Carrabba’s Italian Grill
Baskersfield, CA
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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S&P Outlook: Stable
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
Positives:
- Public Company, Credit Rated
- NNN lease eliminates landlord responsibilities
- Strong Parent Company with economies of scale
Negatives:
- 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
Carrabba’s Italian Grill Stock Keys
Title | 2017 | 2016 |
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