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Old Chicago Ground Lease, Fayetteville, NC

Old Chicago Ground Lease

Fayetteville, NC

Price $2,690,000
Cap Rate 5.50%
NOI $148,000
Lease Term 15 Years, with 13 Years Remaining
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Property-Related Costs
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2016
Building Size 5,074 SF
Lot Size 1.45 Acres (63,162 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

LONG-TERM ABSOLUTE NNN GROUND LEASE
» Absolute NNN ground lease requires no landlord management, ideal for an out-of area investor
» 10% rental increases every five years, providing a hedge against inflation
» Corporate guaranty from Craftworks Restaurants & Breweries, Inc., the nation’s largest craft brewery restaurant operator, with nearly 200 locations
» Craftworks owns Gordon Biersch and recently acquired Logan’s Roadhouse

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Located on Skibo Road, one of Fayetteville’s busiest thoroughfares, with excellent visibility and access to 51,000 vehicles per day directly in front of the property
» This section of Skibo Road—around Cross Creek Mall—serves as Fayetteville’s primary commercial center
» Outparcel to well-performing retail center anchored by Academy Sports + Outdoors and Burlington
» Close to Cross Creek Mall, the only super-regional mall within a 75-mile radius, with over 24 million visitors per year

CENTRAL LOCATION WITH STRONG CUSTOMER BASE
» Near Fort Bragg, the world’s largest military base by population, with more than 77,000 military and civilian employees
» Adjacent to Lewis Chapel Middle School (585 students) and across from Anne Chesnutt Middle School (524 students)
» Minutes from Fayetteville Technical Community College, the fourth largest community college in North Carolina, serving more than 41,000 students annually
» Large population of 159,302 residents within a five-mile radius

NEW CONSTRUCTION
» High-quality construction completed in late 2016
» Built by tenant at tenant’s expense, demonstrating long-term commitment to the location
» New building, limiting near-term deferred maintenance or capital costs

Click Here to Download Offering Memorandum


Property Description

The property is conveniently located on Skibo Road, one of Fayetteville’s busiest thoroughfares, with excellent visibility and access to 51,000 vehicles per day directly in front of the property. This section of Skibo Road—around Cross Creek Mall—serves as Fayetteville’s primary commercial center, and the property is surrounded by large retail developments. The property is outparcel to the newly built Fayetteville Commons, anchored by Academy Sports + Outdoors and Burlington. Other tenants within the center include Starbucks, European Wax Center, Subway, Duck Donuts, and more. The property is directly adjacent to a shopping center anchored by Target and Home Depot and is across from Fayetteville Pavilion, tenanted by Food Lion, Michaels, Marshalls, and Christmas Tree Shops. The property is also less than two miles from Cross Creek Mall, the only super-regional mall within a 75-mile radius. Featuring more than 150 stores—including anchor stores Macy’s, JCPenney, Belk, and Sears—, Cross Creek Mall draws from a large trade area and sees over 24 million visitors per year.

The property is centrally located and benefits from robust demographics in the nearby area. The property is adjacent to Lewis Chapel Middle School (585 students) and across from Anne Chesnutt Middle School (524 students). Additionally, the property is just minutes from Fayetteville Technical Community College, the fourth largest community college in North Carolina, serving more than 41,000 students annually. The property is also located just a few miles from Fort Bragg, the world’s largest military base by population, with more than 77,000 military and civilian employees. Active duty personnel, military families, and the local consumer base of 159,302 residents within a five-mile radius all help drive sales at the property.

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