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Chick-fil-A Ground Lease, Texas City, TX

Chick-fil-A Ground Lease

Price $2,938,000
Cap Rate 4.00%
NOI $117,500
Lease Term 15 Years
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 2019
Building Size 4,880 SF
Lot Size .91 Acres (39,770 SF)
Status Available
Lead Broker Information 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

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

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

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» 15-year NNN ground lease with 10% rental increases every five years in initial term and option periods, providing a hedge against inflation
» As of 2019, Chick-fil-A is the largest chicken chain and the third largest American fast food restaurant chain

GROCERY ANCHORED – HIGH-TRAFFIC LOCATION
» Shadow anchored by leading grocery stores H-E-B and Aldi
» Excellent visibility and access to 29,984 AADT on Palmer Highway
» Across from to Kroger-anchored shopping center
» Surrounded by residential neighborhoods (six apartment complexes within a onemile radius)
» The five-mile AHHI is expected to increase by over 16% between 2019-2024
» Surrounded by several national retail brands like McDonald’s, Popeyes, Taco Bell, Starbucks, Lowe’s Home Improvement, Sonic Drive-In, KFC, Domino’s Pizza, Jack in the Box, Burger King, Subway, Baskin-Robbins, Wendy’s, and many more

CENTRAL LOCATION NEAR LARGE SCHOOLS, EMPLOYERS, AND COASTAL ATTRACTIONS
» Within two miles of Texas City High School (1,900+ students) and Blocker Middle School (900+ students)
» Near HCA Houston Healthcare Mainland (217 beds, 725 employees, $730 million in annual total patient revenue)
» A short distance from attractions like Galveston Bay, Gulf of Mexico, Bayou Golf Course (18-hole, par 72 course), Nessler Park Family Aquatic Center, Moses Lake, and Dollar Bay

NEW 2019 CONSTRUCTION
» Features dual-lane drive-thru
» New building, limiting near-term deferred maintenance or capital costs



Property Description

The property is strategically located on Palmer Highway, with excellent visibility and access to 29,984 vehicles per day directly in front of the location, and 33,461 vehicles per day on the immediately accessible Emmett Lowry Expressway. The site is centralized in a densely populated retail corridor and is shadow-anchored by leading grocery stores H-E-B and Aldi in Palmer Plaza. The population around the site is growing, as six (6) apartment complexes reside within one mile of the location. Other major tenants near the property include Kroger, McDonald’s, Popeyes, Taco Bell, Starbucks, Lowe’s Home Improvement, Sonic Drive-In, KFC, Domino’s Pizza, Jack in the Box, Burger King, Subway, Baskin-Robbins, Wendy’s, and many more.

The location benefits from its proximity to of Texas City High School (1,900+ students) and Blocker Middle School (900+ students). Visibility is increased with close proximity to Texas City’s primary healthcare provider, HCA Houston Healthcare Mainland (217 beds, 725 employees, $730 million in annual total patient revenue). Additionally, the property is located between Houston and popular coastal attractions like Galveston Bay, the Gulf of Mexico, Nessler Park Family Aquatic Center, Bayou Golf Course (18-hole, par 72 course), Moses Lake, and Dollar Bay.

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