Hanley Investment Group Real Estate Advisors has arranged the sale of an absolute triple-net ground lease for a newly constructed, single-tenant Olive Garden Italian Restaurant in the Detroit metro area. The purchase price was $2.36 million.
Hanley Investment Group’s executive vice presidents Jeff Lefko and Bill Asher, in conjunction with ParaSell, Inc., represented the buyer, a private exchange buyer based in Southern California. The seller, a local investor from Detroit, was represented by Phil Sambazis of Marcus & Millichap in San Diego, California.
The new 7,757-square-foot restaurant, which recently opened in the fall of 2020, is one of Olive Garden’s latest prototypes. Olive Garden is located on 1.88 acres at 27169 23 Mile Road in Chesterfield Township, about 30 miles north of Detroit.
Olive Garden is situated on an outparcel directly in front of Meijer supermarket and near a bevy of retailers including The Home Depot, PetSmart, Michaels, Target, Staples, Dunham’s Sports and Harbor Freight Tools. Olive Garden is also conveniently located near Interstate 94 (E. Edsel Ford Freeway) and by Waterside Marketplace, a regional shopping center anchored by TJ Maxx, Best Buy, Dick’s Sporting Goods, Bed Bath & Beyond, Old Navy, DSW, JOANN Fabrics, ULTA Beauty, and others, and Trader Joe’s-anchored Chesterfield Crossing Shopping Center.