Big Spring, TX - Chick-fil-A

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a freestanding, corporate signed, drive-thru equipped, absolute NNN, Chick-fil-A investment property located in Big Spring, Texas. The tenant, Chick-fil-A, Inc. recently signed a brand new 15-year lease with 13 (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, 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 in an income tax free state. Founded in 1967, Chick-fil-A serves freshly prepared food in more than 2,700 restaurants in 47 states, Washington, D.C., and Canada. Slated to open in November of 2023, the site will feature brand new construction, a modern design, and first-class amenities.

Chick-fil-A is strategically located at the signalized, hard corner intersection of E Mercy Drive and Goliad Street which serves over 18,000 vehicles per day. Furthermore, the site benefits from nearby access to U.S. Highway 87 (14,900 VPD) and Interstate 20 (10,200 VPD), making this an ideal centralized location with easy commutes. Moreover, the site is adjacent to a Walmart Supercenter anchored shopping center, greatly increasing consumer traffic to the subject trade area. Other nearby national/credit tenants include H-E-B, Harbor Freight, Boot Barn, Family Dollar, Whataburger, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the asset is ideally positioned between Howard College (8,964 students) and the Big Spring VA hospital, providing a direct consumer base from which to draw. The 5-mile subject trade area is supported by more than 29,000 residents and 11,000 daytime employees who earn an average household income of more than $80,000.