exclusively offered by: local broker: chuck klein …...tenant profile darden restaurants, inc. is a...
TRANSCRIPT
CORY WITHERS+1 858 546 5263 | CA Lic #01902196 [email protected]
LOCAL BROKER:
CHUCK KLEIN+1 858 546 5473 | CA Lic #01522766 [email protected]
EXCLUSIVELY OFFERED BY:
O F F E R I N G M E M O R A N D U M
5 2 2 3 S T A T E R O U T E 2 5 1 | P E R U , I L L I N O I S
GEORGE GHATTAS+1 312 424 8075 | IL Lic #475.135588 [email protected]
Representative Photos
OLIVE GARDEN | PERU, IL
DISCLAIMERCushman & Wakefield has been retained as exclusive advisor to the Seller for the sale of the Olive Garden parcel (the “Property”), approximately 7,537± square feet on 1.54± acres located at 5223 State Route 251, Peru IL.
This O�ering Memorandum has been prepared by Cushman & Wakefield for use by a limited number of parties and does not purport to provide a necessarily complete summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Cushman & Wakefield, the Owner, and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and Cushman & Wakefield, therefore, are subject to variation. No representation is made by Cushman & Wakefield or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Cushman & Wakefield, Owner, and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, and omitted from, this
O�ering Memorandum or any other written or oral communication transmitted or made available to the recipient. This O�ering Memorandum does not constitute a representation that there has been no change in the business or a�airs of the Property or the Owner since the date of preparation of the package. Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser.
Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors.
Owner and Cushman & Wakefield each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or o�ers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this O�ering Memorandum or making an o�er to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and its legal counsel, and any conditions to Owner’s obligations thereunder have been satisfied or waived. Cushman & Wakefield is not authorized to make any representations or agreements on behalf of Owner.
This O�ering Memorandum and the contents, except such information which is a matter of public record or is provided in sources
available to the public (such contents as so limited herein are called the “Contents”), are of a confidential nature. By accepting the package, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the package or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or Cushman & Wakefield, (iv) to not use the package or any of the contents in any fashion or manner detrimental to the interest of Owner or Cushman & Wakefield, and (v) to return it to Cushman & Wakefield immediately upon request of Cushman & Wakefield or Owner.
The information contained herein has been obtained from the owner of the property or from other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
OLIVE GARDEN | PERU, IL
EXECUTIVE SUMMARY
TENANT: Olive Garden Holdings, LLC dba Olive Garden
LOCATION: 5223 State Route 251Peru, IL
BUILDING SIZE: 7,537± square feet
LAND SIZE: 1.54± acres
YEAR BUILT: 2012
YEAR OPENED: 2012
LEASE TERM: 5 Years, with Six (6) Five (5) Year Options to Extend
INCREASES: 1.50% Annually
LEASE TYPE: Absolute Net, Land & Building
PRICE: $1,582,090
NOI: $106,000
CAP: 6.70%
All o�ers must be submitted on the Seller’s form of Letter of Intent - LINK TO LOI FORM
Representative Photo
OLIVE GARDEN | PERU, IL
INVESTMENT HIGHLIGHTS
• New 5 Year Lease commencing at Close of Escrow
• 1.5% Rent Increases Annually
• Absolute Net, Land and Building Lease
• Seasoned Sales History with Low Rent to Sales Ratio
• Corporate Lease with Olive Garden Holdings, LLC
• Olive Garden Holdings, LLC is owned by Darden Restaurants, Inc. (S&P Rating BBB) with 2018 Revenue in excess of $8 Billion
• Population 3-Mile Radius – 16,022
• Average HH Income 3-Mile Radius – $68,686
Representative Photo
TRAFFIC GENERATORS • Olive Garden is an outparcel to a Walmart
Supercenter and Kohl’s power center, and is located 1 mile north of Peru Mall, the dominant shopping mall within a 55 mile radius with over 460,000 square feet of retail space
− https://www.gkdevelopment.com/properties/peru-mall
• Located just o� the on-ramp to Interstate 80 with average daily tra¨c volume over 26,000
• 3 miles north of LaSalle-Peru Township High School with approximately 1,300 students
• 3 miles northeast of Illinois Valley Regional Airport, a public-use airport handling approximately 20,800 aircraft operations annually
NEW DEVELOPMENTS• A new 3-tenant strip center is under construction
less than 1 mile south of Olive Garden. Tenants will include Chipotle, Jersey Mike’s Subs and T-Mobile.
