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 current total of seven (7) years remaining. The lease also has four remaining 5-year extensions, each with a 10% rental increase. The recent lease extension, combined with the Placer.ai data indicating more than 243,000 visits over the past 12 months, show 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 2.3+ 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 Store Outlet (NYSE: DIS), Kirkland’s (NYSE: KIRK), Orvis, Lane Bryant, The Loft Outlet, and Pepperidge Farm. Other pad sites for sale include Panera Bread, KFC, Cracker Barrel, and Truist Bank.