US - Lubbock, TX
A$15,324,000 | 6,548 m²
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire an NNN-Ground leased, Olive Garden (the “Property” or “Property”) located in Lombard, IL in the western Chicago MSA. The Property is ideally positioned on a 1.70-acre parcel at the densely trafficked intersection of Butterfield Road (54,900 VPD) and S Highland Avenue (13,900 VPD) - an exit of Interstate 88 with 131,200 VPD.
With an opening date of March 1988, the Olive Garden in Downer’s Grove was the first location in Illinois. It was also one of the first 100 restaurants that Olive Garden built in the country. After a 35-year tenure in the marketplace, Olive Garden has spent significant capital to relocate from the in-line location in Downer’s Grove to the newly constructed, hard corner location at the signalized entrance of Yorktown Center. Nationally, the Olive Garden brand has exceeded the parent company Darden Restaurant’s 2022 financial projections, with over 12% same store sales growth in Q3 2022.
The Property is located in an outlot of Yorktown Center, a regional shopping center that features national strong credit tenancy. Lombard boasts a population of over 271,000 and an average household income of over $147,000 within a 5-mile radius. Additionally, there is a burgeoning of development occurring in the area with two completed residential projects bringing 500+ units onto the market and another 600-700 units at the former Carson's space at the shopping center. With population growth of over 22% within a 1-mile radius of the Property, these developments have helped satiate the demand in the area. It is the premier retail corridor bookended by two well established Chicago suburbs.