This Retail Property is Off-Market.

4848 East Cactus Road
Phoenix, AZ 85254 ·

16,682 SF · Retail For Sale

N/A

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OLIVE GARDEN & RED LOBSTER GROUND LEASES

Price N/A Cap Rate 6%
Building Size 16,682 SF Occupancy 100%
Property Type Retail Tenancy Multiple
Property Sub-type Restaurant Property on Ground Lease? Yes
Property Use Type Net Lease Investment with 10+ years left on lease Lot Size 3.93 AC
Listing ID: 16055525 Date Created: 01/13/2009 Last Updated: 01/19/2009

Description

Olive Garden and Red Lobster Ground Leases are an opportunity for an investor to acquire two commercial investments in a highly desirable Phoenix location. Olive Garden is a casual dining restaurant chain of 657 restaurants specializing in Italian-American food. Red Lobster is a chain of 680 restaurants specializing in seafood that also operates in Canada and Japan. Both existing leases are absolute triple-net ground leases that provide for increases throughout the lease term and option periods.

Olive Garden and Red Lobster Ground Leases are located at 4848 East Cactus Road, Phoenix, Arizona on the northeast corner of the intersection of Cactus Road and Tatum Boulevard, with excellent frontage along Cactus Road. The total offering consists of two ground leased restaurants totaling approximately 16,682square feet. The Olive Garden consists of 9,222 square feet and the Red Lobster is 7,460square feet. The total land area of the offering (which is located on one parcel) is approximately 171,516 square feet or 3.93 acres. The subject property is located within a strong retail corridor of Northeast Phoenix near Paradise Valley Mall.

Tenants surrounding the subject property include Wal-mart, Sprouts, Michaels, CVS, Outback Steak House, In-N-Out Burger, Shogun, Chick-fil-a and many more.

Additional draws to the area include the Paradise Valley Mall which is located at the northwest corner of Cactus Road and Tatum Boulevard. Paradise Valley Mall is a regional shopping center that also anchors a multi use development known as Paradise Valley Urban Village with a combined retail square footage of over 3 million-square feet. Paradise Valley Mall encompasses 1,222,802-square feet of retail space and is anchored by Dillards, Macy's, JCPenney and Sears. In addition, Paradise Valley Mall has more than 150 specialty stores and restaurants.

Highlights

  • Rare Absolute Triple-Net Ground Leases Next to Exclusive Paradise Valley Mall
  • Tremendous Residual Value in Underlying Land
  • Corporate Leases with Strong Rent Increases
  • Potential Future Re-Development Opportunity
  • Red Lobster Has Operated at Site for 27 Years and Olive Garden for 18 Years
  • Excellent Traffic Counts with 64,000 Vehicles Per Day at the Intersection of Cactus Road and Tatum Boulevard

Research

4848 East Cactus Road, Phoenix, AZ 85254

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