Darden Restaurants, Inc. | Cheddar’s Scratch Kitchen | Corporate Guarantee: Owensboro, KY
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 | 12-years remaining
The subject property is a freestanding single tenant Cheddar’s Scratch Kitchen casual dining restaurant. There are approximately 12-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.
Excellent visibility along Highway 60 (28,818 VPD)
The subject property has direct street frontage along Highway 60, which boasts strong daily traffic counts of 28,818 VPD. It is positioned along a highway exit with excellent visibility and access from Leitchfield Road.
Destination retail location
The property is situated adjacent to a newer Academy Sports + Outdoors, and across the street from a Menards and Meijer Grocery Store anchored shopping center. There are an abundance of national retail and service tenants in the immediate trade area including Walmart Supercenter, Chase Bank, Ashley Furniture, ALDI, AutoZone, Tractor Supply, Walgreens, Kohl’s, Dollar Tree, Culver’s, Panda Express, 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
