Rogue Valley Mall - Sale
1600 N Riverside Ave, Medford, OR, 97501-4652, US
59,860 m²
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a freestanding single-tenant Chick-Fil-A located at 333 Tormenta Way in Statesboro, GA (“Property” or “Asset”). Constructed this year as a build-to-suit for the Tenant, the Asset features a corporate guaranty from Chick-Fil-A under a brand new 15-year, ground lease with 10% rent escalations every 5 years in the primary and option periods.
Located adjacent from the Georgia Southern University (“GSU”) campus in South Statesboro, the Property is on the hard corner of Veterans Memorial Parkway and Akins Boulevard between US Highway 301 South and US Highway 80 East, providing direct exposure to over 79,500 vehicles per day and access to over 73,000 residents within a 20-minute drive of the Property. GSU educates 27,000 undergraduate students annually and saw a 32.4% increase in student enrollment last year, per Georgia Southern University’s website. With this rapid increase in student population, GSU began expanding its campus across 208-acres along Akins Boulevard, where the Property is located. Phase I of this expansion features a $65 million, 95,000 SF convocation center (“Jack and Ruth Ann Hill Convocation Center”) with 7,00 SF dedicated to the Waters College of Health Professions as the Waters College expands its nursing cohort by 30% over the next 5 years. The multipurpose arena, set for completion in fall 2024, will be the largest venue between Savannah and Macon and will be used for large-scale events such as ceremonies, concerts, job fairs, community assemblies, and NCAA basketball games for the Georgia Southern Eagles. Phase II of the expansion will include new academic/classroom facilities, student housing buildings, and facilities for research, support, and special use sectors.
Chick-Fil-A is in GSU’s path of progress and will directly benefit from the increased foot traffic and visibility from the growing student population. Further, the Asset is an outlot to University Station Shopping Center, a ~38,000 SF retail center currently under construction, and is adjacent to Eagles Corner Shopping Center, a ~65,000 SF center with numerous national retailers and the #1 Publix grocery store in the state of Georgia.
This unique and rare opportunity allows investors the ability to acquire a top QSR tenant with high value intrinsic real estate situated across from the Georgia Southern University campus extension. The asset offers secure, long-term cash flow backed by a quality tenant with more than $21.6 billion in systemwide sales.