Property History
CORPORATE GUARANTEE: DARDEN RESTAURANTS, INC.1
The absolute NNN lease is corporately guaranteed by Darden Restaurants, Inc., which carries an “Investment Grade” credit rating of “BBB” from Standard & Poors. The company operates over 1,800 restaurant locations (with 8 different restaurant brands) and employs over 160,000 people. The company reported annual revenues in excess of $9.6 Billion in FY 2022 and currently boasts an estimated net worth in excess of $2.19 Billion.
ABSOLUTE NNN LEASE | 11 YEARS REMAINING
The subject property is a freestanding single tenant Cheddar’s Scratch Kitchen casual dining restaurant. Cheddar’s Scratch Kitchen is an American restaurant chain owned by Darden Restaurants, Inc. Founded in 1979, the company has more than 172 locations in 28 states. There are approximately 11-years remaining on the original 15-year absolute NNN lease, which offers no landlord management or maintenance obligations whatsoever. The lease offers a rare corporate guarantee from Darden Restaurants, Inc. (NYSE: DRI).
ANNUAL RENT INCREASES DURING PRIMARY TERM & OPTIONS
The long-term lease offers 1.5% annual rent increases during the primary term and each of the 4, 5-year option periods.
SYNERGISTIC RETAIL HUB LOCATION
The subject property is strategically located along N Mt. Juliet Road (7,106 VPD) and immediately off of Interstate-40 (30,500 VPD), which provides direct access to Downtown Nashville. The property is near Providence Marketplace, a 127,000 SF regional power center anchored by Target and Kroger. There are an abundance of nationally recognized retailers in the immediate trade area including Walmart Supercenter, Lowe’s, Firestone, Academy Sports, National Tire & Battery, Five Guys, Dollar Tree and more.
NASHVILLE SUBURB WITH EXCELLENT DEMOGRAPHICS
The surrounding area has rapidly expanded over the last ten years with population growth of over 41% within a 5-mile radius since 2010. There are excellent average household incomes of $103,890 within a 1-mile radius of the subject property and the population withing a 5-mile radius is 76,854.
(1) Guarantor, Lease Terms, Building Specifications, and Demographics are estimates. Buyer is responsible for verifying during the Due Diligence process.
TN Broker of Record: Jody McKibben
License: 307629
CORPORATE GUARANTEE: DARDEN RESTAURANTS, INC.1
ABSOLUTE NNN LEASE | 11 YEARS REMAINING
ANNUAL RENT INCREASES DURING PRIMARY TERM & OPTIONS
SYNERGISTIC RETAIL HUB LOCATION
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