The Boulder Group is pleased to exclusively market for sale a single tenant Olive Garden sale-leaseback located in Kansas City, Kansas. Olive Garden has successfully operated at this location since 2009, establishing nearly two decades of proven operating history at the site. The proposed lease will feature a 10-year primary term with 10% rental escalations every five years and four 5-year renewal options. The absolute NNN structure leaves the landlord with zero property-level responsibilities. Additionally, the lease is with GMRI, Inc., a wholly owned subsidiary of Darden Restaurants, Inc. (NYSE: DRI), which carries an investment-grade BBB credit rating from S&P. This is a rare opportunity to acquire a fee simple Darden restaurant concept, allowing the future landlord to take advantage of depreciation.
The 7,401 square-foot property is located within Village West, a 1,500-acre, $1.2 billion development anchored by Legends Outlets Kansas City (1,200,000 SF) and Kansas Speedway, drawing an estimated 10 million annual visitors. It sits as an outparcel to Plaza at the Speedway Shopping Center, joining retailers including Sam’s Club, Kohl’s, Walmart Supercenter, Chick-fil-A, Starbucks, Planet Fitness, Whataburger, Zaxby’s, and many others. The property offers direct access along Parallel Parkway (18,000 VPD) near the Interstate 435 interchange, which carries approximately 69,000 vehicles per day, and sits directly across from Legends Outlets Kansas City. It benefits from its location within a dense retail corridor that also includes national retailers such as Menards, Bass Pro Shops, Target, and ALDI. Approximately 48,000 residents live within a five-mile radius of the property, with average household income exceeding $120,000 within three miles.
Olive Garden, founded in 1982 in Orlando, FL, is a popular American restaurant chain renowned for its generous portions of Italian American cuisine and unlimited soup, salad, and breadsticks. Now headquartered in Orlando, FL, it operates more than 900 restaurants across the United States and select international markets. The chain is owned by Darden Restaurants, Inc. (NYSE: DRI), the world’s largest company-owned and operated full-service restaurant group. The chain is known for its fresh, homemade pastas and sauces prepared daily, along with a menu that includes classic entrees, soups, salads, and signature items such as the Tour of Italy, Chicken Alfredo, and Chicken Parmigiana. Today Olive Garden ranks as one of the largest and strongest-performing casual dining chains in the United States and remains Darden’s flagship brand.