CHICK-FIL-A NORWALK, CT

Transcription

1 CHICK-FIL-A, CT

2 Overview CHICK-FIL-A 467 CONNECTICUT AVENUE,, CT $2,826,087 PRICE 5.75% CAP LEASABLE AREA 1.15 AC LEASE TYPE LEASEHOLD BUILDING SIZE 5,173 SF LEASE EXPIRATION 9/31/2037 YEAR BUILT 2017 NOI $162,500 New 20-year lease with ten 5-year options to extend and 10% increases in the 10th year and every 5 years thereafter 99-year Ground Lease with 10% rental increases in year 10 and every 5 years thereafter Over 165,000 residents with average household incomes exceeding $152k within a 5-mile radius Located within the New York metropolitan area in affluent Fairfield County This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Strong neighboring tenants include Costco, Walmart, CVS, Best Buy, PetSmart, Home Depot, Lowes and more 2

3 Investment Highlights THE OFFERING provides an opportunity to acquire a Chick-fil-A condominium leasehold interest located in Norwalk, CT. This brand new construction Chick-fil-A features a new 20- year lease with ten 5-year options to extend and 10% increases in the 10th year and every 5 years thereafter. The property sits atop a 99-year Ground Lease which features a right of first refusal in favor of the leasehold to purchase the underlying land, should the ground owner ever elect to sell. THE SUBJECT PROPERTY has excellent visibility along Connecticut Avenue, a major retail corridor between Norwalk and Darien, where traffic counts exceed 32,000. Connecticut Avenue is located parallel to Interstate-95, the main Interstate Highway on the East Coast, where traffic counts exceed 138,000. Strong neighboring tenants include Costco, Walmart, CVS Pharmacy, Best Buy, PetSmart, Home Depot, Lowes and more. The subject property is less than 5 miles from the 700,000+ square foot SoNo Collection, an under construction retail center anchored by Nordstrom and Bloomingdales, and consisting of smaller retailers., CT is located in Fairfield County, Connecticut s most affluent county with a population exceeding 916,000 people, making Connecticut the 6th most affluent state in the country. The subject property is also located 49 miles northeast of New York City, offering easy access for commuters with four metro rail stations, I-95, U.S. Route 7, and State Routes 53, 123, and 136. Norwalk is known for its strong demographics and is home to over 162,000 residents with average household incomes exceeding $152,000 within a 5-mile radius. Norwalk Community College is located less than one mile from Chick-fil-A and enrolls over 6,500 students. Contact the team ZANDY SMITH zsmith@capitalpacific.com PH: CA DRE# CHRIS PETERS cpeters@capitalpacific.com PH: CA DRE# IN CONJUNCTION WITH CT LICENSED BROKER: Andrew Knight New England Commercial Brokerage PH: This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. MORE THAN 2,300 RESTAURANTS IN 47 STATES 3 AND WASHINGTON, D.C.

4 Aerial 7 70, GOLF COURSE GOLF COURSE 67, NEW YORK CITY 15 GOLF COURSE 50 MILES GOLF COURSE 44,500 COMMUNITY COLLEGE 7 HOSPITAL UT NECTIC E CON AVENU 95 CITY OF DARIEN 1 ST PO 19,000 1 CITY OF 1 AD RO ST. VINCENT S MEDICAL CENTER GREENWICH HOSPITAL 95 GOLF COURSE CITY OF 147,300 GOLF COURSE GOLF COURSE 95 YACHT CLUB YACHT CLUB YACHT CLUB YACHT CLUB 133,300 YACHT CLUB YACHT CLUB This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 4

5 Retail Aerial COMMUNITY COLLEGE CONNECTICUT AVENUE (POST ROAD) 26, , This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 5

6 Retail Aerial SONO COLLECTION UNDER CONSTRUCTION 700,000+ SF RETAIL CENTER FEATURING STORES 138, RAMPART ROAD 26,000 CONNECTICUT AVENUE (POST ROAD) This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 6

7 Submarket Overview RETAILERS IN CLOSE PROXIMITY INCLUDE: Best Buy Burger King Costco CVS Pharmacy Dollar Tree Five Below Home Depot HomeGoods KFC Kohl s McDonald s Old Navy P.C. Richard & Son PetSmart REI Starbucks T.J. Maxx Trader Joe s T-Mobile Walmart Wendy s This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. NEW CANAAN BUSINESS SUMMARY WESTPORT TOTAL 1-MILE 3-MILES 5-MILES Businesses 594 4,878 9,641 Employees 9,126 51, ,830 Residential Population 16,291 87, ,993 DARIEN KEY 1-MILE 3-MILES 5-MILES STAMFORD 7

8 Income & Expense PRICE $2,826,087 Price Per Square Foot: $ Capitalization Rate: 5.75% Total Rentable Area (SF): 5,173 Lot Size (Acres): 1.15 STABILIZED INCOME PER SQUARE FOOT Scheduled Rent $57.99 $300,000 Ground Rent ($137,500) Effective Gross Income $31.41 $162,500 LESS PER SQUARE FOOT Taxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses NNN $0.00 EQUALS NET OPERATING INCOME $162,500 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 8

