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Views: 211 DOM: 107 Updated: 10.03.24 Posted: 08.06.24 Status: Active

Summary

Price $3,463,682
Built/Renov 2001
Tenant Olive Garden (GL)
Cap Rate 5.35%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 8,067
Lease Start 03-22-2001
#Units 949
Price/SF $429.36
Expiration 01-31-2032
Tenant Type Casual Dining
NOI $185,307
R. Term 7.2
Ownership Ground Lease
Rent/SF $22.97
Increases 10.0%/5/yrs
Pop 5Mi 313,875
Lot/AC 0.44
Options 2/5yrs/10%
AHHI 5Mi $123,744

Lease Highlights

  • Olive Garden has been operating in this location since 2001
  • The tenant has 7+ years remaining on the current ground lease term with 2 (5-year) options to extend
  • The lease features 10% rental increases every 5 years | 15% increase at Option 4
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Olive Garden is strategically located on State Street, with access to a daily traffic count of 28,333 vehicles. The property is an outparcel at The Shops at South Town, Utah's largest shopping mall, which spans over 1.3 million square feet of retail space. It is adjacent to the on/off ramps for Interstate-15 (172,496 VPD), a major thoroughfare for the metro area. Additionally, the site is...

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Maps

  • 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 pasta dishes, steaks,...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 11,133 110,069 302,087
2024 Total Population : 11,089 109,823 301,688
2024 Employed Civilian Pop : 7,139 61,336 166,683
2024 Total Businesses : 856 5,687 10,899
2024 Average Household Income : $ 115,625 $ 138,524 $ 146,960
2024 Total Consumer Spending : $ 482 M $ 4678 M $ 13135 M
2024 Median Age : 33 35 35
2024 Total Households : 4,778 39,022 103,548
2024 Pop Age 25+: Bachelor's Degree : 2,065 20,483 56,124
2024 Average Home Value : $ 549,123 $ 637,165 $ 676,789
*ESRI data is presented for informational purposes only

Listing Broker

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