Restaurant

Cheddar’s Scratch Kitchen (Darden) | Austin MSA | 15 Year NNN Ground Lease

2540 I-35, San Marcos (Austin MSA), TX 78666

Listing Price: $3,364,486

Cap Rate
5.35%
Tenant Name
Cheddar's Scratch Kitchen
Years Remaining On Lease
15.1
Gross SF
7,483
Guarantor
Corporate Guarantee
Rentable SF
7,483
Price/Gross SF
$449.62
Lease Type
NNN Ground Lease
Rent Per Square Feet
$24.05

Investment Overview

San Marcos is a city and the county seat of Hays County, Texas. The city’s limits extend into Caldwell and Guadalupe Counties, as well. San Marcos is within the Austin–Round Rock–San Marcos metropolitan area and on the Interstate 35 corridor between Austin and San Antonio. Its population was 44,894 at the 2010 census and was an estimated 64,776 in 2019. Founded on the banks of the San Marcos River, the area is thought to be among the oldest continuously inhabited sites in the Americas. San Marcos is home to Texas State University and the Meadows Center for Water and the Environment. In 2010, San Marcos was listed in Business Week’s fourth annual survey of the “Best Places to Raise your Kids”. In 2013 and 2014, the United States Census Bureau named it the fastest-growing city in the United States. In December 2013, it was named number nine on Business Insider’s list of the “10 Most Exciting Small Cities In America”. San Marcos is located approximately 30 miles southwest of Austin and 51 miles northeast of San Antonio. San Marcos’ central location along IH-35 and strong infrastructure makes it ideal for industry. It includes business incentives, a high quality of life, regional airports and proximity to major international airports, access to major roadways such as IH-35, SH-130, US-183, and IH-10, networking opportunities and support for small businesses and entrepreneurs, a healthy tax structure, and a diverse and talented workforce.

Investment Highlights

  • 15 Year NNN Ground Lease Featuring 10% Rental Increases Every 5 Years throughout the Initial Tern and at Each Option.
  • New 2021 High Quality Construction w/ New Design Prototype Featuring an Alternative Entrance Dedicated to Cheddars To Go.
  • Subsidiary of Darden Restaurants, Inc.(NYSE: DRI | S&P: "BBB") - The World's Largest Full Service Restaurant Company featuring an Annual Revenue in Excess of $8.51 Billion.
  • Within a Target, Michaels and Academy Sports Anchored Power Center and Surrounded by Numerous other National Retailers including Lowe's, Sam's Club, Ross, Best Buy, Marshalls and many more.
  • Immediate Area Experiencing Major Growth: Near Several Large Housing/Retail Development Under Construction. The Population is expected to Jump 35% by 2030, Hays County is expected to Jump nearly 70% and San Marcos is expected to grow 44%. Total Residential Sales are Showing 23.5% Year-over-Year Growth from October 2019 to October 2020.
  • Positioned Along Area's Major Traffic & Retail Corridor. Features Easy Access and Excellent Visibility along Interstate-35 with Daily Traffic Counts Exceeding 109k+ Vehicles. The I-35 Corridor between Austin and San Antonio is Surging like no other in the Nation.
  • Minutes from San Marcos Outlet Malls - One of the Top Tourist Attractions in Texas. The Two Adjacent Distinct Outlet Malls, the Premium Outlets and the Tanger Factory Outlet Center combined, have more than 240 Stores and an Excess of 1M Sq.Ft. They are also one of the Top Employers of San Marcos.
  • Significant Business Attraction to the Area, including a $191 Million Fulfillment Facility for Amazon and Best Buy's only E-Commerce Sales Center along with many other High-Tech Manufacturers.

Exclusively Listed By

Broker of Record

  • Alvin N. Mansour

    Executive Managing Director Investments

    License(s): TX: 0606255

    Texas

Restaurant

Cheddar’s Scratch Kitchen (Darden) | Austin MSA | 15 Year NNN Ground Lease

Listing Price: $3,364,486

Cap Rate
5.35%
Tenant Name
Cheddar's Scratch Kitchen
Years Remaining On Lease
15.1
Gross SF
7,483
Guarantor
Corporate Guarantee
Rentable SF
7,483
Price/Gross SF
$449.62
Lease Type
NNN Ground Lease
Rent Per Square Feet
$24.05

Investment Highlights

  • 15 Year NNN Ground Lease Featuring 10% Rental Increases Every 5 Years throughout the Initial Tern and at Each Option.
  • New 2021 High Quality Construction w/ New Design Prototype Featuring an Alternative Entrance Dedicated to Cheddars To Go.
  • Subsidiary of Darden Restaurants, Inc.(NYSE: DRI | S&P: "BBB") - The World's Largest Full Service Restaurant Company featuring an Annual Revenue in Excess of $8.51 Billion.
  • Within a Target, Michaels and Academy Sports Anchored Power Center and Surrounded by Numerous other National Retailers including Lowe's, Sam's Club, Ross, Best Buy, Marshalls and many more.
  • Immediate Area Experiencing Major Growth: Near Several Large Housing/Retail Development Under Construction. The Population is expected to Jump 35% by 2030, Hays County is expected to Jump nearly 70% and San Marcos is expected to grow 44%. Total Residential Sales are Showing 23.5% Year-over-Year Growth from October 2019 to October 2020.
  • Positioned Along Area's Major Traffic & Retail Corridor. Features Easy Access and Excellent Visibility along Interstate-35 with Daily Traffic Counts Exceeding 109k+ Vehicles. The I-35 Corridor between Austin and San Antonio is Surging like no other in the Nation.
  • Minutes from San Marcos Outlet Malls - One of the Top Tourist Attractions in Texas. The Two Adjacent Distinct Outlet Malls, the Premium Outlets and the Tanger Factory Outlet Center combined, have more than 240 Stores and an Excess of 1M Sq.Ft. They are also one of the Top Employers of San Marcos.
  • Significant Business Attraction to the Area, including a $191 Million Fulfillment Facility for Amazon and Best Buy's only E-Commerce Sales Center along with many other High-Tech Manufacturers.

Investment Overview

San Marcos is a city and the county seat of Hays County, Texas. The city’s limits extend into Caldwell and Guadalupe Counties, as well. San Marcos is within the Austin–Round Rock–San Marcos metropolitan area and on the Interstate 35 corridor between Austin and San Antonio. Its population was 44,894 at the 2010 census and was an estimated 64,776 in 2019. Founded on the banks of the San Marcos River, the area is thought to be among the oldest continuously inhabited sites in the Americas. San Marcos is home to Texas State University and the Meadows Center for Water and the Environment. In 2010, San Marcos was listed in Business Week’s fourth annual survey of the “Best Places to Raise your Kids”. In 2013 and 2014, the United States Census Bureau named it the fastest-growing city in the United States. In December 2013, it was named number nine on Business Insider’s list of the “10 Most Exciting Small Cities In America”. San Marcos is located approximately 30 miles southwest of Austin and 51 miles northeast of San Antonio. San Marcos’ central location along IH-35 and strong infrastructure makes it ideal for industry. It includes business incentives, a high quality of life, regional airports and proximity to major international airports, access to major roadways such as IH-35, SH-130, US-183, and IH-10, networking opportunities and support for small businesses and entrepreneurs, a healthy tax structure, and a diverse and talented workforce.

Exclusively Listed By

Broker of Record

  • Alvin N. Mansour

    Executive Managing Director Investments

    License(s): TX: 0606255

    Texas

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