450 Montgomery Mall North Wales, PA 19454

This 6,830 square foot property is a single-tenant Outback Steakhouse located at 450 Montgomery Mall in North Wales, Pennsylvania, within the Philadelphia MSA. The property benefits from its location as an out-parcel to the Montgomery Mall, which attracts 3.2 million annual visitors, and its position at the intersection of Bethlehem Pike and Dekalb Pike, which sees a combined traffic volume of 45,760 vehicles per day. Across the street is the Airport Square shopping Center, featuring national retailers such as Best Buy, Marshal’s, Michael’s, HomeGoods, and Old Navy, drawing 4 million annual visitors. The property is subject to an absolute NNN lease with over 8 years of passive cash flow remaining. The lease includes four, five-year renewal options and 10% rent increases in the primary term and throughout the renewal options. The tenant, an operating subsidiary of Bloomin’ Brands, demonstrated strong performance in 2023, achieving revenues resulting in a 5% rent-to-sales ratio. The surrounding affluent community has an average household income exceeding $160,000.