Ground + Space today announced the sale of a Cheddar’s Scratch Kitchen property in Tampa, Florida. Michael Zimmerman exclusively marketed the property, which received multiple offers and was finally sold to an all-cash 1031 buyer. Founded in 1979, Cheddar’s Scratch Kitchen is now owned by Darden Restaurants, Inc. (NYSE: DRI).
This property is a prime example of a stable, income-producing asset that requires no landlord maintenance. The Tire Choice’s Ground lease features a corporate guarantee, multiple five-year renewal options and scheduled rental increases. This asset is prominently positioned along North Dale Mabry Highway and benefits from extraordinary 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. The property is also near the Publix-anchored Carrollwood Shopping Center. The area immediately surrounding the property is within the Greater Tampa Bay area and has seen population growth over the past decade of nearly 45 percent. The proximity of The Port of Tampa and Tampa International Airport make the area an easily accessible, popular destination in Florida for tourists and business visitors alike.
About Ground + Space
Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!