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Restaurant

Olive Garden (Fee-Simple NNN with Annual Increases)

1770 Glidewell Dr, Burlington, NC 27215

Listing Price: $4,841,652

Cap Rate
5.40%
Tenant Name
GMRI, Inc. d/b/a Olive Garden
Years Remaining On Lease
9.0
Gross SF
7,441
Guarantor
Corporate Guarantee
Rentable SF
7,441
Price/Gross SF
$650.67
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$35.14

Investment Overview

LEASE & TENANT HIGHLIGHTS
- ABSOLUTE NNN CORPORATELY GUARATEED FEE-SIMPLE OLIVE GARDEN LEASE WITH OVER 9 YEARS REMAINING
- ANNUAL INCREASES OF 1.0%
- OLIVE GARDEN IS A SUBSIDIARY OF DARDEN RESTAURANTS, INC. (NYSE: DRI) - DARDEN CURRENTLY OPERATES OVER 1,800 RESTAURANTS UNDER OLIVE GARDEN (860+), LONGHORN STEAKHOUSE (520+), CHEDDARS (160+), YARD HOUSE (80+), CAPITAL GRILLE (60+), SEASONS 52 (40+), AND BAHAMA BREEZE (40+)
- DARDEN RECENTLY REPORTED BETTER THAN EXPECTED EARNINGS & SALES FOR THIRD QUARTER
- DARDEN STOCK HAS SOARD 129% OVER THE LAST YEAR (COMPARED TO S&P BENCHMARK OF 57%) WITH SHARES UP 13% IN THE PAST THREE MONTHS
- 99% OF DARDENS RESTAURANTS ARE NOW OPEN AND THEY ARE PROJECTING $2.1 BILLION IN SALES FOR FISCAL FOURTH QUARTER
- OLIVE GARDEN SAME STORE SALES HAVE BEEN INCREASING WEEK-TO-WEEK AND FOR THE WEEK ENDING MARCH 21ST WERE UP 5.7%
- PER PLACER.AI, THIS STORE RANKS IN THE 79TH PERCENTILE NATIONALLY WITH OVER 158,000 VISITORS THE PAST 6 MONTHS

LOCATION & MARKET HIGHLIGHTS
- LOCATED APPROXIMATELY 20 MILES EAST OF GREENSBORO
- INCREDIBLY DENSE RETAIL CORRIDOR WITH WELL OVER 1M SF OF RETAIL SURROUNDING THE SUBJECT PROPERTY
- DIRECTLY IN FRONT OF ALAMANCE CROSSING - AN 800,000 +/- SF OPEN-AIR LIFESTYLE CENTER WITH 8 ANHORS AND OVER 70 SHOP TENANTS - ANCHORS INCLUDE: BJS, HOBBY LOBBY, DICKS, DILLARDS, KOHLS, AND BELK
- ACROSS THE STREET FROM UNIVERSITY COMMONS - A 225,000 +/- SF POWER CENTER ANCHORED BY TARGET, ROSS, MICHAELS, TJMAXX, BEST BUY, AND PETSMART
- NEAR ALAMANCE REGIONAL MEDICAL CENTER - A STATE OF THE ART 240-BED REGIONAL HOSPITAL
- THE PIEDOMONT TRIAD AREA (GREENSBORO/WINSTON SALEM/HIGH POINT MARKETS) CURRENTLY HAS OVER 1.7 MILLION RESIDENTS AND IS EXPECTED TO ADD AN ADDITIONAL 50,000 OVER THE NEXT 5 YEARS
- THE 1-MILE RADIUS IS EXEPCTED TO GROW BY 12% OVER THE NEXT 5 YEARS, AND HAS AN AHI OVER $82,000 - 3-MILE AHI IS OVER $87,000 WITH AN ESTIMATED GROWTH OF 7% OVER THE NEXT 5 YEARS
- LOCATED LESS THAN 1 MILE OFF INTERSTATE-40 - HIGH TRAFFIC LOCATION WITH OVER 160,000 CARS PER DAY

Investment Highlights

  • ABSOLUTE NNN CORPORATELY GUARATEED FEE-SIMPLE OLIVE GARDEN LEASE WITH 9+ YRS LEFT
  • ANNUAL INCREASES OF 1.0%
  • OLIVE GARDEN IS A SUBSIDIARY OF DARDEN RESTAURANTS, INC. (NYSE: DRI)
  • LOCATED APPROXIMATELY 20 MILES EAST OF GREENSBORO
  • INCREDIBLY DENSE RETAIL CORRIDOR WITH WELL OVER 1M SF OF RETAIL

