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Dunkin’, Covington, GA

Dunkin’, Covington, GA


Investment Summary

Price $2,127,000
Cap Rate 5.15%
NOI $109,500
Lease Term 20 years
Lease Type Absolute NNN 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 TBD
Lot Size 0.60 acres (26,136 SF)
Status Available
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 LEASE TO THE LARGEST COFFEE AND DONUTS BRAND IN THE UNITED STATES
» New 20-year absolute NNN lease with 10% rental increases every five years
» Two (2) option periods of five (5) years each and one (1) option period of 10 years, providing a long-term income generator
» Absolute NNN lease requires no landlord management whatsoever, extremely attractive for both local and out-of-area investors
» Dunkin’ is the largest coffee and donuts brand in the United States, with more than 13,200 restaurants in nearly 40 global markets

PUBLIX OUTPARCEL IN A NEW 180-ACRE MIXED USE DEVELOPMENT
» High-visibility and easily accessible location near the signalized four-way intersection of Alcovy Road and Industrial Park Boulevard Northeast (combined 37,200 AADT)
» Trophy location just north of Interstate 20, a major east-west route traversing the entirety of Georgia that allows the site to capture significant commuter traffic (80,000 AADT)
» Prime setting within Covington Town Center, a new 180-acre mixed-use development including a medical office building, 350 apartment units, 270 townhomes, and a 175,000-SF retail center anchored by Publix
» Upon completion, Covington Town Center will attract an estimated 34,000 unique visits per day
» 2.4 miles from Piedmont Newton Hospital (739 employees), the second-largest employer in Covington

DENSELY POPULATED AND GROWING ATLANTA SUBURB WITH EXCELLENT DEMOGRAPHICS
» 303,670 residents live within fifteen miles of the property, providing an extremely large customer base for the site
» Excellent average annual household income of $98,400 within a fifteen-mile radius of the site
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Dunkin’ and Covington for steady concurrent growth
» Gateway to Downtown Atlanta, the most populous city in Georgia (498,715 residents), and part of the ninth-largest metro area in the U.S. (over six million people)

NEW 2023 CONSTRUCTION IN BUSINESS-FRIENDLY LOCATION
» New high-quality 2023 construction built to latest Dunkin’ prototype
» Site features a rare Dunkin’ drive-thru for added customer convenience
» Georgia’s business climate has been ranked #1 in the nation for the 8th consecutive year by Site Selection
» Area Development ranked Georgia the top state for doing business for the 7th year in a row

Property Description

» This Dunkin’ has a high-visibility and easily accessible location along near the signalized four-way intersection of Alcovy Road and Industrial Park Boulevard Northeast (combined 37,200 AADT)
» The property is just north of Interstate 20, a major east-west route traversing the entirety of Georgia that allows the site to capture significant commuter traffic (80,000 AADT)
» The location features a prime setting within Covington Town Center, a new 180-acre mixed-use development including a medical office building, 350 apartment units, 270 townhomes, and a 175,000-SF retail center anchored by Publix
» The site greatly benefits from its proximity 2.4 miles from Piedmont Newton Hospital (739 employees), the second-largest employer in Covington
» 303,670 residents live within a fifteen-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Dunkin’ and Covington for steady concurrent growth

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