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Restaurant

Olive Garden | 8+ Years Remaining | Philadelphia, PA MSA | Excellent Frontage on Primary Throughfare

35 S Willowdale Dr, Lancaster, PA 17602

Listing Price: $2,835,938

Cap Rate
5.60%
Tenant Name
Olive Garden
Years Remaining On Lease
8.3
Guarantor
Corporate Guarantee
Rentable SF
7,441
Lease Type
NNN Ground Lease
Rent Per Square Feet
$21.34

Investment Overview

The Olive Garden pad is an established location that has been operating at the site on a NNN Ground Lease for nearly 20 years. The tenant executed a 10-year lease extension in 2022, extending the lease term through May 2032 for a total of 8.5+ years remaining. The lease also has four remaining 5-year options, each with a 10% rental increase. The recent lease extension, combined with the Placer.ai data of more than 225,000 visits over the past 12 months, indicate that this is a successful restaurant location.
Olive Garden also benefits tremendously from the cross-traffic that is created by the greater outlet center, which draws an estimated 2+ million visitors per year per Placer.ai. The Shops @ Rockvale is home to over 40 retailers, including many national brands such as Crate & Barrel, OshKosh B’Gosh (NYSE: OSK), Cracker Barrel, Carters (NYSE: CRI), Disney (NYSE: DIS), Kirkland’s (NYSE: KIRK), Orvis, Lane Bryant, The Loft Outlet, and Pepperidge Farm.

Investment Highlights

  • Re-Development Plans Bringing New Apartments to Rockvale
  • NNN Ground Lease with Recent Extension and 8.5 Years Remaining
  • Beneficiary of Tourism in Pennsylvania Dutch Country

Broker of Record

  • Timothy B. Stephenson Jr.

    Regional Manager

    (215) 531-7000

    License(s) PA: RMR006104

    Pennsylvania

Financing By

Restaurant

Olive Garden | 8+ Years Remaining | Philadelphia, PA MSA | Excellent Frontage on Primary Throughfare

Listing Price: $2,835,938

Cap Rate
5.60%
Tenant Name
Olive Garden
Years Remaining On Lease
8.3
Guarantor
Corporate Guarantee
Rentable SF
7,441
Lease Type
NNN Ground Lease
Rent Per Square Feet
$21.34

Investment Highlights

  • Re-Development Plans Bringing New Apartments to Rockvale
  • NNN Ground Lease with Recent Extension and 8.5 Years Remaining
  • Beneficiary of Tourism in Pennsylvania Dutch Country

Investment Overview

The Olive Garden pad is an established location that has been operating at the site on a NNN Ground Lease for nearly 20 years. The tenant executed a 10-year lease extension in 2022, extending the lease term through May 2032 for a total of 8.5+ years remaining. The lease also has four remaining 5-year options, each with a 10% rental increase. The recent lease extension, combined with the Placer.ai data of more than 225,000 visits over the past 12 months, indicate that this is a successful restaurant location. Olive Garden also benefits tremendously from the cross-traffic that is created by the greater outlet center, which draws an estimated 2+ million visitors per year per Placer.ai. The Shops @ Rockvale is home to over 40 retailers, including many national brands such as Crate & Barrel, OshKosh B’Gosh (NYSE: OSK), Cracker Barrel, Carters (NYSE: CRI), Disney (NYSE: DIS), Kirkland’s (NYSE: KIRK), Orvis, Lane Bryant, The Loft Outlet, and Pepperidge Farm.

Broker of Record

  • Timothy B. Stephenson Jr.

    Regional Manager

    (215) 531-7000

    License(s): PA: RMR006104

    Pennsylvania

Financing By

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