Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Marketing Package
Ground Lease Chick-Fil-APlattsburgh, NY
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
The Offering
$2,975,000
4.20%
$125,000
$590.98
$24.83
Joel Cukier
(424) 325-2618
SUBMIT OFFER
FINANCIAL SUMMARYPurchase Price
Cap Rate
Net Operating Income
Price / SF
Rent / SF
Listing Agent
Phone Number
PROPERTY INFOTenant
Street Address
City
State
Zip
APN
GLA
Lot Size
Year Built
Chick-fil-A
400 State Route 3
Plattsburgh
NY
12901
094200 206.4-3-9
5,034 SF
1.42 AC
2018
INVESTMENT HIGHLIGHTSFee Simple NNN Ground Lease Chick-fil-A is operating under an Absolute Triple-Net (NNN) Ground Lease in which there are zero landlord responsibilities and the tenant is responsible for all common area maintenance, taxes and insurance on the property, making this a true passive investment.
Strong Rental Upside This lease offers 10% rental increases every five years throughout the base term and option periods, providing the investor an excellent hedge against inflation.
Brand New 2018 Construction The store opened its doors in October and features Chick-fil-A’s classic LEED Certified modern design, including an indoor two-story playground for children and seating for up to 134 customers.
Limited Competition - First Chick-fil A Franchise in the AreaThis is the first Chick-fil-A to open in NYS North Country, making competition from other Chick-fil-A’s extremely limited, with the nearest Chick-fil-A located over 220 miles away.
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Property Image
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Lease Summary
Tenant Responsible
Tenant Responsible
Tenant Responsible
Corporate
Chick-fil-A
Private
72
2,225+
Real Estate Taxes
Insurance
Repairs & Maintenance
Zero Landlord Responsibilities
Lease Guarantor
Company Name
Ownership
Years in Business
Number of Locations
LEASE SUMMARYLease Type
Type of Ownership
Original Lease Term
Commencement Date
Lease Expiration
Term Remaining
Increases
Options
ROFR / ROFO
Ground Lease
Fee Simple
15 Years
September 1, 2018
August 31, 2033
14.75 Years
10% Every Five Years
Seven, Five-Year Options
Yes - ROFO
INVESTMENT HIGHLIGHTSDouble Drive-Thru Location The double drive-thru lanes and approximately 80 parking spaces offers a heightened level of convenience and efficiency to the customer’s experience.
Dense Retail Corridor The property is surrounded by over one million sq feet of national brand retailers including a Walmart Supercenter, Starbucks, McDonald’s, Target, The Champlain Centre Mall and Consumer Square.
Neighboring University Less than one mile from State University of New York (SUNY) at Plattsburgh where there are over 6,500 undergraduate students enrolled and the region’s #1 employer UVM-CVPH Hospital.
Excellent Site-Level VisibilityIdeally located off of Interstate 87 and State Route 3 with traffic count in the area exceeding 35,000 vehicles per day.
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Property Image
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Property Image
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Rent Schedule
4.20%
4.62%
5.08%
5.59%
6.15%
6.77%
7.44%
8.19%
9.01%
9.91%
$24.83
$27.31
$30.05
$33.05
$36.36
$39.99
$43.99
$48.39
$53.23
$58.55
-
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
$10,416.67
$11,458.33
$12,604.17
$13,864.58
$15,251.04
$16,776.15
$18,453.76
$20,299.14
$22,329.05
$24,561.96
$125,000.04
$137,499.96
$151,250.04
$166,374.96
$183,012.48
$201,313.80
$221,445.12
$243,589.68
$267,948.60
$294,743.52
Base Term
Base Term
Base Term
1st Option
2nd Option
3rd Option
4th Option
5th Option
6th Option
7th Option
09/01/2018 - 08/31/2023
09/01/2023 - 08/31/2028
09/01/2028 - 08/31/2033
09/01/2033 - 08/31/2038
09/01/2038 - 08/31/2043
09/01/2043 - 08/31/2048
09/01/2048 - 08/31/2053
09/01/2053 - 08/31/2058
09/01/2058 - 08/31/2063
09/01/2063 - 08/31/2068
CAP RATERENT / SFINCREASEMONTHLY RENTANNUAL RENT PERIODRent Schedule
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
About the Brand
ABOUT THE BRANDBrand Overview Chick-fil-A is one of the largest family-owned businesses in the country, best known for its original chicken sandwich and for being a leader in customer service satisfaction.
Brand History1946 - Chick-fil-A is founded.1995 - The “EAT MOR CHICKIN” advertising campaign was introduced. 2006 - The company surpasses $2 billion in sales.2016 - Chick-fil-A opens its 2,000th restaurant.
Projected GrowthChick-fil-A has had rising sales for 50 consecutive years and is expected to become the third-largest fast-food chain in terms of sales by 2020.
Locations Nationwide
2,225+
States
47
2017 System-wide Sales
$9 Billion
RECENT NEWSAwards Chick-fil-A received the American Customer Satisfaction Index No. 1 Rating in 2017 and secured a top spot in the Consumer Choice Awards®. The company also ranked on Forbes Best Employers in 2018.
Upcoming Expansion Into International MarketsThe first international Chick-fil-A location will open in Toronto, Canada in 2019 and kick-off the franchise’s expansion outside of the United States.
Top-Ranked Sales by QSRThe Chick-fil-A chain made more money per restaurant than any other fast-food chain competitor in 2016 and beat the sales of its fried-chicken competitor, KFC, by four times.
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Location Overview
20 Miles to Canada
PLATTSBURGH, NYAbout Plattsburgh, New YorkThe historically significant city of Plattsburgh has a population of approximately 19,000 people and is rated as the eighth micropolitan city for economic development.
