Skip to main content

Restaurant

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

1003 Old Airport Rd, Bristol, VA 24201

Listing Price: $3,633,818

Cap Rate
5.50%
Tenant Name
Cheddar’s Franchise Acquisition LLC
Years Remaining On Lease
11.9
Guarantor
Corporate Guarantee
Rentable SF
8,745
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$22.85

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. 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. CLOSE PROXIMITY TO A WALMART SUPERCENTER, HOME DEPOT, AND TARGET The Cheddar’s Scratch Kitchen is highly visible and ideally located on Old Airport Rd next to Interstate 81 with traffic counts of 48,655 VPD. A Walmart Supercenter is located on the other side of the Interstate and a Home Depot and Target are both in close proximity. Other retailers in the area include Hibbett Sports, PetSmart, Discount Tire, Sam’s Club, Golden Corral, Dollar General, Lowe’s, Hobby Lobby, and others. Holiday Inn, Courtyard by Marriott, Hilton Garden Inn, and Days Inn are also nearby.

Investment Highlights

  • CORPORATE GUARANTEE: DARDEN RESTAURANTS, INC.
  • ABSOLUTE NNN LEASE | 12-YEARS REMAINING
  • ANNUAL RENT INCREASES DURING PRIMARY TERM & OPTIONS
  • CLOSE PROXIMITY TO A WALMART SUPERCENTER, HOME DEPOT, AND TARGET

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Financing By

Restaurant

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

Listing Price: $3,633,818

Cap Rate
5.50%
Tenant Name
Cheddar’s Franchise Acquisition LLC
Years Remaining On Lease
11.9
Guarantor
Corporate Guarantee
Rentable SF
8,745
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$22.85

Investment Highlights

  • CORPORATE GUARANTEE: DARDEN RESTAURANTS, INC.
  • ABSOLUTE NNN LEASE | 12-YEARS REMAINING
  • ANNUAL RENT INCREASES DURING PRIMARY TERM & OPTIONS
  • CLOSE PROXIMITY TO A WALMART SUPERCENTER, HOME DEPOT, AND TARGET

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. 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. CLOSE PROXIMITY TO A WALMART SUPERCENTER, HOME DEPOT, AND TARGET The Cheddar’s Scratch Kitchen is highly visible and ideally located on Old Airport Rd next to Interstate 81 with traffic counts of 48,655 VPD. A Walmart Supercenter is located on the other side of the Interstate and a Home Depot and Target are both in close proximity. Other retailers in the area include Hibbett Sports, PetSmart, Discount Tire, Sam’s Club, Golden Corral, Dollar General, Lowe’s, Hobby Lobby, and others. Holiday Inn, Courtyard by Marriott, Hilton Garden Inn, and Days Inn are also nearby.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

Financing By

MM Texture Background
MM Textured Background Lower