Darden Restaurants, Inc. | Cheddar’s Scratch Kitchen | Corporate Guarantee: Gastonia, NC | Charlotte MSA

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 LOCATION NEAR NATIONAL RETAILERS AND THE CAROMONT REGIONAL MEDICAL CENTER
The subject property is strategically located along East Franklin Boulevard (18,383 VPD) and near Interstate-85 (124,000 VPD), which provides direct access to Downtown Charlotte. The property is near the Eastride Mall of Gastonia, a large indoor mall comprised of over 60 stores and anchored by Belk and Dillard’s. The Caromont Regional Medical Center (435-bed hospital and emergency center) sits just two miles north of the subject property and there are an abundance of nationally recognized retailers in the immediate trade area including Hobby Lobby, Target, TJ Maxx, Bed Bath & Beyond, The Home Depot, Walmart Supercenter, Ross Dress for Less, Best Buy, Lowe’s, ALDI, and many more.

(1) Guarantor, Lease Terms, Building Specifications, and Demographics are estimates. Buyer is responsible for verifying during the Due Diligence process.

NC Broker of Record: Ben Yelm
License: 303785