Olive Garden (GL)

1403 East Interstate Highway 2, San Juan, TX 78589

$2,636,400

Cap Rate 5.50%

Views: 52 DOM: 70 Updated: 10.12.24 Posted: 10.12.24 Status: Active

Summary

Price $2,636,400	Built/Renov 2023	Tenant Olive Garden (GL)
Cap Rate 5.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 7,818	Lease Start 04-03-2024	#Units 949
Price/SF $337.22	Expiration 04-30-2033	Tenant Type Casual Dining
NOI $145,000	R. Term 8.4	Ownership Ground Lease
Rent/SF $18.55	Increases 10.0%/3/yrs	Pop 5Mi 176,316
Lot/AC 1.73	Options 4/5yrs/10%	AHHI 5Mi $67,813

Lease Highlights

New 2023 construction
Olive Garden has 8+ years remaining on the current ground lease term with 4 (5-year) options to extend
The lease features 10% rental increases throughout the initial term and option periods
Absolute NNN lease | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Olive Garden is strategically located on East Interstate Highway 2, with access to a substantial daily traffic count of 102,481 vehicles. Over the past 12 months, this location has welcomed 120,300 visitors across 282,400 visits, reflecting a growth rate of 101.1% year-over-year, according to Placer.ai. Situated approximately 6 miles east of downtown McAllen, the property boasts excellent...

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Key Features

New construction
High traffic 50M+ VPD
Dense retail corridor
Highway location
Dense 100M+ pop 5 mi
Income tax free state
Absolute NNN
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Olive Garden Wikipedia Olive Garden Wikipedia San Juan, Texas Zip Code 78589 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Olive Garden
Guarantor:Corp T and Rated
Company:Darden Restaurants, Inc.
# Units:949
Tenant S&P: BBB
Moody’s: Baa2
Stock: NYSE: DRI

About Tenant

Olive Garden is an American casual dining restaurant chain specializing in Italian-American cuisine . Olive Garden serves several types of Italian-American cuisine including...

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Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
16796 Views
62 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
16946 Views
60 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLPG Atlanta

Contact

135 Listings
16948 Views
63 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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