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777 State Route 18

East Brunswick, NJ 08816

$2,588,235

Restaurant For Sale  •  9,500 Sq Ft

Property Details

  • Property Type Restaurant
  • Total Building Size 9,500 Sq Ft
  • Lot Size 22.33 ac
  • Building Class B
  • Year Built 2003
  • Cap Rate 5.10 %
  • Tenancy Single
  • Zoning HC2
28 Transit Score
63 Walk Score

Description

The Olive Garden property is ideally positioned as an outparcel to Brunswick Square Mall (769,041 square feet), anchored by Macy’s, JCPenney and AMC. Other retailers in the vibrant retail corridor include, Walmart Supercenter, Stop & Shop, Lowe’s, Kohl’s, Dicks Sporting Goods and ShopRite. There are also numerous schools which drive additional traffic to the area including East Brunswick High School (2,125 students), East Brunswick Votec High School, Hammarskjold Middle School and South River High School. There are over 175,000 people living within 5 miles of the property and have an average household income in excess of $115,000.

Olive Garden has had a long and successful operating history at this location since the 1990s. Their recent lease renewal shows their further commitment to this location. There are approximately 10 years remaining on the corporately guaranteed Olive Garden ground lease which expires December 31, 2028. The ground lease requires zero landlord responsibilities and features 10% rental escalations every 5 years. The tenant is GMRI, Inc., a wholly owned subsidiary of Darden Restaurants, Inc., doing business as Olive Garden. Darden Restaurants, Inc. is a multi-brand restaurant operator.

Property Flyers

Cap Rate: 5.10 %

Major Tenants

Tenant SF Occupied Lease End Date
Olive Garden 9,947 SF 12/31/2027

Public Transportation

Commuter RailDriveWalkDistance
New Brunswick Commuter Rail (Northeast Corridor Line) 18 min - 8.2 mi
South Amboy Commuter Rail (North Jersey Coast Line) 19 min - 8.3 mi
AirportDriveWalkDistance
Newark Liberty International Airport 38 min - 29.7 mi
Randy Blankstein 847-562-0003 The Boulder Group
Randy Blankstein 847-562-0003 The Boulder Group