4 Corners Property Belief has signed a definitive settlement to accumulate as much as 14 Darden restaurant properties (13 Cheddar’s Scratch Kitchen properties and 1 Olive Backyard property) for a purchase order worth of as much as $85 million.
The transaction is predicted to shut within the third quarter of 2023, topic to due diligence and customary closing situations. The properties are positioned in robust retail corridors with excessive visitors counts and enticing demographics.
In keeping with a ready launch, the geography is unfold throughout Tennessee (7), Indiana (3), Kentucky (3), and Ohio (1). Every property is topic to a person triple web lease with a Darden company warranty and annual lease will increase of 1.5%. The portfolio has a weighted common time period of 13 years remaining.
