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Chick-fil-A Ground Lease, Plattsburgh, NY

Chick-fil-A Ground Lease

Price $2,942,000
Cap Rate 4.25%
NOI $125,000
Lease Term 15 Years, With 14 Years Remaining
Lease Type Absolute NNN Ground 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 2018
Building Size 5,034 SF
Lot Size 1.42 acres (60,435 SF)
Status Available
Lead Broker Information Scott Crowle
Senior 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
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Investment Highlights

LONG-TERM ABSOLUTE NNN GROUND LEASE TO ICONIC TENANT
» Leased to Chick-fil-A, Inc. for 15 years—with 14 years remaining—plus seven five-year options
» 10% rental increases every five years, providing a hedge against inflation
» No landlord management, providing the ideal investment opportunity for an out-of area investor
» As of 2019, Chick-fil-A is the largest chicken chain and the third largest American fast food restaurant chain
» Chick-fil-A has iconic brand recognition and a loyal customer base
» Strong store sales and minimal competition; nearest Chick-fil-A is over 150 miles away, and Canada’s only Chick-fil-A is 2,250 miles away in the Calgary International Airport

HIGH-TRAFFIC LOCATION WITH IMMEDIATE FREEWAY ACCESS
» Excellent visibility and access to 33,150 vehicles per day directly in front of the site at the signalized intersection of Consumer Square and Highway 3
» Visible from and immediately accessible to Interstate 87
» Interstate 87 serves as a major north/south route for the state of New York
» Strategically located across from Plattsburgh Consumer Square, a 508,000 SF shopping center anchored by a 24-hour Walmart Supercenter, Sam’s Club, and TJ Maxx
» Other nearby notable tenants include PetSmart, HomeGoods, Ulta, Panera Bread, Chipotle, AutoZone, and others

PROXIMITY TO MONTREAL AND COMMUNITY AMENITIES
» Less than 65 miles away from Montreal (population of over 4 million), Plattsburgh is known as “Montreal’s U.S. suburb”, gaining a significant economic impact on the local market
» Within walking distance of State University of New York at Plattsburgh (over 5,700 students and 1,000 employees)
» Seven miles away from the Lake Champlain Ferry, the easiest way to connect Interstate 87 (NY) to Interstate 89 (VT), serving around 1 million passengers annually
» Affluent, populated area; 30,381 daytime employees work and 35,102 residents live within a five-mile radius, with a one-mile average household income of nearly $90,000

NEW 2018 CONSTRUCTION
» Features dual-lane drive-thru, catering to through traffic along Interstate 87
» Large 1.42-acre lot with ample onsite parking



Property Description

The property is conveniently located at the signalized intersection of Consumer Square and Highway 3, with excellent visibility and access to 33,150 vehicles per day directly in front of the site. The property is visible from and immediately accessible to Interstate 87, which serves as a major north/south route for the state of New York and provides access to the U.S.–Canada border and highways leading to Montreal. The property is located in a dense retail corridor and is directly across from Plattsburgh Consumer Square, a large shopping center anchored by a 24-hour Walmart Supercenter, Sam’s Club, and TJ Maxx. Other notable tenants in the area include PetSmart, HomeGoods, Ulta, Panera Bread, Chipotle, AutoZone, and others.

The property is within walking distance of State University of New York at Plattsburgh, which has 5,704 students and 1,000 employees. The property is about five miles from Plattsburgh International Airport, which serves as Montreal’s secondary passenger airport. Just seven miles from the property is the Lake Champlain Ferry; as the easiest way to connect from Interstate 87 in New York to Interstate 89 in Vermont, the ferry serves around 1 million passengers annually. Additionally, the property is in an affluent, well-populated area; 30,381 daytime employees work and 35,102 residents live within a five-mile radius, with a one-mile average household income of nearly $90,000.

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