DARDEN RESTAURANTS (NYSE: DRI) CORPORATE LEASE:
- Darden Restaurant Inc is the world’s largest full service restaurant company with more than 1,800 locations and 175,000 employees.
- Darden Restaurant group includes Olive Garden, Longhorn Steakhouse, Bahama Breeze, Seasons 52, Yard House, Cheddar’s, Eddie V’s and The Capital Grille.
- In 2021, Darden reported a total revenue of $7.20 Billion even while operating restaurants with limited dining room capacity across the country. Darden opened 36 new restaurants during the Covid-19 pandemic.
- 10% rent increases every five years.
- Longhorn is currently under construction at the site of a former Logan’s Steakhouse. Construction is expected to be completed by Summer 2022
ABSOLUTE NNN GROUND LEASE–ZERO LL RESPONSIBILITIES
HIGH PROFILE TRADE AREA:
- Longhorn sits as an outlot to the Oakland Mall (1.5M SF), one of Metro Detroit’s top malls anchored by Macy’s, JC Penney, Dick’s, At Home (new store), and Hobby Lobby (new store).
- Oakland Mall has several new outlot developments including a new Panera Bread, Qdoba, Starbucks, Applebee’s and Krispy Kreme.
- Other surrounding retailers include Target, Best Buy, AMC, Kohl’s, Michaels, TJ Maxx, Five Below, ULTA, Home Goods, DSW, Ashley Furniture, Barnes & Noble, CARite, Chipotle, Chase Bank, etc.
- The site is just off of the I-75 interchange. Longhorn is directly on the corner of 14 Mile (43,300 VPD) and John R (19,860 VPD) and benefits from multiple access points on each road.