CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet
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REPRESENTATIVE PHOTO CHURCH’S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA)
Overview
REPRESENTATIVE PHOTO
CHURCH’S CHICKEN
1129 NORTH MAIN STREET, LINCOLNTON, NC 28092
$2,307,700 6.50%
PRICE CAP
LEASABLE SF LOT SIZE LEASE TYPE
1,893 SF 0.99 AC ABSOLUTE NNN
PRICE PSF YEAR BUILT NOI
$1,219.07 2019 $150,000
• Estimated rent commencement and store opening on June 1, 2019
• New construction 20-year Absolute NNN lease featuring three
5-year options with 10% increases in the base term and options
• Situated along busy retail corridor with traffic counts exceeding
16,000 VPD
• Strong neighboring tenants include Walmart Supercenter, Lowe’s
Home Improvement, CVS Pharmacy, Walgreens, and more
• Over 32,000 residents with average household incomes
exceeding $56K within a 5-mile radius
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.
2
Buyer must verify the information and bears all risk for any inaccuracies.
Investment Highlights
Contact the
team
THE OFFERING provides an opportunity to acquire an under construction Church’s Chicken
located in Lincolnton, NC. The lease features a new 20-year Absolute NNN term with three
5-year options to extend and 10% increases in the base term and options. The operator
and guarantor of this location is Goalz Restaurant Group, LLC and its principals, a dynamic JOE CACCAMO
and rapidly expanding QSR operator with Church’s Chicken, Captain D’s, Dairy Queen, and jcaccamo@capitalpacific.com
Dog Haus locations currently under management. For more information on the franchisee, PH: 415.274.7394
please see page 4. CA DRE# 01191110
THE SUBJECT PROPERTY is located along East Main Street, a major retail corridor of
Lincolnton where traffic counts exceed 16,000 VPD. Adjacent to the Church’s Chicken is an
under construction Captain D’s. Other neighboring tenants include Walmart Supercenter,
Lowe’s Home Improvement, AutoZone, Hardee’s, Walgreens, CVS Pharmacy, Wendy’s, and
more. Within a 5-mile radius of Church’s Chicken, there are over 32,000 residents with
average household incomes exceeding $56,000.
LINCOLNTON is located within the Charlotte MSA and 45 minutes northwest of downtown
Charlotte. The Charlotte MSA, with a population over 2.5 million people, is the largest
metropolitan area within the Carolinas and is the fourth largest metropolitan area in the
southeast United States. Charlotte is headquarters to eight Fortune 500 companies and
seven Fortune 1,000 companies.
IN CONJUNCTION WITH
NC LICENSED BROKER:
REPRESENTATIVE PHOTO
Stuart Mullen
Commercial Real Estate Carolina, LLC
stuart@rangeds.com
PH: 704.661.9800
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.
OVER 1,650 LOCATIONS IN 29 STATES AND 23
COUNTRIES AND GLOBAL MARKETS 3
Tenant Overview
ABOUT CHURCH’S CHICKEN
Church’s Chicken, founded in San Antonio, TX in 1952, is one of
the largest quick service chicken restaurant chains in the world.
Church’s Chicken specializes in Original and Spicy Chicken,
biscuits, and home-style sides. The company, with more than 1,650
locations in 29 states and 23 countries and global markets, is the
fourth-largest chicken restaurant chain in the world.
In 2009, Church’s Chicken was purchased by the San Francisco-
based private equity firm Friedman Fleischer & Lowe, which
operates the Church’s brand through a wholly-owned subsidiary,
Cajun Global, LLC. In 2011, Cajun Global, LLC issued debt that
was rated ‘BBB’ by Standard & Poor’s. Cajun Global, LLC does
not guarantee the lease. Church’s Chicken’s annual revenue is
estimated at $1.2 billion.
ABOUT THE OPERATOR / GUARANTORS
The Franchisee is Goalz Restaurant Group, LLC. The lease at this
location features three limited personal guaranties (Shawn Eby –
CEO, Steve Piascik – CFO, and Jeron Boemer - VP), as well as
a corporate level guarantee from Goalz Restaurant Group, LLC.
