2767 Legends Pky - Restaurant FOR SALE


Prattville, AL 36066
$5,000,000 USD
847-664-9557
2767 Legends Pky, Prattville, AL for Sale
$5,000,000 USD
Restaurant - FOR SALE
1/3
null | 5.5% Cap Rate

2767 Legends Pky
Prattville, AL 36066


HIGHLIGHTS

  • New 10-year sale leaseback with 10% rental escalations every five years
  • Olive Garden has successfully operated at this location since 2008, demonstrating a long-term commitment to the site
  • Corporate lease with GMRI, Inc., a wholly owned subsidiary of Darden Restaurants, Inc. (NYSE: DRI) – S&P: BBB
  • Strong performer with low rent-to-sales ratio
  • Rare opportunity to acquire a fee simple Darden restaurant concept, allowing the future landlord to take advantage of depreciation
  • Outparcel to Prattville Town Center within the city’s primary retail corridor, anchored by Target, The Home Depot, Publix, Best Buy, Bass Pro Shops

OVERVIEW

The Boulder Group is pleased to exclusively market for sale a single tenant Olive Garden sale-leaseback located in Prattville, Alabama, within the Montgomery MSA. Olive Garden has successfully operated at this location since 2008, 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 ?ve 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 7,814 square-foot building sits on an outparcel to Prattville Town Center, Prattville’s primary retail destination. The property offers direct access to Interstate 65 at Exit 179 (Cobbs Ford Road / U.S. 82), the primary commercial interchange serving Prattville, which carries approximately 70,000 vehicles per day. It bene?ts from its location within a dense retail corridor that also includes High Point Town Center and is anchored by national brands including Target, The Home Depot, Publix, Best Buy, Bass Pro Shops, Lowe’s Home Improvement, Kohl’s, ALDI, and Walmart Supercenter, among many others. Approximately 53,000 residents live within a ?ve-mile radius of the property, with average household income exceeding $105,000 within three miles. Prattville ranks among the fastest-growing cities in the Montgomery MSA, with its population up approximately 6% since the 2020 Census. 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 ?agship brand.

FOR SALE DETAILS

PRICE

$5,000,000 USD

PRICE/SF

$640 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

2008

SPRINKLERS

-

PARKING SPACES

72

LAND DETAILS

LAND ACRES

1.84 AC

LAND SF

80,150 SF

ZONING

-

APN/PARCEL ID

26-04-18-0-001-001002-0

ASK ABOUT THIS PROPERTY

John FeeneyThe Boulder GroupMore Info
847-664-9557

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

John FeeneyThe Boulder GroupMore Info
847-664-9557

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