Mandeville LA - Chick-fil-A

3555 Us 190, Mandeville, LA

$4,533,000

Price

3.75%

Cap Rate

$170,000

NOI

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Overview
Cap Rate
3.75%
NOI
$170,000
Building Size
5,000 sqft
Lot Area
1.54 acres
Occupancy
100%
Year Built
2021
Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, corporate guaranteed, drive-thru equipped, Chick-fil-A investment property located in Mandeville, Louisiana. The tenant, Chick-fil-A Inc., recently executed a brand new 20-year lease with 8 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporately guaranteed by Chick-fil-A Inc. and is absolute NNN with zero landlord responsibilities. The location is set to open for business June 15, 2021 and will feature brand new construction with modern amenities and design. Chick-fil-A Inc. is an established and nationally recognized brand with over 2,300 locations.

Chick-fil-A is strategically located along U.S. Highway 190, averaging 19,000 vehicles passing by daily. The site is complete with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. Chick-fil-A profits from nearby on/off ramp access to Tammany Parkway (56,400 VPD), a major commuter thoroughfare traveling through Mandeville and one of the main connecting routes heading to New Orleans. The property is ideally positioned in the heart of the Mandeville retail corridor and is within close proximity to multiple shopping centers including Northlake Shopping Center (165,000 SF), Azalea Square (40,000 SF), and Premier Centre (273,000 SF). U.S. Highway 190 is the primary retail corridor serving the trade area, with other nearby national/credit tenants including Whole Foods, T.J, Maxx, Dollar Tree, Walgreens, McDonald’s, HomeGoods, Verizon Wireless, Office Depot and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for Chick-fil-A. Moreover, the asset is less than 1.5 miles south of Lakeview Regional Medical Center, a 167-bed full-service medical facility that also serves as a campus for Tulane University School of Medicine. Additionally, the site is surrounded by several apartment complexes including Grand Palms Apartments (193 units), Botanica Apartments (228 units), and Cypress Lake Apartments (198 units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by nearly 74,000 residents and 37,000 daytime employees. Residents within 1 mile of the property boast an affluent average household income of over $121,000.

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