Vienna, VA - Chick-fil-A & Flagship Carwash

Description:

SRS Capital Markets is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 2-story Chick-fil-A and Flagship Carwash investment property located in Vienna, Virgina (Washington D.C. MSA). Constructed in 2019, the property features top-of-the-line construction and a rare two-story configuration, with Chick-fil-A occupying the ground floor (including its drive-thru component) and Flagship Carwash operating from the second story. The property features a best-in-class tenant lineup led by Chick-fil-A, a nationally dominant QSR brand with more than $22 billion in annual system wide sales, and Flagship Carwash, a rapidly expanding regional platform operating 40+ locations throughout Virginia, Maryland, and the D.C. metro area. The site is 100% occupied with a 8.2 year weighted average lease term (WALT), reducing the risk of near-term rollover. Both tenant leases include multiple five-year renewal options with 10% rental increases at the beginning of each option period, providing long-term income stability and embedded growth. The site may qualify for bonus depreciation, see page 17 for details.

The property is located near the signalized, hard corner intersection of Maple Avenue West and Nutley Street Southwest which supports more than 59,000 vehicles per day. Furthermore, the asset benefits from nearby access to Interstate 495 (223,000 VPD), Interstate 66 (157,000 VPD), Highway 50 (39,000 VPD), and more, making this an ideal, centralized location with easy commutes. The property is positioned in a dense retail corridor and benefits from nearby access to multiple national/credit tenants such as Target, Home Depot, Whole Foods, Safeway, Giant, CVS, Aldi, LA Fitness, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the property is located one block east of 444 Maple, a proposed 151-unit apartment development, and is near Arrowood Parc, a 300-unit apartment community, providing immediate access to a growing residential customer base. In addition, the property is located near Inova Fairfax Medical Campus, Northern Virginia’s largest hospital system with 928 licensed beds (1,000+ staffed), driving significant daily employment, patient visitation, and healthcare-related traffic to the surrounding trade area. The 5-mile subject trade area is supported by more than 292,000 residents and 230,000 daytime employees. Residents within a 3-mile radius boast extremely affluent average household incomes of more than $232,000.

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Listing ID: a28TP000002UQDdYAO