Restaurant
Olive Garden | 8+ Years Remaining | Philadelphia, PA MSA | Excellent Frontage on Primary Throughfare
35 S Willowdale Dr, Lancaster, PA 17602
Listing Price: $2,646,883
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
Financing By
Restaurant
Olive Garden | 8+ Years Remaining | Philadelphia, PA MSA | Excellent Frontage on Primary Throughfare
Listing Price: $2,646,883
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
Financing By
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