Retail

Chick-fil-A - Sugar Land, TX

2330 Highway 6 Sugar Land, Texas United States 77478
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key Facts

Year Built 1996
Building Area
Occupancy 100.0 %

Property Description

Jones Lang LaSalle (“JLL”) Capital Markets, Net Lease is pleased to exclusively offer the premier opportunity to acquire a single tenant Chick-fil-A (the “Property”) located in Market at Town Center in Sugar Land, TX - a 2,265-acre master-planned development and employment center in the Houston MSA. Chick-fil-A at Market at Town Center is immediately surrounded by 1,655 apartments, 3 hospitals, 3.0 million square feet of office, 4.2 million square feet of retail with outstanding 3-mile demographics with 89,000 residents, $150,000 average household incomes, and 7.1% projected growth. Chick-fil-A is America’s reigning #1 fast-food chain for four years straight based on customer satisfaction and is the #1 fast-food chain by sales per location at a dominant $4.5 million average. Chick-fil-A at Market at Town Center opened in 1996 and recently executed a long-term renewal from 2017 through 2026 in order to secure 3 more renewal options. Chick-fil-A has an 11.7% rent increase in January 2022 and 11% increases in each option.

Investment Highlights

  • • Corporate ground lease with Chick-fil-A, Inc., as the Tenant on 1.08 acres and no landlord responsibilities.
  • • Upcoming 11.7% rent increase in January 2022 and 11% increases in each option.
  • • Tenant since 1996 and a history of renewals resulting in 6.6 years of current term remaining.
  • • Chick-fil-A executed a long-term renewal from 2017 through 2026 in order to secure 3 more renewal options.
  • • In 2016, Chick-fil-A agreed to a 93% rent increase in order to secure their long-term future at this location.
  • • This store reported $5.47 million in 2016 sales—well above the already dominant chain average of $4.5 million.
  • • Chick-fil-A completely renovated in March 2017 including upgraded food service counters, displays, flooring, seating, and decor.
  • • Monthly customer traffic has increased by 25% since Chick-fil-A renovated in 2017 (Placer.ai).
  • • Each visit represented $14.80 in 2016 sales, which results in 2019 estimated sales of $6.8 million (Estimated).
  • • Today’s estimated sales imply an incredibly healthy and sustainable 2.6% rent-to-sales ratio.
Last Updated Date: 25 Aug 2020
Michael Brewster
Michael Brewster
Director, Capital Markets
License details
FL-SL3280018
Brad Peterson
Brad Peterson
Senior Managing Director, Orlando Office Head
License details
FL-BK3162030 AL-000088844-0 GA-256948 NC-323216

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Last Updated Date: 25 Aug 2020

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