Mount Dora, FL - Chick-fil-A

Description:

• Brand new 15-year lease with 10 (5-year) options to extend
• The lease feature a corporate guaranty from Chick-fil-A, Inc., a private corporation with more than 3,270 under operation nationwide
• 8% rental increases every 5 years during the initial term, and at beginning of each option period to extend the lease term

• The asset is part of a larger 17-Acre retail development that front US-441, Mount Dora Groves
• The retail development will feature Circle K (Lot 1), Fifth Third Bank (Lot 2), Texas Roadhouse (Lot 3), First Watch (Lot 4), a multi-tenant strip (Lot 5), and Chick-fil-A (Lot 6)
• “Mount Dora South was approved for a total of 783 housing units across product types. That includes the gated Yardly community along with a 360-unit mid-rise apartment complex and about 100 detached single family homes and townhomes”
• Mount Dora’s 441 corridor has attracted new hotel development in recent years. Construction started this year on a pair of five-story hotels
• “ABR Mount Dora, led by hotelier Jayesh Patel, has filed construction plans for a Townplace Suites by Marriott with the St. Johns River Water Management District. This 88-key all-suites hotel would be next door to Mount Dora Groves at the intersection of U.S. 441 and N. Donnelly Street, just north of Lakeside at Waterman Village”
• “Taylor Morrison is also under contract for the Build-to-Rent section of Mount Dora Groves South and filed plans for one of its Yardly-branded communities with  309 one-story cottages, along with a clubhouse, pool, fitness center, pickleball courts and two dog parks”
• The site will benefit from strong intrinsic value in the underlying real estate with all of the new development underway in this corridor

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Listing ID: a28TP000001xoTFYAY