A casual-dining brand on a sales hot streak, with mostly corporate leases, and what to check before you buy, from a NNN buyer’s broker with 225+ transactions.
A Chili’s NNN property is a freestanding casual-dining restaurant, typically about 3,900 to 6,600 square feet, leased on a NNN or absolute NNN basis. Chili’s is owned by Brinker International (NYSE: EAT) of Dallas, Texas, which is rated BB+ by S&P, one notch below investment grade, after a two-notch upgrade in 2025.
Unlike most restaurant brands, Chili’s is mostly company-owned: about 1,110 of its 1,209 U.S. restaurants are run by Brinker, so most Chili’s leases are corporate. Brinker leases nearly all of its restaurants rather than owning them. Sales have been strong, with comparable sales up 9.2% in fiscal 2026. Solid Investments FL helps buyers find and underwrite Chili’s properties nationwide, including for a 1031 exchange. Our buyer representation is always free to you.
| Tenant / guarantor | Usually a Brinker subsidiary (for example, Brinker Texas, Inc.) with a Brinker International guarantee; confirm on each lease |
|---|---|
| Parent company | Brinker International, Inc. (NYSE: EAT), Dallas, Texas; also owns Maggiano’s |
| Credit rating | S&P BB+ (stable), one notch below investment grade |
| Restaurants | 1,209 in the U.S. (about 1,110 company-owned, 99 franchised) plus 374 international, as of June 2026 |
| Recent performance | Comparable sales up 9.2% in fiscal 2026 |
| Building size | About 3,900–6,600 SF |
| Typical lease term | 15–20 years on new leases; many older leases are in renewal options |
| Lease type | NNN or absolute NNN; some leases include percentage rent |
| Rent increases | Varies: 10% every 5 years or small annual increases |
| Typical cap rate (2026) | About 5.0%–6.0%, depending on remaining term and location |
| Typical price range | About $2M–$4M |
Restaurant counts and sales from Brinker International’s fiscal 2026 reports (year ended June 2026). Cap rates and pricing reflect current market conditions and vary by deal.
Most Chili’s leases are corporate, but the tenant is often a Brinker subsidiary. Confirm that Brinker International, Inc. guarantees the lease, not just the operating entity.
Many Chili’s on the market are older stores with short remaining terms. A store with 10+ years left is worth a lot more than one already deep into its options.
Ask for store-level sales if you can get them. With Chili’s sales strong, a store well above the system average is unlikely to close, and rent at 6%–8% of sales is healthy.
Some Chili’s leases add percentage rent on top of base rent once sales pass a set level. Read how it is calculated and don’t count on it in your cap rate.
A 5,000-SF casual-dining building is harder to re-lease than a small QSR. Compare the rent per square foot to local restaurant rents and look at parking, visibility and the land value.
Brinker has paid down debt and was upgraded to BB+ in 2025. It is still below investment grade, so lease term and location quality carry real weight.
Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, with 225+ NNN transactions. We help investors and 1031 exchange buyers find, underwrite and close Chili's and other restaurant properties nationwide, and our buyer representation is free.
As of 2026, Chili's NNN properties generally trade around 5.0% to 6.0% cap rates. Newer leases with long remaining terms trade at the lower end, while older stores with short terms trade higher.
Usually corporate. About 1,110 of Chili's 1,209 U.S. restaurants are company-owned by Brinker International. The tenant is often a Brinker subsidiary, so confirm that Brinker International guarantees the lease.
Brinker International is rated BB+ by S&P with a stable outlook, one notch below investment grade. S&P upgraded it two notches in May 2025 after strong sales and debt paydown.
Very well. Chili's comparable sales rose 9.2% in Brinker's fiscal 2026, one of the strongest results in casual dining.
If you buy it fee simple, yes: you own the building and site improvements, which can be depreciated, and a cost segregation study can accelerate part of that. With a ground lease you own only the land, which is not depreciable. Confirm with your CPA.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We’ll help you find the right store and read the lease. Tell us your budget and timeline; our buyer representation is completely free.
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