Four Corners Property Trust has signed a definitive agreement to acquire up to 14 Darden restaurant properties (13 Cheddar's Scratch Kitchen properties and 1 Olive Garden property) for a purchase price of up to $85 million.
The transaction is expected to close in the third quarter of 2023, subject to due diligence and customary closing conditions. The properties are located in strong retail corridors with high traffic counts and attractive demographics.
According to a prepared release, the geography is spread across Tennessee (7), Indiana (3), Kentucky (3), and Ohio (1). Each property is subject to an individual triple net lease with a Darden corporate guaranty and annual rent increases of 1.5%. The portfolio has a weighted average term of 13 years remaining.
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