Chick-fil-A & Boca Raton Bridal | Absolute Net Lease Investments

1331-1341 N. University Drive, Coral Springs, FL

$5,426,400

Price

4.96%

Cap Rate

$269,521

NOI

Overview
Cap Rate
4.96%
NOI
$269,521
Building Size
7,075 sqft
Lot Area
1.37 acres
Lease Type
Absolute Net
Year Built
2007
Zoning
B-2
Parking Spots
84
Description

JLL is pleased to offer for sale the fee-simple interest in a NNN leased, Chick-fil-A & Boca Raton Bridal South, multi-tenant “Property” or “Asset” located at 1331 - 1341 N. University Drive in Coral Springs, Florida.

The Property is a two-tenant freestanding retail building that is tenanted by Chick-fil-A, Inc. (d/b/a Chick-fil-A) and Boca Raton Bridal and Consultants, LLC (d/b/a Boca Raton Bridal South) on Absolute-NNN leases with no landlord responsibilities. The Chickfil-A is a corporate tenant, and is the largest quick-service chicken restaurant chain in the United States, with more than 2,200+ restaurant locations. There are 8+ years are remaining on the lease with (5) 5-Year options to renew.

The Boca Raton Bridal South tenant is a single store operator with a strong following through their various promotions, events, and shows. There are 9+ years are remaining on the lease with (1) 5-year option to renew.

The property is located on North University Drive in Coral Springs, Florida. It is the main north-south thoroughfare through western Fort Lauderdale. Traffic counts on N University Drive are 45,500 vehicles per day. The property is located in the regional retail hub with University Drive being the core of development. Chick-fil-A is located midway between Coral Square Mall, a 941,000-square foot Macy’s and Kohl’s anchored property owned by Simon and The Walk, a bustling 240,000 square foot lifestyle destination. The University Drive corridor in Coral Springs has seen excellent retail success.

Highlights
  • Chick-fil-A corporate Guaranteed lease
  • Minimal landlord responsibilities
  • Rare 15% increases every five years for Chick-fil-A
  • Annual rent increases for Boca Raton Bridal South
  • Close proximity to the regional shopping center and lifestyle center, The Coral Square Mall 941,000 s.f.
Documents
Title
Offering Memorandum
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Location
Gallery