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Hanley Investment Group sells Olive Garden in Detroit area May 11, 2021
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.
Origin
In December 2020, an online advertisement displayed a picture of an Olive Garden Italian Restaurant sign along with text that read: “Closing Time: Here’s All The Restaurant Chains Closing in 2020.”
This advertisement was misleading. Olive Garden is not closing all of its restaurants. Readers who clicked the advertisement were led to a 50-page story on the website Money Pop.
While the advertisement promised a list of restaurant chains that would be closing in 2020, the headline on the actual story was different: “These Popular Restaurant Chains Are Losing Money Fast.”
The story mentioned Olive Garden, but it only mentioned that two locations had closed in Springfield, Massachusetts, and Birmingham, Alabama, in March and April, respectively.