Queen Creek, AZ - Chick-fil-A

Description:

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, freestanding, drive-thru equipped, Chick-fil-A investment property located in Queen Creek, Arizona (Phoenix MSA). The tenant, Chick-fil-A, Inc., recently signed a brand new 15-year lease with 6 (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. The brand new state-of-the-art property is slated to open in January 2024. Chick-fil-A serves freshly prepared food in more than 2,774 restaurants in 50 states, Washington, D.C., and Canada.

Chick-fil-A is strategically located at the signalized, hard corner intersection of Ocotillo Rd and Ironwood Rd, averaging a combined 52,600 vehicles passing by daily. The building is equipped with a double drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The asset is in close proximity to multiple nearby national/credit tenants that include Safeway, Walgreens, Circle K, O’Reilly Auto Parts, Take 5 Oil Change, Ace Hardware, L.A. Fitness and many more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover store exposure. The site is within walking distance to the Amberline Queen Creek Apartments, a 199 unit new multi-family development that will provide a direct residential consumer base from which to draw The 5-mile trade area is supported by more than 112,000 residents and 12,000 employees. Residents within 5 miles of the subject property boast an affluent average household income of $122,129.