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Chick-fil-A Ground Lease, North Augusta, SC

Chick-fil-A Ground Lease, North Augusta, SC


Investment Summary

Price $2,289,000
Cap Rate
NOI
Lease Term 15 years
Lease Type Absolute NNN ground lease, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built 2023
Building Size 4,862 SF
Lot Size 1.323 acres (57,630 SF)
Status Closed
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 15-YEAR ABSOLUTE NNN CORPORATE GROUND LEASE
» New 15-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 $18.8 billion in U.S. system sales in 2022, up approximately 13% from 2021
» The highest-volume stand-alone location in 2022 generated approximately $17 million and the lowest volume generated $2.2 million with drive-thru locations averaging more than $8.5 million per unit
» Chick-fil-A restaurants average more than $8 million in sales annually among non-mall locations

OUTPARCEL TO THE ONLY WALMART SUPERCENTER NORTH OF INTERSTATE 20
» Trophy location at the four-way signalized intersection of Walnut Lane and U.S. Route 25/Edgefield Road (28,600+ combined vehicles per day)
» One mile from Interstate 20, which traverses 202 miles across the state of Georgia and crosses the Atlanta metropolitan area (66,400 vehicles per day)
» 41,916 residents live within five miles of the property, providing a large customer base for the property to draw from
» Fifteen minutes from the iconic Augusta National Golf Course, home of The Master’s Tournament (economic impact of over $120M in just one week)
» Affluent average annual household income of $103,436 within a one-mile radius of the property, with a projected increase of 13% over the next five years
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Chick-fil-A and North Augusta for steady concurrent growth
» Nine miles from Downtown Augusta, Georgia’s third-most populous city (202,081 residents)
» The population of Augusta has increased by 24,232 over the last five years and is projected to increase by 27,009 over the next five years, highlighting the regions rapid and sustainable growth
» Centrally located between Athens and Columbia, allowing the property to capture significant commuter and long-haul traffic

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 1.323-acre parcel, providing a significant additional revenue stream and added customer convenience

Property Description

SOLD

» Ideally set in North Augusta’s primary retail center, the property is outparcel to the only Walmart Supercenter north of Interstate 20 and the only Chick-fil-A within 36 miles of the site, creating significant crossover shopping opportunities
» This Chick-fil-A has a trophy location at the four-way signalized intersection of Walnut Lane and U.S. Route 25/Edgefield Road, which experiences 28,600+ combined vehicles per day
» The property resides one mile from Interstate 20, which traverses 202 miles across the state of Georgia and crosses the Atlanta metropolitan area (66,400 vehicles per day)
» The site greatly benefits from its proximity nine miles from Downtown Augusta, Georgia’s third-most populous city (202,081 residents)
» 41,916 residents live within a five-mile radius, with an excellent average annual household income of $103,436 within a one-mile radius of the site, providing a large and reliable customer base
» This Chick-fil-A is centrally located between Athens and Columbia, allowing the property to capture significant commuter and long-haul traffic

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