Olive Garden | Absolute NNN Ground Lease

Highlights:

• ABSOLUTE NNN GROUND LEASE – The property operates under an absolute NNN lease, with the tenant responsible for all operating expenses, offering a truly passive investment with zero landlord obligations.
• ANNUAL RENT INCREASES – Built-in 1.5% annual rent escalations enhance the investment’s income growth and hedge against inflation.
• LOW RENT PER SQUARE FOOT – The well below market rent of $14.79/SF offers savvy investors very limited downside and long-term upside.
• LONG OPERATING HISTORY – The tenant has successfully operated at this location for over ±15 years and averages approximately 23,681 customer visits per month according to AlphaComposite data.
• MARKET LEADING CASUAL DINING TENANT – The lease is guaranteed by GRMI, Inc. (wholly owned subsidiary or Darden Restaurants, Inc.), one of the most recognized and established brands in the casual dining segment, backed by the publicly traded Darden Restaurants (NYSE: DRI). Darden operates 800+ locations under Longhorn Steakhouse, Bahama Breeze, Seasons 52, Cheddar’s Scratch Kitchen, The Capital Grille, Eddie V’s and Yard House. Darden Restaurants holds a credit rating of BBB by S&P.
• SECURE INCOME STREAM – The lease has nearly ±5 years of term remaining with five (5) additional 5-year renewal options, ensuring long-term income stability.
• HIGHLY VISIBLE LOCATION – The subject property is ideally located along major roadways and sees over ±34,000 VPD on S Laburnum Avenue and ±12,646 VPD on Audubon Drive. In addition, the property is located less than half a mile from I-65, with an estimated ±51,148 VPD.
• STRONG DEMOGRAPHICS – In the surrounding area of Richmond, within the surrounding 5-miles, the population comes in at 133,238 residents, with an average household income of $70,304 and over $1.5B in consumer spending.
• PROXIMITY TO POPULAR RETAILERS – Locate in a dense retail corridor among popular retail destinations including nationals retailers Target, Lowes, PetSmart, Publix, Chick-fil-A, 7-Eleven, Panera, Cracker Barrel, McDonalds, Longhorn Steakhouse, Popeye’s, Red Lobster, Taco Bell, and many others.

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