Leesburg, FL - Chick-fil-A

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, freestanding, drive-thru equipped, Chick-fil-A investment property located in Leesburg, Florida. The tenant, Chick-fil-A, Inc., recently signed a brand new 15-year lease with 13 (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 asset is scheduled to open in April of 2024. In addition, the site will feature a newly constructed, drive-thru equipped building with modern amenities and design. Chick-fil-A serves freshly prepared food in more than 2,774 restaurants in 50 states, Washington, D.C., and Canada.

The Chick-fil-A is located near the signalized, hard corner intersection of U.S. Hwy 441 and Radio Rd. with a combined (45,300 VPD). The asset benefits from close proximity to a dense retail corridor that includes, Lake Square Mall, a 728,000 SF regional mall anchored by Belk, AMC Theatres, Books-A-Million, Petsmart, Hibbett Sports, Shoe Dept., and more. Other nearby national/credit tenants include Home Depot, Publix, Starbucks, Dollar Tree, Advance Auto Parts, Autozone, Take 5 Oil Change, Mister Car Wash, Chipotle, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 45,000 residents and 19,000 employees. Residents within a 1-mile radius of the subject property have an average household income of $76,683.