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Chick-fil-A Ground Lease, Lumberton, NC

Chick-fil-A Ground Lease

North Carolina, USA

Price $3,000,000
Cap Rate
NOI
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 Rental Increases Every Five (5) Years
Year Built 2022
Building Size 4,864 SF
Lot Size 1.527 Acres (66,516 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

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 RENTAL INCREASES
» Chick-fil-A has operated at this location since 2010 – new double drive-thru expansion extends lease 15 years
» Chick-fil-A is the largest chicken chain in the United States with 2,795+ units
» Chick-fil-A’s revenue in 2021 was $16.7 billion, a record-breaking jump of 22 percent from its 2020 sytem-wide sales
» Only Chick-fil-A location within 15 miles of the site, increasing local traffic to the property
» Chick-fil-A rental increases every five years and billboard rental increases annually, providing a hedge against inflation
» No landlord management, making this an ideal opportunity for an out-of-area investor

HIGH-VISIBILITY LOCATION IN GROWING NORTH CAROLINA SUBMARKET
» Conveniently located on Jackson Court with a second entry point on Kahn Drive near the Fayetteville Road (28,000 AADT) signalized intersection
» Excellent freeway visibility with immediate access to Interstate 95 (55,500 AADT)
» 32,611 residents live within a five-mile radius, providing a strong customer base for the site
» Average annual household income of $83,029 within one mile and projected to increase 10 percent by 2026, poising Chick-fil-A and Lumberton for concurrent growth
» Gateway to Fayetteville (214,384 population), the sixth-largest city in North Carolina
» North Carolina has one of the lowest corporate income tax rates in the Southeast

STRATEGIC LOCATION IN DENSE RETAIL CORRIDOR
» Strategic location close to Lumberton Towne Centre and surrounded by several national retailers, including Walmart Supercenter, Lowe’s Home Improvement, Wendy’s, McDonald’s, Waffle House, Starbucks, and many more, promoting crossover shopping to the site
» One mile from Robeson Community College (1,671 students), and near many well-attended schools, including Lumberton High School (1,799 students), Magnolia Elementary School (796 students), Gilbert Carroll Middle School (711 students), and many others
» Conveniently located less than a mile from SpringHill Suites (118 rooms), Hampton Inn (107 rooms), Holiday Inn (107 rooms), Holiday Inn Express & Suites (95 rooms), Comfort Suites (93 rooms), Quality Inn (68 rooms), and Best Western Lumberton (62 rooms), and Super 8, providing a reliable customer base for the site
» Beneficial proximity to UNC Health Southeastern (373 beds)
» Surrounded by several high-density, single family developments and apartment complexes including Lumberwood Apartments (48 units), Windsor Crossing Apartments (40 units), Long Leaf Apartments (36 units) and more

NEW 2022 EXPANSION
» New expansion featuring a dual-lane and wrap-around drive-thru to maximize capacity
» Property features prominent billboard with excellent Interstate 95 exposure


Property Description

SOLD

Chick-fil-A is located on Jackson Court with a second entry point on Kahn Drive and access to 28,000 vehicles per day near the Fayetteville Road signalized intersection. The site has excellent visibility in a rapidly growing retail trade area with immediate access to Interstate 95 (55,500 AADT). This is the only Chick-fil-A location within a 15-mile radius, greatly increasing local traffic to the property. 32,611 residents live within five miles, providing a strong customer base for the site. The average annual household income is $83,029 within one mile and is projected to increase 10 percent by 2026. The growing North Carolina submarket is well-positioned to grow along with the surrounding area. The location is a gateway to Fayetteville (214,384 population), the sixth-largest city in North Carolina. North Carolina has one of the lowest corporate income tax rates in the Southeast.

The property is strategically located close to the Lumberton Towne Centre shopping mall and is surrounded by several national retailers, such as Walmart Supercenter, Lowe’s Home Improvement, Wendy’s, McDonald’s, Waffle House, Starbucks, and many more, promoting crossover shopping to the location. The property is surrounded by several high-density, single-family developments and apartment complexes including Lumberwood Apartments (48 units), Windsor Crossing Apartments (40 units), Long Leaf Apartments (36 units), and others. The site is one mile from Robeson Community College (1,671 students) and situated near many well-attended schools including Lumberton High School (1,799 students), Magnolia Elementary School (796 students), Gilbert Carroll Middle School (711 students), and many others. The property is conveniently located less than a mile from SpringHill Suites (118 rooms), Hampton Inn (107 rooms), Holiday Inn (107 rooms), Holiday Inn Express & Suites (95 rooms), Comfort Suites (93 rooms), Quality Inn (68 rooms), Best Western Lumberton (62 rooms), and Super 8. The site maintains beneficial proximity to UNC Health Southeastern (373 beds) and the Lumberton Regional Airport.

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