Ground Lease Chick-Fil-A - LoopNet · 2018-11-20 · Ground Lease Chick-Fil-A Plattsburgh, NY. Chick-ffl-A 400 State Route 3, Plattsburgh, NY 1201 ... Real Estate Taxes Insurance

Chick-fil-A

400 State Route 3, Plattsburgh, NY 12901

James Capital Advisors

Marketing Package

Ground Lease Chick-Fil-APlattsburgh, NY

Chick-fil-A



The Offering

$2,975,000

4.20%

$125,000

$590.98

$24.83

Joel Cukier

(424) 325-2618

SUBMIT OFFER

FINANCIAL SUMMARYPurchase Price

Cap Rate

Net Operating Income

Price / SF

Rent / SF

Listing Agent

Phone Number

Email

PROPERTY INFOTenant

Street Address

City

State

Zip

APN

GLA

Lot Size

Year Built

Chick-fil-A

400 State Route 3

Plattsburgh

NY

12901

094200 206.4-3-9

5,034 SF

1.42 AC

2018

INVESTMENT HIGHLIGHTSFee Simple NNN Ground Lease Chick-fil-A is operating under an Absolute Triple-Net (NNN) Ground Lease in which there are zero landlord responsibilities and the tenant is responsible for all common area maintenance, taxes and insurance on the property, making this a true passive investment.

Strong Rental Upside This lease offers 10% rental increases every five years throughout the base term and option periods, providing the investor an excellent hedge against inflation.

Brand New 2018 Construction The store opened its doors in October and features Chick-fil-A’s classic LEED Certified modern design, including an indoor two-story playground for children and seating for up to 134 customers.

Limited Competition - First Chick-fil A Franchise in the AreaThis is the first Chick-fil-A to open in NYS North Country, making competition from other Chick-fil-A’s extremely limited, with the nearest Chick-fil-A located over 220 miles away.

mailto: [email protected]?subject=LOI - Chick-fil-A - Plattsburgh, NY

Chick-fil-A



Property Image

Chick-fil-A



Lease Summary

Tenant Responsible

Tenant Responsible

Tenant Responsible

Corporate

Chick-fil-A

Private

72

2,225+

Real Estate Taxes

Insurance

Repairs & Maintenance

Zero Landlord Responsibilities

Lease Guarantor

Company Name

Ownership

Years in Business

Number of Locations

LEASE SUMMARYLease Type

Type of Ownership

Original Lease Term

Commencement Date

Lease Expiration

Term Remaining

Increases

Options

ROFR / ROFO

Ground Lease

Fee Simple

15 Years

September 1, 2018

August 31, 2033

14.75 Years

10% Every Five Years

Seven, Five-Year Options

Yes - ROFO

INVESTMENT HIGHLIGHTSDouble Drive-Thru Location The double drive-thru lanes and approximately 80 parking spaces offers a heightened level of convenience and efficiency to the customer’s experience.

Dense Retail Corridor The property is surrounded by over one million sq feet of national brand retailers including a Walmart Supercenter, Starbucks, McDonald’s, Target, The Champlain Centre Mall and Consumer Square.

Neighboring University Less than one mile from State University of New York (SUNY) at Plattsburgh where there are over 6,500 undergraduate students enrolled and the region’s #1 employer UVM-CVPH Hospital.

Excellent Site-Level VisibilityIdeally located off of Interstate 87 and State Route 3 with traffic count in the area exceeding 35,000 vehicles per day.

