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Views: 122 DOM: 68 Updated: 09.25.24 Posted: 09.25.24 Status: Active

Summary

Price $3,638,000
Built/Renov 2024
Tenant Olive Garden (GL)
Cap Rate 5.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 7,825
Lease Start 12-01-2024
#Units 949
Price/SF $464.92
Expiration 11-30-2034
Tenant Type Casual Dining
NOI $191,000
R. Term 10.0
Ownership Ground Lease
Rent/SF $24.41
Increases 10.0%/5/yrs
Pop 5Mi 36,661
Lot/AC 1.88
Options 4/5yrs/10%
AHHI 5Mi $84,116

Lease Highlights

  • Brand new 2024 construction
  • New 10-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rental increases throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Olive Garden is strategically located at the signalized, hard corner intersection of Wilson Avenue and Huskey Road, a major retail thoroughfare with access to a combined daily traffic count of 36,600 vehicles. This property is situated less than a mile from a Walmart Supercenter, which features outparcels such as QuikTrip, Advance Auto Parts, and RibCrib BBQ. Additionally, it is in close...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Olive Garden
  • Guarantor:Corp T and Rated
  • Company:Darden Restaurants, Inc.
  • # Units:949
  • 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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Listing Broker

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