Evansville, IN - Olive Garden

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Olive Garden investment property located in Evansville, IN. The tenant, Olive Garden Holdings, LLC recently signed a brand new 10 year lease with 5 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.

The Olive Garden is located at the signalized, hard corner intersection of Pearl Drive and South Red Bank Road with a combined 17,500 vehicles passing by daily. Pearl Drive, is a major retail thoroughfare serving the city of Evansville. The Olive Garden is located across from a 118,000 square foot Home Depot and a 205,000 square foot Walmart Supercenter, further increasing consumer traffic to the site. The Olive Garden is located adjacent to a 68,231 square foot Schnucks anchored shopping center that includes national/credit tenants including a Taco Bell, Chick-fil-A, Sherwin Williams, Goodwill, Great Clips and more. The property is located in a major retail corridor with many nearby national/credit tenants including Panera Bread, Denny’s, CVS, Walgreens, Lowe’s, Sonic, and more. The 5-mile trade area is supported by a population of over 67,000 and over 67,500 employees with an average household income of $68,510.