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Restaurant

Cheddar’s Scratch Kitchen (Darden Restaurants, Inc. Corporate Guarantee)

3040 Highland Pointe Dr, Owensboro, KY 42303

Listing Price: $5,909,291

Cap Rate
5.50%
Tenant Name
Cheddar’s Scratch Kitchen
Years Remaining On Lease
11.9
Guarantor
Corporate Guarantee
Rentable SF
8,523
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$38.13

Investment Overview

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 Cheddars 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. STRATEGICALLY LOCATED OFF HIGHWAY 60 The Cheddar’s Scratch Kitchen is strategically located with high visibility off Highway 60. Highway 60 is a main thoroughfare through Owensboro with nearby traffic counts of 28,818 VPD. Across the street is a new Academy Sports + Outdoors with Menards on the other side of Highway 60. Walmart is located less than a mile east of the property. National retailers in the immediate area include Aldi, AutoZone, Tractor Supply, Walgreens, Kohl’s, Dollar Tree, Culver’s,

Investment Highlights

  • CORPORATE GUARANTEE: DARDEN RESTAURANTS, INC.
  • ABSOLUTE NNN LEASE | 12-YEARS REMAINING
  • ANNUAL RENT INCREASES DURING PRIMARY TERM & OPTIONS
  • STRATEGICALLY LOCATED OFF HIGHWAY 60

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s) KY: 242197

    Kentucky

Financing By

Restaurant

Cheddar’s Scratch Kitchen (Darden Restaurants, Inc. Corporate Guarantee)

Listing Price: $5,909,291

Cap Rate
5.50%
Tenant Name
Cheddar’s Scratch Kitchen
Years Remaining On Lease
11.9
Guarantor
Corporate Guarantee
Rentable SF
8,523
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$38.13

Investment Highlights

  • CORPORATE GUARANTEE: DARDEN RESTAURANTS, INC.
  • ABSOLUTE NNN LEASE | 12-YEARS REMAINING
  • ANNUAL RENT INCREASES DURING PRIMARY TERM & OPTIONS
  • STRATEGICALLY LOCATED OFF HIGHWAY 60

Investment Overview

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 Cheddars 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. STRATEGICALLY LOCATED OFF HIGHWAY 60 The Cheddar’s Scratch Kitchen is strategically located with high visibility off Highway 60. Highway 60 is a main thoroughfare through Owensboro with nearby traffic counts of 28,818 VPD. Across the street is a new Academy Sports + Outdoors with Menards on the other side of Highway 60. Walmart is located less than a mile east of the property. National retailers in the immediate area include Aldi, AutoZone, Tractor Supply, Walgreens, Kohl’s, Dollar Tree, Culver’s,

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s): KY: 242197

    Kentucky

Financing By

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