State University of New York at PlattsburghThe State University of New York (SUNY) at Plattsburgh offers over 60 degree programs to approximately 6,500 students. SUNY was 87th on the Best Regional Universities in the North rankings for 2019.
Substantial Redevelopment Planned in PlattsburghThe economic development in the region of Plattsburgh will be greatly enhanced through upcoming expansion and investment plans for the Plattsburgh International Airport, Downtown and North Country.
LOCATION OVERVIEWProximity to the Canadian BorderPlattsburgh is just 20 miles south of the Canadian border, which significantly impacts the local economy due to the tourism of people coming to Plattsburgh to shop and eat.
“Montreal’s U.S. Suburb”Canada’s second largest city, Montreal, has a population of four million people and is just a hour away from Plattsburgh, which is why Plattsburgh is considered to be “Montreal’s U.S. Suburb”.
Albany’s MSA NearbyAlbany, New York’s capital city, is only 160 miles away from this property. The population of Albany is nearly 100,000 with a median household income of $66,884.
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Retail Aerial
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Retail Aerial
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Site Plan
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Demographics
10 MILE
21,113
21,222
21,487
$68,848
$55,814
5 MILE
13,827
13,878
13,912
$61,943
$50,472
3 MILE
10,525
10,551
10,508
$58,273
$46,401
1 MILE
1,684
1,682
1,641
$87,138
$78,820
HOUSEHOLDS
2023 Projection
2018 Estimate
2010 Census
HOUSEHOLDS
Avg. HH Income
Med. HH Income
10 MILE
52,851
53,105
53,973
5 MILE
34,217
34,339
34,633
3 MILE
25,851
25,915
26,004
1 MILE
3,952
3,946
3,876
DEMOGRAPHICSPOPULATION
2023 Projection
2018 Estimate
2010 Census
Proximity to CanadaDubbed “Montreal’s U.S. Suburb,” Plattsburgh, NY is located just 20 minutes south of the Canadian border and is only an hour’s drive from Montreal, home to nearly four million people, and the second largest French speaking city in the world.
“Montreal’s U.s. Suburb”Plattsburgh, NY
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
DISCLAIMERThe information contained in this Marketing Brochure has been obtained from sources believed to be reliable. However, James Capital Advisors, Inc. & Andrew Knight (“Broker”) has not, and will not, verify any of this information, nor has Broker conducted, nor will it conduct, any investigation regarding these matters. Broker makes no representations, guarantees or warranties of any nature about the accuracy or completeness of any information provided. The information provided in this brochure is in no way a substitute for a thorough due diligence investigation by Buyer. Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to income and expenses for this property nor the future financial performance of the property. In addition, Broker has made no investigation of, and has made no representations, guarantees or warranties as to the size and square footage of the property, the presence of any contaminating substances at the property, the physical condition of the property or compliance with any State, Local or Federal regulations. In addition, Broker has made no investigation of, and has made no representations, guarantees or warranties of any nature, with regard to the financial condition or future financial condition of any tenants, nor any future plans or intentions of tenants with regard to the continued occupancy of the property. All parties are aware that Broker has no affirmative obligation to conduct a due diligence examination of the property for any Buyer. Any and all projections or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property.
The value of the property to any Buyer depends on numerous factors that must be evaluated by Buyer and Buyer’s legal, tax, construction and financial advisors. Buyer and Buyer’s advisors should conduct a thorough, independent investigation of the property to determine its suitability for Buyer’s intended usage. This investment, as with all real estate investments, carries a substantial risk. As such, Buyer and Buyer’s legal and financial advisors are strongly advised to request and review all legal and financial documentations related to the property and tenants.
A tenant’s past performance is not a guarantee of future performance. The lease rate stated for some properties may be based on a tenant’s projected sales with little or no record of actual performance or comparable rents for the area in question. Returns are in no way guaranteed. Tenants may fail to pay the rent or property taxes or any other tenant obligations under the terms of the lease. Regardless of tenant’s history of performance, and/or any lease guarantors and/or guarantees, Buyer is responsible for conducting Buyer’s own investigation of all matters related to any and all tenants and lease agreements. Broker is not, in any way, responsible for the performance of any tenant or for any breach or default by any tenant of any terms of any lease agreement related to the property. Further, Buyer is responsible for conducting Buyer’s own independent investigation of all matters related to the value of the property, including, but not limited to, the value of any long term leases. Buyer must carefully evaluate the possibility of tenants vacating the property or breaching their leases and the likelihood and financial impact of being required to find a replacement tenant if the current tenant should default and/or abandon the property. Buyer must also evaluate Buyer’s legal ability to make alternate use of the property in the event of a tenant abandonment of the property.
CONFIDENTIALITYThis Marketing Brochure and the information contained within, is propriety and strictly confidential. It is intended to be used only by the party receiving it from Broker. It should not be made available to any other person or entity without the express written consent of Broker.
RELEASEThis Marketing Brochure has been prepared to provide basic, unverified information for prospective purchasers. By accepting this Marketing Brochure, the recipient agrees to release and hold harmless Broker. from any claim, demand, liability or loss arising out, or relating in any way, to the information contained in this Marketing Brochure and from Buyer’s investigation of the property.
NON-ENDORSEMENTBroker is not affiliated with, endorsed by or sponsored in any way by any tenant or lessee identified in this Marketing Brochure. The presence of any entity’s logo or name is not intended in any way to indicate affiliation, sponsorship or endorsement by said entity of Broker.
Disclaimer
Chick-fil-A
400 State Route 3, Plattsburgh, NY 12901
James Capital Advisors
Contact Information
Contact Information
SUBMIT OFFER
Andrew KnightNew England Commercial Brokerage, Inc.
NY RE Lic. 10311206075
Joel CukierAssociate
(424) [email protected] RE Lic. 02005095
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