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Chick-fil-A Ground Lease, Portland, TX

Chick-fil-A Ground Lease

Portland, Texas

Price $4,143,000
Cap Rate 3.50%
NOI $145,000
Lease Term 15 Years
Lease Type Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, Maintenance, And Repair, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2021
Building Size 5,170 SF
Lot Size 1.37 Acres (59,735 SF)
Status Available
Lead Broker Information Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Jack Hinson
Brokerage
704.572.9921
jack.hinson@cushwake.com
CA RE License #02059267

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291


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

15-YEAR ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» Chick-fil-A is the largest chicken chain in the United States with 2,795+ units
» 15-year absolute NNN ground lease with 10% fixed rental increases every five years
» No landlord management, making this an ideal opportunity for an out-of-area investor
» Store is the 2nd-strongest of five Chick-fil-A restaurants in Corpus MSA
» Only Chick-fil-A location within a 15-mile radius, and on the other side of the Bridge to Corpus Christi, providing access to 120,000 people in the trade area, and greatly increasing local traffic to the property

HIGH-VISIBILITY LOCATION WITH ACCESS TO OVER 53K VEHICLES
» $38 billion in industrial investments within six miles, providing 5,000 new permanent jobs
» Proximity to newly opened Steel Dynamics plant (2,600 acres, $1.9 billion) and Exxon plant ($12 billion), the largest ethylene cracker plant in the world, among many other new industrial developments
» Strategic location on U.S. Highway 181 with excellent exposure and access to over 86,000 vehicles per day
» Adjacent to McDonald’s and an outparcel to the Northshore Plaza shopping mall
» Near a strong performing H-E-B store ($80 million out of a 67,000 SF), and surrounded by notable tenants such as Walmart Supercenter, Walgreens, CVS, Dollar Tree, Starbucks, Sonic Drive-In, Popeyes, and more, promoting crossover shopping to the site
» Near high-density, single family housing developments and large apartment complexes including Northshore Place Apartments (224 units), Pavilions at Northshore (336 units), and numerous others
» 11.8 miles from Del Mar College (11,867 students) and close to several well-attended schools, including Gregory-Portland High School (1,351 students), Gregory-Portland Middle School (1,095 students), and Clark Elementary School (672 students)

AFFLUENT AND GROWING CORPUS CHRISTI SUBURB
» Average annual household income of $107,378 within one mile and projected to increase 10 percent by 2026, posing Chick-fil-A and Portland for concurrent growth
» Beneficial proximity to Corpus Christi International Airport (582,916 annual passengers) and Hunt-Doyle Airport
» 8.6 miles from downtown Corpus Christi (317,863 residents), the eighth-most populous city in Texas

2021 CONSTRUCTION IN A TAX-FREE STATE
» Store is open and operating
» Location includes outdoor patio seating and a dual-lane drive-thru for added customer convenience
» Texas has no state income tax, estate tax, or inheritance tax


Property Description

Chick-fil-A is strategically located on U.S. Highway 181 with excellent exposure and access to over 86,000 vehicles per day. The property is adjacent to McDonald’s and an outparcel to Northshore Plaza shopping mall. Additionally, the property is near H-E-B and surrounded by notable tenants such as Walmart Supercenter, Walgreens, CVS, Dollar Tree, Starbucks, Sonic Drive-In, Popeyes, and many more, promoting crossover shopping to the location. The site is near high-density, single family housing developments and large apartment complexes including Northshore Place Apartments (224 units), Pavilions at Northshore (336 units), and numerous others. The property is situated less than two miles from 10 large hotels with over 700 guestrooms, providing access to an ideal customer base. The site is 11.8 miles from Del Mar College (11,867 students) and close to several well-attended schools, including Gregory-Portland High School (1,351 students), Gregory-Portland Middle School (1,095 students), and Clark Elementary School (672 students).

The property is 8.6 miles from Downtown Corpus Christi (317,863 population), the eighth-most populous city in Texas. Corpus Christi is the hub of the six-county Corpus Christi-Kingsville Combined Statistical Area. 20,423 residents live within a five-mile radius, providing a reliable customer base for the site. The property is located in an affluent Corpus Christi suburb poised for growth. The average annual household income is $107,378 within one mile and is projected to increase 10 percent by 2026. The site maintains beneficial proximity to Corpus Christi International Airport (582,916 annual passengers) and Hunt-Doyle Airport.

Contact Us About This Property


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