Overview

Description

• The lease is corporate signed by Chick-Fil-A, Inc., one of the largest American fast food restaurant chains
• Over 10 years remaining in the initial term with 8 (5-year) options to extend, demonstrating their long-term commitment to the site
• 10% rental increases in Sept. 2023, Sept. 2028, and at beginning of each option period, increasing NOI and hedging against inflation
• Chick-Fil-A, in its annual FDD, revealed it generated $18.8 billion in U.S. systemwide sales in 2022
• The company operates more than 2,774 restaurants in 50 states, Washington, D.C., and Canada
• Chick-Fil-A’s average unit volume is $8.68 million making it the top performing QSR by AUV by a wide margin

• Located near the signalized hard corner intersection of E Merritt Island Causeway (42,000 VPD) and S Sykes Creek Pkwy (12,200 VPD)
• Merritt Island Causeway is a major retail corridor with many national/credit tenants such as Publix, Macy’s, Starbucks, Walgreens, and more
• Equipped with a dual-lane drive-thru, promoting ease of access for customers
• Located on an outparcel of Merritt Square Mall, anchored by Macy’s, JCPenney, Sears, and Dillard’s
• Strong tenant synergy promotes crossover traffic to the subject property
• Health First has received approvals to build a seven-story, 120-bed hospital with an adjoining medical office building and wellness village on a 15.05-acre site, across State Road 520 from Merritt Square Mall
• Nearly 90,000 residents and 43,000 employees support the trade area
• Features an average household income of $94,370
• Florida’s “Space Coast” is roughly 50 miles east of Orlando and 80 miles south of Daytona Beach, which includes towns like Cocoa, Satellite Beach, Titusville, Merritt Island, Palm Bay and Melbourne
• According to Forbes, “Hotels in the region are also getting a nice lift from the return of corporate and business travel, which lapsed during the pandemic. . . 2022 hotel performance has surpassed pre-pandemic highs—with room night demand (hotel rooms rented) up 5% year over year”

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