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Restaurant

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

3400 N Dixie Hwy, Elizabethtown, KY 42701

Listing Price: $4,139,145

Cap Rate
5.50%
Tenant Name
Cheddar’s Franchise Acquisition LLC
Years Remaining On Lease
11.9
Guarantor
Corporate Guarantee
Rentable SF
8,757
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$26.00

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 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. prominent 4-WAY SIGNALIZED corner location The Cheddar’s Scratch Kitchen is strategically located at the 4-way signalized intersection of North Dixie Highway (21,999 VPD) and Northcrest Drive. The property has direct street frontage and excellent visibility along North Dixie Highway, a main thoroughfare providing direct access to Downtown Elizabethtown. National retailers in the immedate trade area include Best Buy, Barnes & Noble, Chick-fil-A, Kroger, At Home, Home Depot, Walmart Supercenter, Sam’s Club, JCPenney, and many more. Elizabethtown is a city in Hardin County, Kentucky 45 miles south of Louisville and part of the Louisville metropolitan area. More than 9,500 people are employed by Elizabethtown’s growing manufacturing sector and supporting businesses. Elizabethtown manufacturers have invested more than $300 Million in new and expanding facilities in the last few years.

Investment Highlights

  • CORPORATE GUARANTEE: DARDEN RESTAURANTS, INC.
  • ABSOLUTE NNN LEASE | 12-YEARS REMAINING
  • annual rent increases during primary term & options

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: $4,139,145

Cap Rate
5.50%
Tenant Name
Cheddar’s Franchise Acquisition LLC
Years Remaining On Lease
11.9
Guarantor
Corporate Guarantee
Rentable SF
8,757
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$26.00

Investment Highlights

  • CORPORATE GUARANTEE: DARDEN RESTAURANTS, INC.
  • ABSOLUTE NNN LEASE | 12-YEARS REMAINING
  • annual rent increases during primary term & options

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 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. prominent 4-WAY SIGNALIZED corner location The Cheddar’s Scratch Kitchen is strategically located at the 4-way signalized intersection of North Dixie Highway (21,999 VPD) and Northcrest Drive. The property has direct street frontage and excellent visibility along North Dixie Highway, a main thoroughfare providing direct access to Downtown Elizabethtown. National retailers in the immedate trade area include Best Buy, Barnes & Noble, Chick-fil-A, Kroger, At Home, Home Depot, Walmart Supercenter, Sam’s Club, JCPenney, and many more. Elizabethtown is a city in Hardin County, Kentucky 45 miles south of Louisville and part of the Louisville metropolitan area. More than 9,500 people are employed by Elizabethtown’s growing manufacturing sector and supporting businesses. Elizabethtown manufacturers have invested more than $300 Million in new and expanding facilities in the last few years.

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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