Sherman, TX - Chicken Express

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN Sale-Leaseback, freestanding, Chicken Express investment property located in Sherman, Texas. The tenant, Chicken Express, will enter into a brand new 15 year lease at COE with 3
(5-year) options to extend, demonstrating their 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, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Chicken Express, Distribution (CEFS), is headquartered in Burleson, Texas and has over 250 locations in Texas, Arkansas, Louisiana and Oklahoma.

The subject property is located along Texoma Parkway, which averages 17,100 vehicles passing by daily and is a major retail thoroughfare serving the city of Sherman. The site benefits from nearby direct on/off ramp access to U.S. Highway 75 which averages 65,700 VPD. The Chicken Express is located just south of Sherman Town Center (1,013,000 SF), that is anchored by The Home Depot, Target, T.J. Maxx, Belk Outlet, and more. Additionally, the property is positioned nearby Sherman Commons, a 317,000 square foot shopping center anchored by Kohl’s, Academy Sports, and more. Furthermore, the asset is ideally situated in a dense retail corridor, with numerous nearby national/credit tenants including a Walmart Supercenter, Sam’s Club, Lowe’s Home Improvement, Michael’s, Tractor Supply Co, ALDI, and many more. The 5-mile trade area is supported by a population of over 51,300 and 28,700 daytime employees, providing a direct consumer base from which to draw. Residents within a 5-mile radius of the subject property boast an average household income of $85,044.