Darden Restaurants, Inc. | Cheddar’s Scratch Kitchen | Corporate Guarantee: Louisville, KY (Outer Loop)
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 1,850 restaurant locations (with 8 different restaurant brands) and employs over 180,000 people. The company reported annual revenues in excess of $9.9 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. 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 also 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.
Prominent 4-way signalized corner location
The Cheddar’s Scratch Kitchen is strategically located at the 4-way signalized corner of Minor Lane and Outer Loop, with average daily traffic counts of 26,599 VPD. The property is also less than one-mile from Interstate 65, which provides direct access to Downtown Louisville and regional markets. There are an abundance of national retailers and service tenants in the region. Within close proximity to the subject is the Jefferson Mall, a 783,643 SF premier shopping center anchored by JCPenney, Dillard’s, Old Navy, Jo-Ann Fabrics, and Ross Dress for Less. Other national retailers and operators in the immediate trade area include Walmart Supercenter, Kroger, Best Buy, Target, PetSmart, TJ Maxx, Academy Sports + Outdoors, and many more.
(1) Guarantor, Lease Terms, Building Specifications, and Demographics are estimates. Buyer is responsible for verifying
during the Due Diligence process.
KY Broker of Record: Josh Caruana
License: 0265350
