Chick-fil-A - Norfolk, VA
6282 Northampton Blvd
Chick-fil-A - Norfolk, VA - Retail for sale
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
|Tenure Type||Sale / Purchase|
|Property Address||6282 Northampton Blvd, Norfolk, VA 23502-5510|
|Land In Acres||1.6|
|Building Size||4,996 ft2|
|Tenant's Name||Chick-fil-A Inc|
|Lease Expiration Date||02/28/2034|
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