Description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to offer the opportunity to acquire the single-tenant Chick-Fil-A at 220 Shenstone Blvd, Garner, North Carolina ("Property" or "Asset"). The Property is operating on an absolute NNN ground lease with ±4.9 years of primary lease term remaining, 8.0% rent escalations every 5 years and five, five-year options. Notably, the Property has operated at this site for 23+ years and features below-market rent of $95,000 and sits on a large 1.3-acre parcel.

This unique opportunity allows investors the ability to acquire passive income from a nationally recognized tenant in a rapidly expanding commercial corridor.

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Attributes

Asking price

₫58,914,180,000

Cap rate

4.25%

NOI

₫2,504,747,000

Lease type

Absolute Triple Net

Remaining lease term

4.9 years

Building area net

446 m²

Year built

2003

Land area gross

0.53 ha

Media

Investment Highlights

±4.9 years of primary term remaining with 23 years of successful operating history at the site
Absolute NNN Ground Lease with zero landlord responsibilities
Ranked in the top 8% most visited CFAs Nationwide with 1.1M visitors (placer.ai)
Renovated in 2021 and the tenant executed a new 10-year lease at that time
Outparcel to White Oak Crossing, a top 2% shopping center nationwide (placer.ai)
$111K average household income within 3-mile radius
46% population growth within a three-mile radius
Frontage along Shenstone Blvd and off HWY-70 with accessibility to 75,000+ VPD
Leading Fast-Food Chain with $9.2M Average Unit Volume
9 miles south of downtown Raleigh, one of the fastest growing metro areas in the US