Golden Chick - McKinney, TX_Property for Sale
Golden Chick - McKinney, TX_Property for Sale
1001 W University Drive, McKinney, TX, 75071, US

Golden Chick - McKinney, TX

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a recently renovated, single-tenant Golden Chick located at 1001 W University Drive in McKinney, Texas (the “Property” or “Asset”). In 2022, the Property underwent extensive renovations, including a new roof, new HVAC and FRP, walk-in freezer, kitchen floor, increased storage, exterior paint, windows, lighting, signage, fencing, and lobby and dining room updates.


The Asset is 100% leased to SXTHREE LLC (the “Tenant”) operating as Golden Chick (the “Operator”) with a brand new 20-year absolute NNN lease, 1.5% annual rent increases, and four, five-year renewal options. Golden Chick is one of the fastest growing restaurant brands in the U.S. with 210 locations and committed plans to open more than 500 locations by 2030.


The Tenant is the largest Golden Chick franchisee with 18 locations. The operators of this location are the current VP of development for Golden Chick Corporate and the former president of Golden Chick Corporate.


The Property is ideally situated on W University Drive (US 380) in a dense commercial corridor with high traffic counts of 31,500+ VPD and over 122,000 highly affluent residents within a 5-mile radius. This retail submarket performs exceptionally well with 11.4 million SF of inventory, 4.4% vacancy, and 21.9% rent growth since 2018. The area is home to national retailers including Kroger, Costco, Sam’s Club, Target, Walmart, Lowe’s, Home Depot, Raising Cane’s, and Starbucks, among many others.

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Attributes

Asking price
€1,627,000
Cap rate
6.15%
NOI
€101,000
WAULT
20 years
Building area net
156 m²

Media

Investment Highlights

  • Brand new 20-year absolute NNN lease with 1.5% annual rent escalations offers secure and growing long-term cash flow.
  • The Tenant (SXTHREE LLC) is the largest Golden Chick franchisee with 18 locations.
  • Golden Chick is one of the fastest growing brands in the U.S. with 210 locations nationwide.
  • Extensive 2022 renovations including a new roof, new HVAC and FRP, walk-in freezer, kitchen floor, increased storage, and various external upgrades.
  • Situated along a premier retail corridor with high traffic counts of 31,500+ vehicles per day and access to over 122,000 residents within a 5-mile radius.
  • Fronting U.S. 380 proximate to Cameron Crossing Shopping Center which sees more than 2.2 million visitors annually.
  • 42% population growth since 2010 offers lucrative investment prospects in a rapidly expanding market.


Golden Chick - McKinney, TX 4_Property for Sale
Golden Chick - McKinney, TX 4_Property for Sale

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Golden Chick - McKinney, TX (0 Properties)

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Last updated
5 Aug 2024