Chick-fil-A



Property Image

Chick-fil-A



Property Image

Chick-fil-A



Rent Schedule

4.20%

4.62%

5.08%

5.59%

6.15%

6.77%

7.44%

8.19%

9.01%

9.91%

$24.83

$27.31

$30.05

$33.05

$36.36

$39.99

$43.99

$48.39

$53.23

$58.55

-

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

$10,416.67

$11,458.33

$12,604.17

$13,864.58

$15,251.04

$16,776.15

$18,453.76

$20,299.14

$22,329.05

$24,561.96

$125,000.04

$137,499.96

$151,250.04

$166,374.96

$183,012.48

$201,313.80

$221,445.12

$243,589.68

$267,948.60

$294,743.52

Base Term

Base Term

Base Term

1st Option

2nd Option

3rd Option

4th Option

5th Option

6th Option

7th Option

09/01/2018 - 08/31/2023

09/01/2023 - 08/31/2028

09/01/2028 - 08/31/2033

09/01/2033 - 08/31/2038

09/01/2038 - 08/31/2043

09/01/2043 - 08/31/2048

09/01/2048 - 08/31/2053

09/01/2053 - 08/31/2058

09/01/2058 - 08/31/2063

09/01/2063 - 08/31/2068

CAP RATERENT / SFINCREASEMONTHLY RENTANNUAL RENT PERIODRent Schedule

Chick-fil-A



About the Brand

ABOUT THE BRANDBrand Overview Chick-fil-A is one of the largest family-owned businesses in the country, best known for its original chicken sandwich and for being a leader in customer service satisfaction.

Brand History1946 - Chick-fil-A is founded.1995 - The “EAT MOR CHICKIN” advertising campaign was introduced. 2006 - The company surpasses $2 billion in sales.2016 - Chick-fil-A opens its 2,000th restaurant.

Projected GrowthChick-fil-A has had rising sales for 50 consecutive years and is expected to become the third-largest fast-food chain in terms of sales by 2020.

Locations Nationwide

2,225+

States

47

2017 System-wide Sales

$9 Billion

RECENT NEWSAwards Chick-fil-A received the American Customer Satisfaction Index No. 1 Rating in 2017 and secured a top spot in the Consumer Choice Awards®. The company also ranked on Forbes Best Employers in 2018.

Upcoming Expansion Into International MarketsThe first international Chick-fil-A location will open in Toronto, Canada in 2019 and kick-off the franchise’s expansion outside of the United States.

Top-Ranked Sales by QSRThe Chick-fil-A chain made more money per restaurant than any other fast-food chain competitor in 2016 and beat the sales of its fried-chicken competitor, KFC, by four times.

Chick-fil-A



Location Overview

20 Miles to Canada

PLATTSBURGH, NYAbout Plattsburgh, New YorkThe historically significant city of Plattsburgh has a population of approximately 19,000 people and is rated as the eighth micropolitan city for economic development.

State University of New York at PlattsburghThe State University of New York (SUNY) at Plattsburgh offers over 60 degree programs to approximately 6,500 students. SUNY was 87th on the Best Regional Universities in the North rankings for 2019.

Substantial Redevelopment Planned in PlattsburghThe economic development in the region of Plattsburgh will be greatly enhanced through upcoming expansion and investment plans for the Plattsburgh International Airport, Downtown and North Country.

LOCATION OVERVIEWProximity to the Canadian BorderPlattsburgh is just 20 miles south of the Canadian border, which significantly impacts the local economy due to the tourism of people coming to Plattsburgh to shop and eat.

“Montreal’s U.S. Suburb”Canada’s second largest city, Montreal, has a population of four million people and is just a hour away from Plattsburgh, which is why Plattsburgh is considered to be “Montreal’s U.S. Suburb”.

Albany’s MSA NearbyAlbany, New York’s capital city, is only 160 miles away from this property. The population of Albany is nearly 100,000 with a median household income of $66,884.

Chick-fil-A



Retail Aerial

Chick-fil-A



Retail Aerial

Chick-fil-A



Site Plan

Chick-fil-A



Demographics

10 MILE

21,113

21,222

21,487

$68,848

$55,814

5 MILE

13,827

13,878

13,912

$61,943

$50,472

3 MILE

10,525

10,551

10,508

$58,273

$46,401

1 MILE

1,684

1,682

1,641

$87,138

$78,820

HOUSEHOLDS

2023 Projection

2018 Estimate

2010 Census

HOUSEHOLDS

Avg. HH Income

Med. HH Income

10 MILE

52,851

53,105

53,973

5 MILE

34,217

34,339

34,633

3 MILE

25,851

25,915

26,004

1 MILE

3,952

3,946

3,876

DEMOGRAPHICSPOPULATION

2023 Projection

2018 Estimate

2010 Census

Proximity to CanadaDubbed “Montreal’s U.S. Suburb,” Plattsburgh, NY is located just 20 minutes south of the Canadian border and is only an hour’s drive from Montreal, home to nearly four million people, and the second largest French speaking city in the world.