9 Rent Roll TENANT INFO LEASE TERMS RENT SUMMARY TENANT NAME SQ. FT. TERM CFA GROSS RENT GROUND RENT ANNUAL NOI MONTHLY RENT/FT YEARLY RENT/FT Chick-fil-A 5,173 10/1/17 9/31/27 $300,000 $137,500 $162,500 $2.62 $ /1/27 9/31/32 $330,000 $151,250 $178,750 $2.88 $ /1/32 9/31/37 $363,000 $166,375 $196,625 $3.17 $38.01 Option 1 10/1/37 9/31/42 $399,300 $183,013 $216,288 $3.48 $41.81 Option 2 10/1/42 9/31/47 $439,230 $201,314 $237,916 $3.83 $45.99 Option 3 10/1/47 9/31/52 $483,153 $221,445 $261,708 $4.22 $50.59 Option 4 10/1/52 9/31/57 $531,468 $243,590 $287,879 $4.64 $55.65 Option 5 10/1/57 9/31/62 $584,615 $267,949 $316,667 $5.10 $61.22 Option 6 10/1/62 9/31/67 $643,077 $294,743 $348,333 $5.61 $67.34 Option 7 10/1/67 9/31/72 $707,384 $324,218 $383,166 $6.17 $74.07 Option 8 10/1/72 9/31/77 $778,123 $356,640 $421,483 $6.79 $81.48 Option 9 10/1/77 9/31/82 $855,935 $392,304 $463,631 $7.47 $89.63 Option 10 10/1/82 9/31/87 $941,529 $431,534 $509,995 $8.22 $98.59 TOTALS 5,173 $300,000 $137, $162,500 $2.62 $31.41 Ground Lease: 99 Year Ground Lease with 10% rental increases in year 10 and every 5 years after. Chick Fil A Sublease: 20 year lease with 10-5 year Options. 10% rental increases in the 10th year and every 5 years after. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 9

10 Site Plan 26,000 5,173 BUILDING SIZE 1.15 ACRES 1 CONNECTICUT AVENUE (POST ROAD) RESTAURANT AND RETAIL SIGN RAMPART ROAD 26, CONNECTICUT AVENUE COMMUNITY COLLEGE PROPOSED RETAIL FURNITURE 138,000 NOT A PART 138, This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 10

11 Tenant Overview ABOUT CHICK-FIL-A KENTUCKY FRIED CHICKEN Atlanta-based Chick-fil-A, Inc. is a family owned and privately held restaurant chain founded in Devoted to serving the local communities in which its franchised restaurants operate, Chick-fil-A offers freshly prepared food in more than 2,300 restaurants in 47 states and Washington, D.C. Chick-fil-A is known for serving hand-breaded chicken sandwiches, and hot waffle fries. Chick-fil-A reported more than $9 billion in revenue in 2017, marking 50 consecutive years of sales growth. In 2018, for the third year in a row, Chick-Fil-A was named the nation s top fast food restaurant in terms of customer satisfaction by the American Customer Satisfaction Index. $4.09M 2017 AVERAGE UNIT SALES RANKINGS #1 - Favorite Restaurant Chain - American Consumer Satisfaction Index s Restaurant Report (2018) #1 - Best Franchise Brand by Temkin Experience Ratings (2018) #8 - QSR Top 50 (2017) This site plan is a rendering that has been created based on sources we believe to be reliable. We make no This representations information has or been warranties, secured expressed from sources or implied, we believe as to to the be accuracy reliable of but the we information. make no representations Buyer must or warranties, verify expressed the information implied, and as to bears the accuracy all risk for of any the inaccuracies. information. Buyer must verify the information and bears all risk for any inaccuracies. 11

12 Demographics POPULATION HARTFORD (1 HR 10 MINS, 69 MILES) 1-MILE 3-MILES 5-MILES ,758 81, , ,291 87, , ,573 89, , HH INCOME 1-MILE 3-MILES 5-MILES Average $100,587 $129,780 $152,357 Median $70,284 $82,736 $99,068 TOP EMPLOYERS IN FAIRFIELD COUNTY EMPLOYER NEW YORK CITY (1 HR 10 MINS, 50 MILES) BoehringerIngelheim Corp. Bridgeport Hospital Dooney&Bourke Sikorsky Aircraft Corp. Danbury Hospital THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS IS OVER $152K This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 12

13 Location Overview, CONNECTICUT is located in Southwestern Connecticut along the Long Island Sound, 35 miles southwest of New Haven, CT, and 49 miles northeast of New York City. The city is just outside the New York - Newark - Jersey City, NY-NJ-PA, and offers easily access for commuters with four metro rail stations, I-95, U.S. Route 7, and State Routes 53, 123, and 136. Norwalk offers a unique coastal destination with some of Connecticut s best protected marinas, lighthouses, public beaches, first-class restaurants, and a variety of attractions. The Maritime Aquarium at Norwalk is a top destination and features 75 live exhibits with more than 2,700 marine animals and a 110,000 gallon shark tank. In 2017, the aquarium had nearly 500,000 visitors and an economic impact of $25 Million on the city of Norwalk. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. NY-NJ-PA MSA NEW YORK - NEWARK - JERSEY CITY, NY-NJ-PA MSA is the largest MSA in the country with over 20.3 million residents. The MSA encompasses 8,283 square miles and 26 counties spread across New York, New Jersey, and Pennsylvania. New York City has $1.7 trillion in GDP, placing it among the world s twenty largest economies. It is the world s largest financial hub, accounting for 40 percent of global market capitalization between the NYSE and the NASDAQ. Additionally, 65 Fortune 500 companies are located in NYC, more than any other city in the U.S. 89,005+ POPULATION (ESTIMATED) 13

14 We d love to hear from you. ZANDY SMITH zsmith@capitalpacific.com PH: CA DRE# CHRIS PETERS cpeters@capitalpacific.com PH: CA DRE# IN CONJUNCTION WITH CT LICENSED BROKER: Andrew Knight New England Commercial Brokerage PH: CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM: ZEB RIPPLE JOHN ANDREINI JUSTIN SHARP ZANDY SMITH CHRIS KOSTANECKI JOE CACCAMO RICK SANNER JUSTIN STARK CHRIS PETERS DAVE LUCAS JACK NAVARRA This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

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