Darden Restaurants, Inc. | Cheddar’s Scratch Kitchen | Corporate Guarantee: Murfreesboro, TN

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 and currently boasts an estimated net worth in excess of $2 Billion (TTM 2022).

Absolute NNN Lease | 14-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. There are approximately 14-years remaining on the original 16-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.

Nashville MSA | Target & Lowe’s outparcel
The Cheddar’s Scratch Kitchen is strategically located in a major retail hub on Old Fort Parkway (34,216 VPD) surrounded by national tenants including Lowe’s, Target, Walmart Supercenter, TJ Maxx, Whataburger, Starbucks, PetSmart, IHOP, Home Depot, Dollar Tree, Wendy’s, Hobby Lobby, Mattress Firm, Chick-fil-A, and Harbor Freight Tools. The city of Murfreesboro is located in Nashville’s MSA. The affluent location benefits from an average household income of $83,982 within a five-mile radius.

(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
Lic# 307629