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2222

    License(s) NC: 303785

    North Carolina

Restaurant

Olive Garden (Fee-Simple NNN with Annual Increases)

Listing Price: $4,841,652

Cap Rate
5.40%
Tenant Name
GMRI, Inc. d/b/a Olive Garden
Years Remaining On Lease
9.0
Gross SF
7,441
Guarantor
Corporate Guarantee
Rentable SF
7,441
Price/Gross SF
$650.67
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$35.14

Investment Highlights

  • ABSOLUTE NNN CORPORATELY GUARATEED FEE-SIMPLE OLIVE GARDEN LEASE WITH 9+ YRS LEFT
  • ANNUAL INCREASES OF 1.0%
  • OLIVE GARDEN IS A SUBSIDIARY OF DARDEN RESTAURANTS, INC. (NYSE: DRI)
  • LOCATED APPROXIMATELY 20 MILES EAST OF GREENSBORO
  • INCREDIBLY DENSE RETAIL CORRIDOR WITH WELL OVER 1M SF OF RETAIL

Investment Overview

LEASE & TENANT HIGHLIGHTS
- ABSOLUTE NNN CORPORATELY GUARATEED FEE-SIMPLE OLIVE GARDEN LEASE WITH OVER 9 YEARS REMAINING
- ANNUAL INCREASES OF 1.0%
- OLIVE GARDEN IS A SUBSIDIARY OF DARDEN RESTAURANTS, INC. (NYSE: DRI) - DARDEN CURRENTLY OPERATES OVER 1,800 RESTAURANTS UNDER OLIVE GARDEN (860+), LONGHORN STEAKHOUSE (520+), CHEDDARS (160+), YARD HOUSE (80+), CAPITAL GRILLE (60+), SEASONS 52 (40+), AND BAHAMA BREEZE (40+)
- DARDEN RECENTLY REPORTED BETTER THAN EXPECTED EARNINGS & SALES FOR THIRD QUARTER
- DARDEN STOCK HAS SOARD 129% OVER THE LAST YEAR (COMPARED TO S&P BENCHMARK OF 57%) WITH SHARES UP 13% IN THE PAST THREE MONTHS
- 99% OF DARDENS RESTAURANTS ARE NOW OPEN AND THEY ARE PROJECTING $2.1 BILLION IN SALES FOR FISCAL FOURTH QUARTER
- OLIVE GARDEN SAME STORE SALES HAVE BEEN INCREASING WEEK-TO-WEEK AND FOR THE WEEK ENDING MARCH 21ST WERE UP 5.7%
- PER PLACER.AI, THIS STORE RANKS IN THE 79TH PERCENTILE NATIONALLY WITH OVER 158,000 VISITORS THE PAST 6 MONTHS

LOCATION & MARKET HIGHLIGHTS
- LOCATED APPROXIMATELY 20 MILES EAST OF GREENSBORO
- INCREDIBLY DENSE RETAIL CORRIDOR WITH WELL OVER 1M SF OF RETAIL SURROUNDING THE SUBJECT PROPERTY
- DIRECTLY IN FRONT OF ALAMANCE CROSSING - AN 800,000 +/- SF OPEN-AIR LIFESTYLE CENTER WITH 8 ANHORS AND OVER 70 SHOP TENANTS - ANCHORS INCLUDE: BJS, HOBBY LOBBY, DICKS, DILLARDS, KOHLS, AND BELK
- ACROSS THE STREET FROM UNIVERSITY COMMONS - A 225,000 +/- SF POWER CENTER ANCHORED BY TARGET, ROSS, MICHAELS, TJMAXX, BEST BUY, AND PETSMART
- NEAR ALAMANCE REGIONAL MEDICAL CENTER - A STATE OF THE ART 240-BED REGIONAL HOSPITAL
- THE PIEDOMONT TRIAD AREA (GREENSBORO/WINSTON SALEM/HIGH POINT MARKETS) CURRENTLY HAS OVER 1.7 MILLION RESIDENTS AND IS EXPECTED TO ADD AN ADDITIONAL 50,000 OVER THE NEXT 5 YEARS
- THE 1-MILE RADIUS IS EXEPCTED TO GROW BY 12% OVER THE NEXT 5 YEARS, AND HAS AN AHI OVER $82,000 - 3-MILE AHI IS OVER $87,000 WITH AN ESTIMATED GROWTH OF 7% OVER THE NEXT 5 YEARS
- LOCATED LESS THAN 1 MILE OFF INTERSTATE-40 - HIGH TRAFFIC LOCATION WITH OVER 160,000 CARS PER DAY

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2222

    License(s): NC: 303785

    North Carolina

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