Chick-fil-A - NNN SINGLE TENANT OFFERING | #1 FAST FOOD RESTAURANT IN THE UNITED STATES - LoopNet
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NNN SINGLE TENANT OFFERING | #1 FAST FOOD RESTAURANT IN THE UNITED STATES
ACTUAL PHOTO
Chick-fil-A 605 Stillwater Ave | Bangor, ME
Offering Memorandum
Investment Summary 03
Investment Highlights 05
Tenant Overview 06
Financial Analysis 08
Location Overview 10
Market Overview 13
Contacts 15
M ARKE T ING ADV I S ORS DE BT ADV I S OR
MARC MANDEL STEVE SCHRENK ERIC SUFFOLETTO MICHAEL PAGNIUCCI
CLICK TO VIEW
Managing Director Director Executive Vice President Director
484.532.4212 484.532.4213 617.316.6479 484.532.4172
PROPERTY VIDEO
marc.mandel@am.jll.com steve.schrenk@am.jll.com eric.suffoletto@am.jll.com michael.pagniucci@am.jll.com
John Meador, ME Lic # BA922303, a licensed real estate broker in the state of Maine along with Jones Lang Lasalle Americas. (Collectively “JLL”)
Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it f or sale. Information concerning the property described herein has been obtained
from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the
accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other p roperty specific information are approximate. Any opinions, assumptions, or
estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and JLL, its officers, directors,
employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those
results. The information contained herein is subject to change.
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved.
Investment Summary
Chick-fil-A | Bangor, ME
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 3
Investment Summary Chick-fil-A | Bangor, ME
JLL is pleased to exclusively offer the rare opportunity to acquire the only Chick-fil-A location in the entire state of Maine (the “Property”). Located in Bangor, ME,
the third largest city in the state, this Chick-fil-A is more than 185 miles away from their next closest store. Chick-fil-A has 12 years remaining of an initial 15-year
lease term with 10% rental increases every five years, inclusive of the three (3) five (5) year options in place. The Propert y is conveniently situated adjacent to the
Bangor Mall at a fully signalized intersection that is exposed to nearly 13,000 VPD. Nationally recognized tenants such as The Home Depot, Kohl’s, Bed Bath &
Beyond, PetSmart, Dick’s Sporting Goods, and JCPenney all surround the Property, further driving consumers to the area. Additionally, the University of Maine,
which offers more than 100 degree programs to its 11,000+ student body, is just 7.5 miles away.
With more than 2,300 stores in 47 states and Washington D.C., Chick-fil-A has become the largest quick service chicken restaurant chain in the United States, as
well as the third largest restaurant chain overall. The privately held company headquartered in College Park, GA, was founded in 1946, and achieved average
sales of $4.6 million in 2018, more than three times that of major chicken competitor KFC and almost double that of McDonald’s. For the fourth consecutive year,
Chick-fil-A has been named the nation’s top fast food restaurant (USA Today).
PROPERT Y SUM MARY
Address 605 Stillwater Ave, Bangor, ME 04401
Price $2,168,675
Cap Rate 4.15%
NOI $90,000
Lease Type NNN Ground Lease
Building Size 4,883 SF
Parcel Size 1.41 Acres
Year Built 2015
Tenant Chick-Fil-A, Inc.
Remaining Term 12 Years (Expiration 9/30/2031)
Renewal Options Three (3), Five (5) Year Options
Rental Increases 10.00% Every Five (5) Years, Including Options
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 4
Chick-fil-A is operating on a long-term, NNN The property is conveniently situated at the
ground lease with 12 years of remaining term corner of the fully signalized intersection of
and attractive, 10% rental increases every 5 Stillwater Ave and Bangor Mall Blvd, allowing
years, inclusive of the three (3), five (5) year for easy visibility and access for the 13,000+
options in place vehicles that pass the premises daily
Renowned tenants such as The Home Depot,
This Chick-fil-A is the only location in the entire
Kohl’s, Bed Bath & Beyond, PetSmart, Dick’s
state of Maine and is more than 185 miles away
Sporting Goods, and JCPenney all surround the
from their next closest store
premises, driving customers to the area
For the fourth consecutive year, Chick-fil-A has
The University of Maine (11,404 students) is just been named the nation’s top fast-food restaurant
7.5 miles away from the subject property (USA Today) 5
Chick-fil-A | Bangor, ME
6
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved.
Tenant Overview Chick-fil-A | Bangor, ME
Chick-fil-A Overview
With more than 2,300 stores in 47 states and Washington D.C., Chick-fil-A has become the largest quick service chicken restaurant chain in the United States.
The privately held company headquartered in College Park, GA, was founded in 1946, and achieved average sales of $4.6 million in 2018, more than three times
that of major chicken competitor KFC. Even though it is closed on Sunday, Chick-fil-A generates more revenue per restaurant than McDonald’s, Starbucks, and
Subway combined. According to Nation’s Restaurant News, Chick-fil-A’s massive growth in 2018 moved it into the No. 3 spot on the ranking of the largest
restaurant chains in the US ($10.46 Billion in American systemwide sales in 2018). Best known for its signature Chick -fil-A Chicken Sandwich, the chain has seen
consistent growth by adding 75 to 80 stores annually while accepting just 0.4% of franchisee applicants.
Customer Experience Ranks Among the Best
Chick-fil-A is able to maintain the highest revenue per restaurant amongst fast food chains due to customer loyalty, a unique menu, and a friendly staff providing
an enjoyable dining experience.
• Ranked #1 quick service restaurant for “Consumers Choice – Best Overall” category by Technomic 2018 Consumers’ Choice Awards
• Earned the top spot in American Customer Satisfaction Index’s 2018 survey of customer satisfaction
• Named the nation’s top fast food restaurant chain for the past four years (USA Today)
• Only restaurant brand named to the Top 10 “Best Companies to Work For” by 24/7 Wall Street
Corporate Overview
Ownership Private
# of Locations 2,300+
US Headquarters College Park, GA
Company Website chick-fil-a.com
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved.
