Miller’s Ale House,
Hixson, TX Investment Summary
| Price | $5,158,000 |
| Cap Rate | 4.75% |
| NOI | $245,000 |
| Lease Term | 12 Years |
| Lease Type | Net, With Tenant Responsible For All Taxes And Maintenance, Excluding Replacing And Repaving Of Sidewalks, Curbs, Drives, And Parking Areas |
| Rental Increases | 10.4% Rental Increase After Year Five and 2% Annual Rental Increases After Year Six |
| Year Built | 2022 |
| Building Size | 6,343 SF |
| Lot Size | 0.41 Acres (17,691 SF) |
| Status | Available |
| 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
NEW 12-YEAR NET LEASE TO GROWING RESTAURANT TENANT
» New 12-year net lease to growing restaurant tenant
» 10.4% rental increase after year five and rare 2% annual rental increases after year six, providing an excellent hedge against inflation
» Miller’s Ale House has grown to 97 locations in 10 states
» Miller’s Ale House is committed to significant growth and plans on opening 10 to 15 new restaurants per year
» New 2022 construction built to latest Miller’s Ale House prototype, featuring four to go stalls for added customer convenience (open and operating)
PRIME LOCATION IN THE HEART OF HIXSON’S TRADE AREA
» Outparcel to Northgate Mall, an 820,000-SF shopping mall featuring 60 retailers, four anchor tenants, and 4,500 parking stalls
» Surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, ALDI, McDonald’s, Starbucks, and many more
» Walking distance from Chi Memorial Hospital Hixson (423 beds, 3,500 employees)
» Four miles from Chattanooga State Community College (11,253 students, 666 employees)
» Gateway to Downtown Chattanooga, the fourth-largest city in Tennessee (population 181,099)
PROMINENT SITE WITH A STRONG AND GROWING TENNESSEE CUSTOMER BASE
» Prominent location at the intersection of State Route 153 and Hixson Pike, two of the most highly trafficked thoroughfares in Hixson (combined 104,155 AADT)
» Population of 86,617 within a five-mile radius, creating a reliable customer base for the site
» Average annual household income of $93,091 within five miles of the location
» Projected population and income increase within 1-, 3-, and 5-mile radii over the next five years, poising Miller’s Ale House and Hixson for steady concurrent growth
Property Description
» The property is prominently located at the intersection of State Route 153 and Hixson Pike, two of the most highly trafficked thoroughfares in Hixson (combined 104,155 AADT)
» The location draws from a population of 86,617 within a five-mile radius, creating a reliable customer base for the site
» This Miller’s Ale House is outparcel to Northgate Mall, an 820,000-SF shopping mall featuring 60 retailers, four anchor tenants, and 4,500 parking stalls
» The site greatly benefits from being surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, ALDI, McDonald’s, Starbucks, and many more
» Projected population and income increase within 1-, 3-, and 5-mile radii over the next five years poise Miller’s Ale House and Hixson for steady concurrent growth
» The site is walking distance from Chi Memorial Hospital Hixson (423 beds, 3,500 employees), one of Hixson’s largest employers and community hubs
