10670-10760 Parallel Pky - Restaurant FOR SALE


Kansas City, KS 66109- I-435 West KC-KS | 
$5,000,000 USD
847-664-9557
10670-10760 Parallel Pky, Kansas City, KS for Sale
$5,000,000 USD
Restaurant - FOR SALE
1/3
null | 5.5% Cap Rate

10670-10760 Parallel Pky
Kansas City, KS 66109
I-435 West KC-KS


HIGHLIGHTS

  • New 10-year sale leaseback with 10% rental escalations every five years
  • Rare opportunity to acquire a fee simple Darden restaurant concept, allowing the future landlord to take advantage of depreciation
  • Located within Village West, a 1,500-acre, $1.2 billion development anchored by Legends Outlets Kansas City (1,200,000 SF), Kansas Speedway
  • Outparcel to Plaza at the Speedway Shopping Center (Sam’s Club, Kohl’s, Walmart Supercenter, Chick-fil-A, Starbucks, Planet Fitness, Whataburger, Zaxb
  • Other nearby national retailers include Menards, Bass Pro Shops, Target, & ALDI
  • 48,000+ residents within a five-mile radius

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$5,000,000 USD

PRICE/SF

$676 USD /SF

CAP RATE

5.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Olive Garden (Sale Leaseback)

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2009

SPRINKLERS

-

PARKING SPACES

80

LAND DETAILS

LAND ACRES

1.46 AC

LAND SF

63,598 SF

ZONING

-

APN/PARCEL ID

401707

ASK ABOUT THIS PROPERTY

John FeeneyThe Boulder GroupMore Info
847-664-9557

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John FeeneyThe Boulder GroupMore Info
847-664-9557

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.