Olive Garden

Sherman, TX

Price $4,210,000
Cap Rate 5.25%
TYPE Single-Tenant
STATUS Available
Tenant Olive Garden
LEASE TYPE Absolute NNN
SQUARE FEET 7,399
PRICE/SQ FT $569
YEAR BUILT 2008
LEASE EXP. 2030
LISTING AGENT Jessica Zahn Gibson
602-770-7145
jess@ciadvisor.com
Douglas Bruton
972-630-6000 x102
douglas@ciadvisor.com
Paul Blackburn, Blackburn Properties
Texas Local Broker #376821

Property Description

Olive Garden has 12 years remaining on a 15 year Absolute NNN lease and 1% annual rental increases and three 5 year renewal options. The corporate tenant, Darden SW, LLC – dba Olive Garden, has over 800 locations. The parent company, Darden Restaurants, Inc. is a multi-concept operator with over 1,700 units. This offering is a fee simple, single tenant retail asset located off of Route US-75. This location has an extremely low rent to sales ratio of 4.9% as of 2017!

Olive Garden is located in Sherman, Texas, with excellent visibility off of Hwy 75 and is just 68 miles north of Dallas. The subject property sits 3 miles from Austin College, a private liberal arts college with over 1,290 total enrollment, and Texoma Medical Center Denison, a 326-bed acute care hospital providing quality healthcare & services to the North Texas & Southern Oklahoma areas. Nearby retailers include Walmart Supercenter, Target, Kohl’s, Hobby Lobby, Bed Bath & Beyond, Best Buy, Academy Sports + Outdoors, Sam’s Club, T.J. Maxx, Ross Dress for Less, Old Navy, JCPenney, Tuesday Morning, Joann Fabrics & Crafts, Five Below, Ulta Beauty, Petco, PetSmart, Belk, Office Depot, Dollar Tree, Books-A-Million, Lowe’s Home Improvement, The Home Depot, Harbor Freight Tools, Tractor Supply Co.; 2 miles from Midway Mall (anchored by Dillard’s, Burlington & Sears with over 50 retail shops).

*In Association With: Paul Blackburn

Property Highlights

  • 12 Years Remaining on 15 Year Absolute NNN Lease and 1% Annual Increases
  • Parent Company: Darden Restaurants, Inc. is a Multi-Concept Operator with Over 1,700 Units
  • 2018 Demographics (5 MI) – Total Population: 47,859 | Avg HH Income: $63,139 | Population Growth (2010-2018): 16.01%!
  • Corporate Tenant: Darden SW, LLC – dba Olive Garden has Over 800 Locations
  • Extremely Low Rent-to-Sales Ratio of 4.9% (2017)
  • Excellent Visibility from Hwy 75 – Traffic Counts Exceed 54,540 CPD!