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Chuy’s Ground Lease, Chattanooga, TN

Chuy’s Ground Lease

TN, United States

Price $3,150,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type
Rental Increases 7% rent increases every 5 years in the initial term,followed by 15% rent increase in the first optionperiod and 8% rent increases in subsequent optionperiods
Year Built 2016
Building Size 7386 sq. ft.
Lot Size 1.13 Acres (49,324 sq. ft.)
Status Sold
Lead Broker Information Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.228.9114
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

LONG TERM NNN LEASE WITH SCHEDULED RENT INCREASED
» Brand new, 15-year ground lease
» 7% rent increases every 5 years
» 15% rent increase in first option period and 8% rent increases in subsequent option periods
» Potential Percentage Rent at Breakpoint Provides the Potential for Additional Rent Growth

LOCATED IN DENSE RETAIL CORRIDOR
» Outparcel to mall anchored by national retailers
» Located in close proximity to Hamilton Place, Tennessee’s second largest mall, with 1,170,712 square feet of retail area

HIGH TRAFFIC COUNTS WITH GREAT VISIBILITY AND ACCESS
» The property is visible and accessible from Gunbarrel Rd, with 27,395 vehicles per day in front of the site
» Located just off of high traffic, six lane I-75, with 76,185 AADT
» 22,968 vehicles per day on Shallowford Rd, one of Chattanooga’s major arterials

BRAND NEW 2016 CONSTRUCTION
» Brand new, high-quality construction
» Latest Chuy’s design and prototype
» Building was built by Tenant at Tenant’s expense, demonstrating their long term commitment to the location

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located near the intersection of Gunbarrel Rd and Shallowford Rd, two of Chattanooga’s major thoroughfares, in a dense retail corridor. The property benefits from its high traffic location; Gunbarrel Rd experiences an annual average daily traffic count of 27,395 vehicles in front of the site, while Shallowford Rd boasts a traffic count of 22,968 vehicles a day. Additionally, the property is located just off of I-75, a major six-lane interstate highway, which has an annual average daily traffic count of 76,185 vehicles. The site is an outparcel to the Gunbarrel Place Shopping Center, which includes Office Depot, Mattress Outlet, Koko FitClub, and Educational Outfitters. The site is located in close proximity to Hamilton Place, the second largest shopping mall in Tennessee, with 1,170,712 square feet of retail area, over 200 stores and services, and anchored by Dillard’s, Belk, Forever 21, JCPenney, and Sears. In addition to Hamilton Place, the property is surrounded on all sides by other shopping centers featuring national retailers such as PetCo, Panda Express, Party City, Tilly’s, Staples, Old Navy, Ulta Beauty, DSW, and many others. Due to its proximity to Chattanooga airport, only four and a half miles away, the property is located near numerous hotels and lodgings. Nearby schools include St. Nicholas Elementary School, Grace Baptist Academy, and Tyner Academy, with a combined population of over 1,300 students. The site is also located near several medical facilities; the 107 bed Erlanger East Hospital is just over a mile away from the site, and the Parkridge Valley Child & Adolescent Campus is two miles away.

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