3502 S Clack St
Abilene, TX 79606
Cheddar's Scratch Kitchen | Absolute NNN | GL · Retail Property For Sale

CBRE has been retained as the exclusive representative to offer qualified investors the opportunity to acquire the Cheddar’s Scratch Kitchen (the “Property”) located on South Clack Street in Abilene, Texas. Cheddar’s opened for business in 1979 and has been in operation for almost 40 years. Cheddar’s Scratch Kitchen serves made-from-scratch goodness in a welcoming place. They are known for their smoked baby back ribs, hand-battered country fried chicken, scratch burgers, and homemade onion rings. The offering consists of a new corporate 15-year, single-tenant absolute triple-net ground lease with Cheddar’s. The lease includes attractive 10% rental increases every five years in the initial term and option periods. Darden Restaurants, Inc. (NYSE: DRI) acquired Cheddar’s Scratch Kitchen in March of 2017 in an all-cash transaction. They added Cheddar’s to their portfolio of differentiated brands which includes Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden has a “BBB” investment grade credit rating from Standard and Poors, and their stock is trading at an all-time high. The Property benefits from excellent visibility along South Clack Street, which has more than ±17,300 vehicles per day (Source: TXDOT, 2017) and is the frontage road for US 83/84. US 83/84 sees over 25,700 vehicles per day (Source: TXDOT, 2017) and is part of a loop that surrounds the city and connects to Interstate 20. Fort Worth is approximately 150 miles to the East via Interstate 20. Neighboring retailers within the newly built Abilene Village include: Academy Sports + Outdoors, Burlington, Five Below, Party City, Petco, Panera Bread, and Stanton Optical with more coming soon.