Augusta, GA - Chili's

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, franchisee guaranteed, Chili’s Grill & Bar investment property located in Augusta, Georgia. The tenant has over 9 years remaining in their initial lease term with 3 (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 franchisee guaranteed and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for an passive investor. In order to make Chili’s safe to their guests, the restaurant’s are serving food for to-go/take out and delivery, as well as providing contactless service through their curbside process by placing meals directly in the customers trunk.

Chili’s is located at the signalized, hard corner intersection of Wheeler Road and Robert C. Daniel Jr. Parkway, averaging a combined 50,300 vehicles passing by daily. The asset is equipped with a large pylon sign, creating excellent visibility along Interstate 520 and Wheeler Road. The site benefits from nearby on/off ramp access to Interstate 520 (77,500 VPD), the primary north/south freeway encircling the city of Augusta. The property is ideally situated within Augusta Exchange, a 1,000,000 square foot Target anchored power center, the largest concentration of retail in the Augusta MSA. The center is positioned just 1.5 miles north of Augusta Mall, a 1.1M SF super-regional shopping mall anchored by Macy’s, JCPenney, Dillard’s, and Dick’s Sporting Goods. Augusta Mall caters to a diverse and family-oriented market, featuring over 150 retail, dining, and entertainment options. Located in the heart of an immense retail corridor, Chili’s is within close proximity to a variety of other national/credit tenants including Walmart Supercenter, The Home Depot, Lowe’s Home Improvement, Sam’s Club, Tractor Supply Co., T.J. Maxx, Burlington, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for Chili’s. In addition, the restaurant is located within a hospitality cluster comprised of 10 hotels, which provides a strong consumer base to draw from. Notable hotels within the 3-mile radius include DoubleTree, Residence Inn, Baymont, and Home2 Suites. Moreover, the asset is surrounded by several apartment complexes including Traditions at Augusta (256 units), The Estates at Perimeter (240 units), The Lory of Perimeter (236 units), Bradford Pointe (192 units), and Wheeler Woods (63 units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by nearly 156,000 residents and 74,500 daytime employees with an average household income of $72,000.