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Chick-fil-A, Lexington , NC

Chick-fil-A

Lexington, North Carolina

Price $4,500,000
Cap Rate 3.87%
NOI $174,124
Lease Term 10+ Years
Lease Type Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years)
Year Built 2017
Building Size 4,988 SF
Lot Size 0.910 Acres (39,640 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

LONG-TERM ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES AND DRIVE-THRU
» Chick-fil-A is the largest chicken chain and the third largest American fast food restaurant chain
» Unique Chick-fil-A offering where landlord can depreciate the building
» Includes drive-thru for added customer convenience
» 10% fixed rental increases every five years, providing a hedge against inflation
» No landlord management, making this an ideal opportunity for an out-of-area investor

HIGH-VISIBILITY LOCATION IN DENSELY POPULATED AND GROWING NORTH CAROLINA SUBMARKET
» Strategic high-visibility location on Parkway Plaza along Interstate 85 (58,000 AADT)
» Excellent location in a major North Carolina commuter corridor
» Beneficial proximity to several high-density, single family developments
» Only Chick-fil-A location within 15 miles of the site
» 88,689 residents living within a 10-mile radius of the location
» Average annual household income of $62,909 within 10 miles of the site with a projected increase of 13 percent by 2026, poising Chick-fil-A and Lexington for concurrent growth

CENTRAL LOCATION NEAR LARGE SCHOOLS, EMPLOYERS, AND COMMUNITY HUBS
» Outparcel to a Lexington Parkway Plaza anchored by Belk, Tractor Supply Company, Planet Fitness, Ollie’s, and Dollar Tree
» Minutes from Downtown Lexington
» Located 4.4 miles from Wake Forest Baptist Health – Lexington Medical Center (94 beds)
» Surrounded by several national retailers, including Walmart Supercenter, Lowe’s Home Improvement, Walgreens, PetSmart, Applebee’s, McDonald’s, Waffle House, Wendy’s, and many more, promoting crossover shopping to the site
» Fly High Lexington/Davidson County Airport is less than 10 minutes away, and Davidson County Community College is 15 minutes away



Property Description

The subject property is strategically located on Parkway Plaza along Interstate 85, which experiences an average of 58,000 vehicles per day near the site. This site is the only Chick-fil-A location within a 15-mile radius, greatly increasing local traffic to the area. The property benefits from its central location in a populous and growing area. 88,689 residents live within a 10-mile radius, providing a stable customer base for the site. The property maintains an excellent location in a major North Carolina commuter corridor, with proximity to several high-density, single and multi-family developments. The average household income is $62,909 within 10 miles of the site, with a projected increase of 13 percent by 2026, poising Chick-fil-A and Lexington for concurrent growth.

The location benefits from its proximity to large schools, employers, and community hubs. The site is an outparcel to Lexington Parkway Plaza, a shopping center anchored by Belk, Tractor Supply, Planet Fitness, Ollie’s, and Dollar Tree. The property is surrounded by several national retailers, including Walmart Supercenter, Lowe’s Home Improvement, Walgreens, PetSmart, Applebee’s, McDonald’s, Waffle House, Wendy’s, and many more promoting crossover shopping to the location. The site is located 4.4 miles from Wake Forest Baptist Health – Lexington Medical Center (94 beds) and minutes from Downtown Lexington with quick access to Interstate 85. The site is well-positioned to grow along with the surrounding area.

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