Chick-fil-A - Norfolk, VA

6282 Northampton Blvd
Norfolk , VA 23502-5510

Chick-fil-A - Norfolk, VA - Retail for sale

Overview


JLL is pleased to offer for sale the fee simple interest in a newly-constructed single-tenant Chick-fil-A (the “Property” or “Asset”) leased on an absolute-NNN ground lease and located in Norfolk, VA (Hampton Roads MSA). Positioned in one of Norfolk’s primary retail corridors just minutes from the Atlantic coastline, the Property is brand-new urban investment opportunity within one of the eastern seaboard’s strongest secondary economic markets. The newly constructed Asset features 15 years of primary lease term remaining, contractual rent growth at 10% every 5 years, and zero landlord obligations. Chick-fil-A, the nation’s most desirable fast food tenant and the QSR leader in sales-per-location, has signed a corporately-guaranteed lease. Located between Norfolk Premium Outlets and Norfolk Academy, Lake Taylor High School, and Virginia Wesleyan University, the Asset possesses the site fundamentals of a highly-performing location for Chick-fil-A. This offering represents the opportunity to purchase a brand-new restaurant investment with exceptional tenant strength, modern construction, and a premium retail location within a major coastal MSA.

Investment Highlights



BRAND-NEW 15-YEAR ABSOLUTE NNN GROUND LEASE

The Asset is slated to be delivered in mid-December 2018 and features a new 15-year absolute NNN ground lease with zero landlord responsibilities and in-place rental escalations of 10% every 5 years.

Brand new 15-year lease term is easily financeable and ensures reliable future cash flow.

HIGHLY-SOUGHT MARKET LEADING TENANT

Chick-fil-A leads all QSR tenants in average unit sales, with each restaurant averaging over $4.1 million in revenues annually.

All locations are corporate owned and guaranteed, operated locally by an “operator” who runs a single store and shares in the profits, similar to a franchise arrangement. 

DESIREABLE MID-ATLANTIC LOCATION

Norfolk is the second-largest city in Virginia with a population of over 1.6 million residents within the metropolitan area.

Home to a bustling and diversified economy, Norfolk is home to Naval Station Norfolk, the base of the Atlantic Naval Fleet and over 62,000 active-duty Navy personnel.

Other major maritime economic drivers include Huntington Ingalls Industries, BAE Systems, Norfolk International Terminals, General Dynamics, Norfolk Naval Shipyard, and the Virginia Port Authority.

TERRIFIC RETAIL-CENTRIC LOCATION

The Asset is immediately proximate to Norfolk Premium Outlets, a 332,000 square-foot high-end outlet mall completed in June 2017 by Simon Property Group and already 80% occupied by tenants such as Levi’s, North Face, Armani Exchange, Banana Republic, and Nike.

Other local traffic drivers include Norfolk Academy, Lake Taylor High School, and Norfolk International Airport.


Broker of Record - Steven T Ranck, VA License #0225206604


General
Property Type Retail
Property Subtype Single Tenant / Stand-alone
Tenure Type Sale / Purchase
Property Address 6282 Northampton Blvd, Norfolk, VA 23502-5510
Land In Acres 1.6
Building Size 4,996  ft2
Financial
Price $3,250,000
Cap Rate 4.00%
Current NOI $130,000.00
Lease
Tenant's Name Chick-fil-A Inc
Lease Type NNN
Annual Rent $130,000.00
Lease Expiration Date 02/28/2034
Remaining Term 15Yrs

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