Darden Restaurants, Inc. | Cheddar’s Scratch Kitchen | Corporate Guarantee: Smyrna, 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 1,800 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 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-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 strategically located adjacent to the Marketplace at Smyrna, a 158,000 SF regional shopping center anchored by Target. There are an abundance of nationally recognized retailers in the immediate trade area including PetSmart, Ross Dress-for-Less, Staples, Firestone Auto Service, LongHorn Steakhouse, Kohl’s, and many more.

EXCELLENT TRAFFIC COUNTS & STRONG DEMOGRAPHICS
The subject property has direct street frontage along Industrial Boulevard with excellent average daily traffic counts of 45,112 VPD. The property also benefits from its proximity to Sam Ridley Parkway West with exceptionally high traffic counts of 142,987 VPD. The surrounding area has rapidly expanded over the last ten years with population growth of over 35% within a 5-mile radius. There are average household incomes of $82,815 within a 1-mile radius of the subject property.

(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