Cheddar’s Scratch Kitchen

Property Type: | Property Status: Sold

Cheddars Scratch Kitchen

Property Details

Price: $4,000,000

CAP Rate: 4.75%

Square Feet:

Tenancy Type:

Lease Type:

Location Info

Address: 578 Paul Huff Parkway

City: Cleveland

State: TN

Zip: 37312

Property Description

Short Description:
Brand-New Construction with August, 2022 Expected Completion: Cheddar’s Scratch Kitchen (Darden Restaurant Group Operates Over 1,800 Restaurant Locations Across the U.S., NYSE: DRI) Starting on New 10-Year Lease with Mid-Term Rental Increase and Multiple Options to Extend

• Single-Tenant, Absolute NNN Location with Tenant Handling ALL On-Site Maintenance and Repairs, Providing Owner with ZERO MANAGEMENT RESPONSIBILITIES • Positioned in Thriving Retail Sector of Cleveland: Shadow Anchored by Home Depot and Adjacent to Complimentary Outlots, Verizon, Outback and IHOP • RETAILERS, RETAILERS, RETAILERS! Direct Vicinity of Complimentary Retailers Including, Publix, Target, Walmart Supercenter, Hobby Lobby, Ulta, HomeGoods, Kohl’s, NTB, Crumbl, Starbucks and Buffalo Wild Wings and 0.5 Miles to Bradley Square Mall • Signalized Corner Location Positioned with Excellent Frontage Along Cleveland’s Main Roadway (Paul Huff Parkway) with Approximately 42,000 VPD Surrounding the Cheddar’s and Adjacent (0.5 Mile) to Major Highway I-75, Which Spans from Canada to Southern Florida with Over 132,000 VPD • High Barrier to Entry Market: Heart of the Retail Corridor in Tax Free State • Latest Cheddar’s “Prototype Look” Including Highly Visible Signage • Strong Demographics in One of Tennessee’s Most Desirable and Growing Cities: Average Household Incomes Over $79,000 Within 3-Miles and High Population Density of Over 105,000 Residents Within 10-Miles • Sits Directly Across from Ernest L. Ross Elementary, Cleveland City Schools Board of Education Office, Donald P. Yates Primary School, Drawing Traffic to this Much Needed Popular Restaurant • Heavy Tourism City: Thousands of People Raft the Ocoee and Hiwassee Rivers Annually • Cleveland: 16th Largest City in Tennessee and has the 5th Largest Industrial Economy Having 13 Fortune 500 Manufacturers and Ranks 5th “Best Place in U.S. to Work in Manufacturing” • Heavy Concentration of Students/Faculty: Lee University (3.5 Miles, 5,370 Students/500 Employees), the Second-Largest Private, Four-Year University in the State, Cleveland State Community College (2 Miles, 3,700 Students) and a Unit of the Tennessee Board of Regents