Investment Summary
Price | $3,125,000 |
Cap Rate | 4.00% |
NOI | $125,000 |
Lease Term | 20 years |
Lease Type | Absolute NNN ground lease, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot |
Rental Increases | 10% rental increases every five (5) years |
Year Built | 2023 |
Building Size | +/- 5,240 SF |
Lot Size | 3.00 acres (130,680 SF) |
Status | Under Contract |
Lead Brokers | Vincent Aicale Vice Chairman 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Ryan Forsyth Vice Chairman 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
NEW 20-YEAR ABSOLUTE NNN CORPORATE GROUND LEASE
» New 20-year absolute NNN corporate ground lease with 10% rental increases every five (5) years
» Ten (10) option periods of five (5) years each, providing an excellent long-term investment opportunity with the » largest chicken chain in the U.S. with over 2,900 units
Chick-fil-A generated $18.8B in U.S. system sales in 2022, up approximately 13% from 2021
» The highest-volume stand-alone location in 2022 generated approximately $17M and the lowest volume generated $2.2M with drive-thru locations averaging more than $8.5M per unit
» Chick-fil-A restaurants average more than $8M in sales annually among non-mall locations
PROMINENT LOCATION SURROUNDED BY HOTELS, SCHOOLS, AND MAJOR EMPLOYERS
» Strategically located at the signalized intersection of Hartley Road and U.S. Route 441 (20,310 AADT), a 939-mile-long auxiliary route extending from Miami, FL to Rocky Top, TN
» Highly visible from Interstate 16 / James L Gillis Senior Memorial Highway (25,100 AADT)
» Surrounded by numerous hotels such as Fairfield Inn & Suites (75 rooms), Hampton Inn & Suites(70 rooms), La Quinta Inn & Suites by Wyndham (69 rooms), Holiday Inn Express & Suites (92 rooms), and Baymont by Wyndham (40 rooms)
» Down the street from Oconee Fall Line Technical College (1,835 students) and West Laurens Middle School (958 students)
» Less than four miles from some of Dublin’s largest industrial employers: Farmer’s Home Furniture – Distribution Center (608 employees), YKK AP America (483 employees), Flexsteel Industries (248 employees), Best Buy – Distribution Center, and Perry Ellis – Distribution Center
» Less than five miles from Dublin’s two hospitals: Fairview Park Hospital (190 beds; 805 employees) and Carl Vinson VA Medical Center (340 operating beds, including 161 nursing care beds and a 145-bed domiciliary for Veterans)
» Large national retailers in the area include LongHorn Steakhouse, Cracker Barrel Old Country Store McDonald’s, Dunkin’, Burger King, KFC, Taco Bell, Dollar General, and Chrysler Dodge Jeep Ram
2023 CONSTRUCTION BUILT TO LATEST CHICK-FIL-A PROTOTYPE
» New high-quality 2023 construction built to latest Chick-fil-A prototype
» Site features a dual-lane drive-thru and ample parking on a large 3-acre parcel, providing a significant additional revenue stream and added customer convenience
Property Description
» Excellent Visibility: Located at the signalized intersection of U.S. Highway 441 and Hartley Road, and highly visible from Interstate 16 with access to a combined 45,410 vehicles per day
» Surrounded By Hotels: Across the street from Fairfield Inn & Suites, Hampton Inn & Suites, and La Quinta Inn & Suites by Wyndham, providing convenience for traveling guests as well as increased foot traffic
» Beneficial Proximity to Schools: Within walking distance of Oconee Fall Line Technical College (1,835 students) and West Laurens Middle School (958 students)
» Convenient Location Near Major Employers: This Chick-fil-A is less than five miles from some of Dublin’s major employers: Farmer’s Home Furniture – Distribution Center (608 employees), YKK AP America (483 employees), Flexsteel Industries (248 employees), Best Buy – Distribution Center, Perry Ellis – Distribution Center, Fairview Park Hospital (190 beds; 805 employees), and Carl Vinson VA Medical Center (340 operating beds)
» Poised to Serve Growing Suburb: 19,160 residents live within five miles of this site, supported by an average household income of $61,385
» High Quality 2023 Construction: Built to the latest Chick-fil-A prototype, the site features a dual-lane drive-thru and ample parking on a large 3-acre parcel