− http://www.lcbcradio.com/wlpo/work-progressing-on-chipotle-in-peru/article_69022070-5448-11e8-8bf9-7f5a1880ee20.html
• Northview Elementary School, 2 miles south of Olive Garden, just completed a $12 million renovation, doubling in size to 80,000 square feet
− http://www.newstrib.com/news/local_news/back-to-school-northview-opens-million-addition-video/article_f991940c-f4c6-54b0-9d2b-4dfde142f488.html
• In 2017, Planet Fitness leased space in a vacant K-Mart building 2 miles south of Olive Garden
OLIVE GARDEN | PERU, IL
AREA INFORMATION
Representative Photo
26,300CARS PER DAY
13,800CARS PER DAY
OLIVE GARDEN | PERU, IL
RETAIL MAP
OLIVE GARDEN | PERU, IL
Olive Garden# OF LOCATIONS (2017): 856
Olive Garden is an internally-developed brand and is the largest full-service dining Italian restaurant operator in the United States. Olive Garden o�ers a variety of Italian foods featuring fresh ingredients presented simply with a focus on flavor and quality, and a broad selection of imported Italian wines. In 1982, Olive Garden opened its first restaurant in Orlando, Florida.
Website: www.olivegarden.com
TENANT PROFILE
Darden Restaurants, Inc. is a restaurant company featuring a portfolio of
di�erentiated brands that include Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden holds an investment-grade credit rating of BBB with Standard & Poor’s with a Stable outlook. In fiscal 2018, Darden served nearly 390 million meals.
DARDEN RESTAURANTS, INC.(NYSE: DRI)
2018 REVENUE: $8.08 BILLION
2018 NET INCOME: $596 MILLION
# OF LOCATIONS: 1,746+
# OF EMPLOYEEES: 180,000+
For additional information, see https://www.darden.com.
3 MILE
10 MILE
5 MILE
3 MILE
3 MILE 5 MILE 10 MILE$68,686 $66,122 $66,939
AVERAGE HH INCOME
3 MILE 5 MILE 10 MILE16,022 25,097 41,293
POPULATION
$68K+ 3 MILE RADIUS
AVERAGE HHINCOME
16K+ 3 MILE RADIUS
POPULATION
OLIVE GARDEN | PERU, IL
N
DEMOGRAPHICS - 2018
OLIVE GARDEN | PERU, IL
Peru is a city in LaSalle County, in North Central Illinois, approximately 90 miles southwest of Chicago. Peru’s population at the 2010 census was 10, 295 and the population is over 111,333 in La Salle County. Peru draws business from surrounding towns as well as Interstate 80. Peru lies 3 miles west of the intersection of two major interstate highways: Interstate 39 and Interstate 80. It is part of the Ottawa–Peru, IL Micropolitan Statistical Area. Peru and its twin city, LaSalle, make up the core of the Illinois Valley.
There are a number of business districts in Peru. The largest is at the intersection of I-80 and IL-251. Then there are three smaller districts along the US-6 Corridor, including Peru's downtown. The largest employers in Peru are the Peru Mall, the Illinois Valley Community Hospital, Walmart, James Hardie, O¨ceMax, the American Nickeloid, Liberty Village, Double D Express, Heritage Manor Nursing Home, Eakas, Target, and Horizon Industries.
AREA OVERVIEWPERU, ILLINOIS
Chicago, IL
CORY WITHERS+1 858 546 5263 | CA Lic #01902196 [email protected]
LOCAL BROKER:
CHUCK KLEIN+1 858 546 5473 | CA Lic #01522766 [email protected]
EXCLUSIVELY OFFERED BY:
O F F E R I N G M E M O R A N D U M
Representative Photos
5 2 2 3 S T A T E R O U T E 2 5 1 | P E R U , I L L I N O I S
GEORGE GHATTAS+1 312 424 8075 | IL Lic #475.135588 [email protected]