Financial Analysis
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 8
Chick-fil-A | Bangor, ME
Financial Analysis Chick-fil-A | Bangor, ME
Lease Abstract $2,168,675 4.15%
Asking Price Cap Rate
LEASE DETAIL TENANT RESPONSIBILITY DETAIL
Address 605 Stillwater Ave, Bangor, ME 04401 Maintenance Tenant, at its sole cost and expense, will self-maintain the Premises, including
Tenant Chick-Fil-A, Inc. & Repairs parking and landscape areas, in good condition and repair
Parcel Size 1.41 Acres Tenant agrees to carry insurance (described in lease) on the Premises covering
Insurance Tenant and naming Landlord, Landlord's property manager, and Simon Property
Building Size 4,883 SF
Group, Inc. as additional insured
Year Built 2015
Tenant shall pay business taxes, real property taxes, and all other taxes described
Annual Rent $90,000 Taxes
in the lease
Rent / SF $18.43
Tenant shall be solely responsible for and promptly pay directly to the applicable
Lease Type NNN Ground Lease Utilities utility companies, all charges for use or consumption of sanitary sewer, natural
gas, electricity, water and all other utilities directly servicing the Premises
Roof & Structure Tenant Responsibility
Rent Commencement 9/26/2016 Tenant shall pay CAM expenses in the amount of $5,000 per Lease Year , subject
CAM
to 12% increases every 5 years as set forth in section 6.4
Lease Expiration 9/30/2031
Lease Term Remaining 12 Years
Remaining Options Three (3) Five (5) Year Options LANDLORD RESPONSIBILITY DETAIL
None
RENT SCHEDULE
Period Start Date End Date Annual Rent % Increase
Current Term 9/26/2016 9/30/2021 $90,000 -
Current Term 10/1/2021 9/30/2026 $99,000 10.00%
Current Term 10/1/2026 9/30/2031 $108,900 10.00%
Option 1 10/1/2031 9/30/2036 $119,790 10.00%
Option 2 10/1/2036 9/30/2041 $131,769 10.00%
Option 3 10/1/2041 9/30/2046 $144,945 10.00%
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 9
Chick-fil-A | Bangor, ME © 2018 Jones Lang LaSalle IP, Inc. All rights reserved.
Location Overview Surrounding Retail & Amenities . Chick-fil-A | Bangor, ME © 2019 Jones Lang LaSalle IP, Inc. All rights reserved.
Location Overview Chick-fil-A | Bangor, ME Site Plan. © 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 12
Chick-fil-A | Bangor, ME © 2018 Jones Lang LaSalle IP, Inc. All rights reserved.
13Market Overview Chick-fil-A | Bangor, ME
Market
Bangor, Maine
Bangor, known as the Queen City of Maine, is situated on the western bank of the mighty Penobscot River. The advantageous location to the water made Bangor the
“lumber capital of the world” for much of the 19 th century. Today, Bangor is the third largest city in the state and the retail, cultural, and service hub for central, eastern
and northern Maine, as well as Atlantic Canada. The area is also home to the University of Maine – a public university that contains an enrollment of 11,404 students
and provides more than 100 degree programs.
Transportation to and from the Bangor Region is made easy via multiple forms of transportation. Located just off of Interstate 95, Bangor is an easy drive to four of
Maine’s most popular regions: Aroostook County, Down East & Acadia, The Maine Highlands and Maine’s Mid-Coast. Additionally, Bangor International Airport is
conveniently located near the center of the city and is directly across the street from a bus station. The bus routes connect to the northern and southern parts of the
state, Boston, MA, and others.
The Bangor region offers great outdoor adventures, rich cultural experiences, culinary delights and scenic beauty. Citizens and visitors partake in a variety of activities
ranging from whale-watching to fly fishing, hiking, biking, and kayaking. Festivals, fairs, and the arts are also very popular throughout the region.
Demographic Information
1-mile 3-mile 5-mile
radius radius radius
POPULATION
2010 Census 1,326 31,548 48,928
2019 Estimate 1,365 31,051 47,986
2024 Projection 1,383 30,969 47,785
ESTIMATED HH INCOME
Average HH Income $91,016 $68,676 $69,876
Median HH Income $57,941 $46,193 $48,843
HOUSEHOLDS
2010 Census 449 14,087 21,374
2019 Estimate 470 14,037 21,179
2024 Projection 479 14,049 21,153
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 14Contacts Chick-fil-A | Bangor, ME
Contact Information
M ARKE T ING ADV I S ORS DE BT ADV I S OR
MARC MANDEL STEVE SCHRENK ERIC SUFFOLETTO MICHAEL PAGNIUCCI
Managing Director Director Executive Vice President Director
484.532.4212 484.532.4213 617.316.6479 484.532.4172
marc.mandel@am.jll.com steve.schrenk@am.jll.com eric.suffoletto@am.jll.com michael.pagniucci@am.jll.com
John Meador, ME Lic # BA922303, a licensed real estate broker in the state of Maine along with Jones Lang Lasalle Americas. (Collectively “JLL ”)
1700 Market Street, Suite 3232 | Philadelphia, PA 19103
w ww.us.jll.com/capitalmarkets
Copyright © Jones Lang LaSalle IP, Inc. 2019
This publication is the sole property of Jones Lang LaSalle and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Jones Lang LaSalle.
The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information.
We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance
on this publication. Jones Lang LaSalle Americas, Inc., California license # 01223413. Jones Lang LaSalle Americas, Inc. License # 19262.
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