“Montreal’s U.s. Suburb”Plattsburgh, NY

Chick-fil-A



DISCLAIMERThe information contained in this Marketing Brochure has been obtained from sources believed to be reliable. However, James Capital Advisors, Inc. & Andrew Knight (“Broker”) has not, and will not, verify any of this information, nor has Broker conducted, nor will it conduct, any investigation regarding these matters. Broker makes no representations, guarantees or warranties of any nature about the accuracy or completeness of any information provided. The information provided in this brochure is in no way a substitute for a thorough due diligence investigation by Buyer. Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to income and expenses for this property nor the future financial performance of the property. In addition, Broker has made no investigation of, and has made no representations, guarantees or warranties as to the size and square footage of the property, the presence of any contaminating substances at the property, the physical condition of the property or compliance with any State, Local or Federal regulations. In addition, Broker has made no investigation of, and has made no representations, guarantees or warranties of any nature, with regard to the financial condition or future financial condition of any tenants, nor any future plans or intentions of tenants with regard to the continued occupancy of the property. All parties are aware that Broker has no affirmative obligation to conduct a due diligence examination of the property for any Buyer. Any and all projections or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property.

The value of the property to any Buyer depends on numerous factors that must be evaluated by Buyer and Buyer’s legal, tax, construction and financial advisors. Buyer and Buyer’s advisors should conduct a thorough, independent investigation of the property to determine its suitability for Buyer’s intended usage. This investment, as with all real estate investments, carries a substantial risk. As such, Buyer and Buyer’s legal and financial advisors are strongly advised to request and review all legal and financial documentations related to the property and tenants.

A tenant’s past performance is not a guarantee of future performance. The lease rate stated for some properties may be based on a tenant’s projected sales with little or no record of actual performance or comparable rents for the area in question. Returns are in no way guaranteed. Tenants may fail to pay the rent or property taxes or any other tenant obligations under the terms of the lease. Regardless of tenant’s history of performance, and/or any lease guarantors and/or guarantees, Buyer is responsible for conducting Buyer’s own investigation of all matters related to any and all tenants and lease agreements. Broker is not, in any way, responsible for the performance of any tenant or for any breach or default by any tenant of any terms of any lease agreement related to the property. Further, Buyer is responsible for conducting Buyer’s own independent investigation of all matters related to the value of the property, including, but not limited to, the value of any long term leases. Buyer must carefully evaluate the possibility of tenants vacating the property or breaching their leases and the likelihood and financial impact of being required to find a replacement tenant if the current tenant should default and/or abandon the property. Buyer must also evaluate Buyer’s legal ability to make alternate use of the property in the event of a tenant abandonment of the property.

CONFIDENTIALITYThis Marketing Brochure and the information contained within, is propriety and strictly confidential. It is intended to be used only by the party receiving it from Broker. It should not be made available to any other person or entity without the express written consent of Broker.

RELEASEThis Marketing Brochure has been prepared to provide basic, unverified information for prospective purchasers. By accepting this Marketing Brochure, the recipient agrees to release and hold harmless Broker. from any claim, demand, liability or loss arising out, or relating in any way, to the information contained in this Marketing Brochure and from Buyer’s investigation of the property.

NON-ENDORSEMENTBroker is not affiliated with, endorsed by or sponsored in any way by any tenant or lessee identified in this Marketing Brochure. The presence of any entity’s logo or name is not intended in any way to indicate affiliation, sponsorship or endorsement by said entity of Broker.

Disclaimer

Chick-fil-A



Contact Information

Contact Information

SUBMIT OFFER

Andrew KnightNew England Commercial Brokerage, Inc.

NY RE Lic. 10311206075

Joel CukierAssociate

(424) [email protected] RE Lic. 02005095

mailto: [email protected]?subject=LOI - Chick-fil-A - Plattsburgh, NY

Documents

Ground Lease Chick-Fil-A - LoopNet · 2018-11-20 · Ground Lease Chick-Fil-A Plattsburgh, NY. Chick-ffl-A 400 State Route 3, Plattsburgh, NY 1201 ... Real Estate Taxes Insurance