Jones Lang LaSalle Americas, LP is pleased to offer for sale the fee simple interest in a newly constructed Olive Garden (the “Property” or “Asset”) located in a dense retail corridor in Midwest City, Oklahoma. The built-to-suit Olive Garden opened for business in November 2020 and Olive Garden signed a long-term lease with 10 years in the primary term with four separate 5-year extension options. The absolute net ground lease provides a truly passive income structure, with 10% rent bumps every 5 years to offer a hedge against inflation. Olive Garden Holdings, LLC (the “Tenant”) is an operating subsidiary of Darden Restaurants, Inc. (NYSE: DRI), which recently received a credit rating upgrade (‘BBB’ S&P) in October of 2021. Midwest City is located within the Oklahoma City MSA, which has seen population growth at twice the rate of the United States. The asset sits in the middle of the Sooner Rose Shopping & Entertainment District, a centrally located retail corridor that sees ~40,000 vehicles per day.
- Long Term Lease with Over 9 Years of Term and Contractual Rent Increases
- Absolute NNN Lease with Zero Landlord Responsibilities
- Investment Grade Tenancy from National Casual Dining Leader
- Brand New Construction and Exceptional Demographics
- Strategically Located in Dense Retail Corridor with Many Credit Tenants