The subject property is a newly constructed Olive Garden located in Covington (Atlanta), Georgia. The brand new 10-year absolute NNN ground lease includes structured rent increases every 5-years in the primary term and throughout the (4) 5-year option periods. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Located in a prime location in a high-traffic retail corridor, this Olive Garden benefits from significant visibility and accessibility, with daily traffic counts exceeding 33,000 vehicles per day on US Highway 278, 77,000 vehicles per day on Interstate-20, and 22,000 cars per day on Turner Lake Road. The surrounding area is a bustling retail hub with a growing population and strong demographics. Within a 10-mile radius, the population exceeds 127,000, and the average household income is approximately $98,000. The Covington population has been rapidly growing and is expected to grow another 7.0% over the next 5-years. National retailers in the immediate vicinity include Longhorn Steakhouse, Bojangles, Applebee’s, Chick-Fil-A, QuikTrip, Kroger, Chipotle, Goodwill, Dunkin’ Donuts, Planet Fitness, Ross, AutoZone, O’Reilly Auto Parts, CVS Pharmacy, Arby’s, KFC, Burger King, Advance Auto, Taco Bell, Walgreens, Wendy’s, Popeyes, McDonald’s, and many more.
Highlights
Brand New 2024 High-Quality Construction
New 10-Year Absolute NNN Ground Lease with Structured Rental
Increases Every 5-Years and (4) 5-Year Options to Extend
Olive Garden is a Subsidiary of Darden Restaurants, Inc. (NYSE:
DRI) Rated BBB (Investment Grade) by Standard & Poor’s
Traffic Counts Exceed 33,000 Vehicles Per Day on US Hwy 278;
77,000 Vehicles Per Day on I-20; & 22,000 Vehicles Per Day on
Turner Lake Rd
127,000 Residents within 10-Miles of Property w/ 7.0% Population
Growth Over Next 5-Years & Average HH Income of $98,000
Olive Garden is the Leading Restaurant in the Italian Dining
Segment w/ 900+ restaurants, 99,000+ employees & more than $4.9 Billion in Annual Sales
Property Details
for 6138 Pavillion Way
Property type
Retail properties
Square Feet
7,825 SF
Price / Square Foot
$518.85
Class
B
Year Built
2024
Buildings
1
Stories
1
Elevators
N/A
Net Rentable (sq. ft)
7,825 SF
Lot Size (sq. ft)
116,741 SF
Net Operating Income
$203,000
Location Insight
City
Covington (Atlanta)
County
State
Georgia
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6138 Pavillion Way , Covington (Atlanta), Georgia, 30014
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