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Views: 32 DOM: 39 Updated: 08.06.24 Posted: 08.06.24 Status: Active

Summary

Price $2,525,217
Built/Renov 2010
Tenant Olive Garden (GL)
Cap Rate 5.75%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 7,507
Lease Start 04-01-2010
#Units 949
Price/SF $336.38
Expiration 03-31-2032
Tenant Type Casual Dining
NOI $145,200
R. Term 7.6
Ownership Ground Lease
Rent/SF $19.34
Increases 10.0%/7/yrs
Pop 5Mi 76,125
Lot/AC 0.41
Options 3/5yrs/10%
AHHI 5Mi $108,307

Lease Highlights

  • Olive Garden has 7+ years remaining on the current ground lease term with 3 (5-year) options to extend
  • The lease features 10% rental escalations at the start of each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Olive Garden is strategically located on Valley Mall Parkway, with access to a daily traffic count of 56,000 vehicles. The property is an outparcel to Wenatchee Valley Mall, anchored by Macy’s, Sportsman’s Warehouse, and Ross. It also benefits from its proximity to State Route 285, which sees 56,000 VPD and serves as the main thoroughfare for Wenatchee. The immediate area features well-known...

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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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Listing Broker

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