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 | 12.5 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 12.5-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.
DESTINATION RETAIL HUB LOCATION
The subject property is located in a destination retail and commercial hub surrounded by national retailers, hotels, and other commercial businesses including The Home Depot, Lowe’s Home Improvement, Ross Dress for Less, Best Buy, IHOP, Chick-fil-A, Chili’s Bar & Grill, PetSmart, Harbor Freight Tools, Days Inn, Hilton Garden, Fairfield Inn & Suites, Clarion Hotel, and many more.
(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 | 12.5 YEARS REMAINING
ANNUAL RENT INCREASES DURING PRIMARY TERM & OPTIONS
DESTINATION RETAIL HUB LOCATION
Loan History
Financial History
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