outlook: Stable

Moody Rating: N/R

Moody Outlook: N/R

Typical Lease Characteristics

Lease Term: 15 – 20 Years  Years

Lease Type: Absolute NNN Lease 

Lease Increases: 10% Every 5 years 

Lease Extensions: 4-5 (5) Year Options

Lease Guarantor: Corporate and Franchise


  • Public Company, Credit Rated
  • NNN lease eliminates landlord responsibilities
  • Strong Parent Company with economies of scale


  • Higher price point restaurant
  • Competitive Industry Sector
  • Susceptible to economic trends and pressures

Market Snapshots:

On Market Ranges:

# of Properties in set: 2

Price: $2,491,130 - $2,901,750Average: $2,737,500

PPSF: $420 - $480Average: $448

Year Built: 2012 - 2013Average: 2012

CAP Rate Range: 5.42% - 6.17%Average: 5.77%

Size range: 6,032 sq ft - 6,178 sq ft Average: 6,105 sq ft

Last 12 Month Range:

# of Properties in set: 1

Price: $2,706,176 - $2,706,176Average: $2,706,176

PPSF: $464 - $464Average: $464

Year Built: 2001 - 2001Average: 2001

CAP Rate Range: N/AV - N/AVAverage: N/AV

Size range: 5,832 sq ft - 5,832 sq ft Average: 5,832 sq ft

Carrabba’s Italian Grill Company Profile

Headquarters Information

Tampa, Flordia

Founded in 1986

Company type: Public

Stock Ticker: BLMN

Parent Company: Bloomin' Brands

Sector: Services

Industry: Restaurant

S&P Rating: BB

S&P Outlook: Stable

S&P Rating: N/R

Moody Outlook: N/R

Carrabba’s Italian Grill Stock Keys

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