This Cheddar’s Scratch Kitchen asset features a 15-year Ground lease backed by a strong corporate guarantee from Cheddar’s Casual Café, Inc., a wholly owned subsidiary of Darden Restaurants, Inc. (NYSE: DRI). At least 10 years remain on the original lease term. Additionally, the lack of any landlord management responsibilities makes this property an ideal asset for the passive investor.
The property’s prominent positioning along North Dale Mabry Highway allows for extremely high traffic counts in excess of 74,500 vehicles per day. Cheddar’s Scratch Kitchen sits near numerous national retailers, including Outback Steakhouse, Barnes & Noble, Dunkin’, Starbucks and Carrabba’s Italian Grill. Also, the property sits near the Publix-anchored Carrollwood Shopping Center.
The area immediately surrounding the property has seen population growth over the past decade of nearly 45 percent. Over 316,000 people live within five miles of this Cheddar’s Scratch Kitchen site. The Greater Tampa Bay area boasts a population of at least four million. The Port of Tampa and Tampa International Airport (TPA) make Tampa Bay an easily accessible, popular destination in Florida for tourists and business visitors alike.