Olive Garden

1340 Lakeside Village Circle, Lakeland, FL 33803

$2,125,000

Cap Rate 5.12%

$2,074,286

Cap Rate 5.25%

DOM: 96 Updated: 11.20.23 Posted: 07.08.23 Status: Sold 10.13.23

Summary

Price $2,125,000 $2,074,286	Built/Renov 2012	Tenant Olive Garden
Cap Rate 5.12% 5.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 7,730	Lease Start 07-10-2006	#Units 936
Price/SF $274.90 $268.34	Expiration 10-31-2032	Tenant Type Casual Dining
NOI $108,900	R. Term 7.4	Ownership Fee Simple
Rent/SF $14.09	Increases 10.0%/3/yrs	Pop 5Mi 147,791
Lot/AC 2.49	Options 4/5yrs/10%	AHHI 5Mi $87,347

Highlights

During fall of 2023, the building will be remodeled to Olive Garden’s newest prototype design—Domani
Tenant has 9+ years remaining on its current lease term with 4 (5-year) options to extend
10% rent increase in 2036, 2041, 2046 & 2051
Absolute NNN | Zero Landlord Responsibilities
Corporate guarantee by Darden Restaurants, Inc. (NYSE: DRI)
Darden Restaurants, Inc. is an investment grade rated tenant (S&P: BBB)

Location Description

Olive Garden is strategically positioned along Lakeside Village with access onto Harden Boulevard (41,500 VPD) and Polk Parkway (39,400 VPD) within feet of the property. The premier outdoor shopping center is anchored by Kohl’s, Belk and CMX Cinemas in addition to 70+ desirable tenants. Olive Garden further benefits from its position within Lakeland’s primary retail and commercial corridor...

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Key Features

New prototype
Dense retail corridor
Near major nationals
Highway location
Dense 100M+ pop 5 mi
Income tax free state
Absolute NNN
Traded and rated company
Corporate Guarantee
Over 500 units backed

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Links

Olive Garden Wikipedia Olive Garden Wikipedia Lakeland, Florida Zip Code 33803 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Olive Garden
Guarantor:Corp T and Rated
Company:Darden Restaurants, Inc.
# Units:936
Tenant S&P: BBB
Moody’s: Baa2
Stock:NYSE: DRI

About Tenant

Olive Garden is an American casual dining restaurant chain specializing in Italian-American cuisine. Olive Garden serves several types of Italian-American cuisine including pasta dishes, steaks,...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	6,624	60,022	150,611
2023 Total Population :	6,576	59,159	147,791
2023 Employed Civilian Pop :	2,882	26,448	65,716
2023 Total Businesses :	360	2,854	6,541
2023 Average Household Income :	$ 93,365	$ 88,503	$ 87,347
2023 Total Consumer Spending :	$ 278 M	$ 1797 M	$ 4346 M
2023 Median Age :	53	41	40
2023 Total Households :	3,461	23,369	57,270
2023 Pop Age 25+: Bachelor's Degree :	1,083	8,292	19,410
2023 Average Home Value :	$ 317,169	$ 272,647	$ 275,923

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Harden Blvd	N PkwyFrontage Rd	2005	35,000	0.18 mi
SR 570 WB	Lakeside Village	2021	2,750	0.36 mi
Polk Pkwy	Harden Blvd	2003	18,100	0.36 mi
Polk Parkway	Harden Blvd	2018	35,800	0.36 mi
Parkway Frontage Road South	Harden Blvd	2021	8,400	0.36 mi
SR 570 EB	Oakbridge Lakes	2021	2,200	0.43 mi
Harden Boulevard	Harden Blvd	2021	40,000	0.44 mi
Parkway Frontage Road North	Beaker Bl	2021	8,500	0.49 mi
PKWY FRONTAGE ROAD N	Oakbridge Blvd E	2021	2,200	0.50 mi
Harden Blvd	Oakbridge Blvd E	2003	32,500	0.52 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
29672 Views
79 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
29019 Views
76 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLPG Atlanta

Contact

135 Listings
29890 Views
78 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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