Chick-fil-A - Norfolk, VA

6282 Northampton Blvd
Norfolk , VA 23502-5510

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

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
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

Other properties you may be interested in

  • Identity Group - Net Lease Industrial Portfolio
    Various - See Om For Details
    , TN
    Type(s):     Industrial
    Tenure(s):     Sale / Purchase
    Price ($USD):     8,000,000
    Space Available:     200,749 ft2
    Identity Group - Net Lease Industrial Portfolio, JLL PowerSearch
  • Bob's Discount Furniture - Stoughton, MA
    601 Technology Center Dr
    Stoughton, MA 02072-4719
    Type(s):     Retail
    Tenure(s):     Sale / Purchase
    Price ($USD):     9,390,000
    Space Available:     34,136 ft2
    Bob's Discount Furniture - Stoughton, MA, Stoughton, JLL PowerSearch
  • Walgreens - Fall River, MA
    328 Rhode Island Ave
    Fall River, MA 02721-2330
    Type(s):     Retail
    Tenure(s):     Sale / Purchase
    Price ($USD):     8,050,000
    Space Available:     14,820 ft2
    Walgreens - Fall River, MA, FALL RIVER, JLL PowerSearch
  • Walgreens - East Providence
    600 Warren Ave
    East Providence, RI 02914-2808
    Type(s):     Retail
    Tenure(s):     Sale / Purchase
    Price ($USD):     3,790,850
    Space Available:     16,657 ft2
    Walgreens - East Providence, East Providence, JLL PowerSearch
  • Walgreens & Bank of America - Londonderry, NH
    131 Nashua Rd
    Londonderry, NH 03053-3604
    Type(s):     Retail
    Tenure(s):     Sale / Purchase
    Price ($USD):     8,375,000
    Space Available:     Contact Us
    Walgreens & Bank of America - Londonderry, NH, Londonderry, JLL PowerSearch
  • Bob's Discount Furniture
    515 Boston Post Rd
    Orange, CT 06477-3509
    Type(s):     Retail
    Tenure(s):     Sale / Purchase
    Price ($USD):     6,588,000
    Space Available:     28,024 ft2
    Bob's Discount Furniture, Orange, JLL PowerSearch