Chick-fil-A Ground Lease,
Mooresville, NC Investment Summary
| Price | $3,816,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 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 | 2022 |
| Building Size | 4,989 SF |
| Lot Size | 1.49 Acres (±61,769 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
15-YEAR ABSOLUTE NNN CORPORATE GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» Chick-fil-A is the largest chicken chain in the United States with 2,795+ units
» Chick-fil-A’s revenue in 2021 was $16.7 billion, a record-breaking jump of 22 percent from its 2020 sytem-wide sales
» Long-term NNN ground lease with no landlord responsibilities
» 10% rental increases every five years, providing an excellent hedge against inflation
HIGH-TRAFFIC LOCATION OUTPARCEL TO COSTCO-ANCHORED SHOPPING CENTER
» Outparcel to Costco-anchored shopping center
» 23,000 vehicles per day along Brawley School Road
» Featured on 25-foot-high freeway sign along Interstate 77 (64,000 AADT)
» Other major national tenants nearby include Walmart Supercenter, Olive Garden, Ollie’s, Belk, Kohl’s, Big Lots, Longhorn Steakhouse, Culver’s, and Academy Sports+ Outdoors, among many others
CENTRAL LOCATION NEAR LARGE EMPLOYERS AND ATTRACTIONS
» Minutes from Lake Norman Regional Medical Center (162 beds, 930 employees, $709 million in annual total patient revenue)
» Surrounded by community attractions like North Carolina Racing Hall of Fame, Town of Mooresville Golf Club (18-hole, par 72 course), and Memory Lane Museum
» One mile from Lake Norman (93,000 average annual visitors, estimated $23 million annual economic impact)
AFFLUENT, GROWING CUSTOMER BASE
» Average household income of $106,838 within a five-mile radius
» Part of the fastest growing Charlotte metro
» 19 apartment complexes within five miles of the property
NEW 2022 CONSTRUCTION
» New building featuring latest Chick-fil-A design and concepts
» Dual-lane and wrap-around drive-thru to maximize capacity
Property Description
SOLD
The property is conveniently located in the Costco-anchored Brawley Crossing Shopping Center near the four-way signalized intersection of Brawley School Road and Talbert Road, with excellent visibility and access to 23,000 vehicles per day, and 64,000 vehicles per day on nearby Interstate 77. Visibility is increased by four property signs surrounding the location, including a 25-foot-high freeway sign along Interstate 77. The property is minutes from Mooresville’s primary health care provider, Lake Norman Regional Medical Center, which features 162 beds, 930 employees, and generates $709 million in annual total patient revenue.
The location is near several community and tourist attractions, such as the North Carolina Racing Hall of Fame, Town of Mooresville Golf Club (18-hole, par 72 course), Memory Lane Museum, and Lake Norman, which draws 93,000 average annual visitors and generates approximately $23 million in estimated economic impact. The property is supported by an affluent and growing customer base with an average household income of $106,838 within five miles. Mooresville is part of the fastest growing Charlotte metro, experiencing a 17.5 percent population increase since 2010. Nearby residential development is also booming, with 19 apartment complexes residing within five miles of the location.