Goalz currently operates 4 restaurants with an additional 9 under
construction, expected to open within the next three months
under the Church’s Chicken, Captain D’s, Dairy Queen, and Dog
Haus brands. In August 2017, Goalz Restaurant Group entered an
agreement with Church’s Chicken to develop 200 new locations,
with a plan of opening approximately 20 new stores per year
REPRESENTATIVE PHOTO
(click here for more info). Goalz is expected to open a total of
approximately 265 restaurants (Church’s, Captain D’s, Dairy Queen,
Dog Haus) over the next few years. Goalz will also operate the
This information has been secured from sources we believe to be
reliable but we make no representations or warranties, expressed or Captain D’s under construction adjacent to this property.
implied, as to the accuracy of the information. Buyer must verify the 4
information and bears all risk for any inaccuracies.
Aerial BUS
321
321 30,000
VPD ATRIUM
HEALTH
HOSPITAL
BUS
321
LINCOLN
STREPEN
ELEMENTARY
ET
SCHOOL COUNTY
E MAIN AIRPORT
N AS
STREET
HIGH
SCHOOL 27
ACADEMY
ELEMENTARY
T
REE
SCHOOL LINCOLN ELEMENTARY
ST
COUNTY BUS
SEAT
IN 321 SCHOOL
E MA 27
GOLF
COURSE
GASTON
27
16,000 COLLEGE
LINCOLN
VPD CAMPUS
ELEMENTARY
SCHOOL
BOUELNERALS
50
D
EVAR
1
AY
HW
27,000
CHARLOTTE
SG
HIG
VPD
38 MILES
W
ELEMENTARY 150
SCHOOL
321
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
5
inaccuracies.
REPRESENTATIVE PHOTO
Submarket Overview
RETAILERS IN CLOSE PROXIMITY INCLUDE:
Advance Auto Parts Dairy Queen Taco Bell
ALDI Family Dollar Tractor Supply Co.
AutoZone Hardee’s Waffle House
Belk Little Caesars Walgreens
Big Lots McDonald’s Walmart Supercenter
Bojangles’ O’Reilly Auto Parts Wendy’s
CVS Pharmacy Ross Dress for Less Zaxby’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.
BUSINESS SUMMARY
TOTAL 1-MILE 3-MILES 5-MILES
Businesses 496 995 1,219
LINCOLNTON Employees 5,315 10,974 13,979
Residential
3,114 18,486 32,913
Population
IRON STATION
KEY
1-MILE
3-MILES
5-MILES 6
HIGH SHOALS
REPRESENTATIVE PHOTO
Income & Expense
PRICE $2,307,700
Price Per Square Foot: $1,219.07
Capitalization Rate: 6.50%
Total Rentable Area (SF): 1,893
Lot Size (AC): 0.99
STABILIZED INCOME PER SQUARE FOOT
Scheduled Rent $79.24 $150,000
Effective Gross Income $79.24 $150,000
LESS PER SQUARE FOOT
Taxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses NNN $0.00
EQUALS NET OPERATING INCOME $150,000
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
7
inaccuracies.
Rent Roll
TENANT INFO LEASE TERMS RENT SUMMARY
CURRENT MONTHLY YEARLY MONTHLY YEARLY
TENANT NAME SQ. FT.
RENT RENT RENT RENT/FT RENT/FT
Church’s Chicken 1,893 1 5 $150,000 $12,500 $150,000 $6.60 $79.24
6 10 $13,750 $165,000 $7.26 $87.16
11 15 $15,125 $181,500 $7.99 $95.88
16 20 $16,638 $199,650 $8.79 $105.47
Option 1 21 25 $18,301 $219,615 $9.67 $116.01
Option 2 26 30 $20,131 $241,577 $10.63 $127.62
Option 3 31 35 $22,145 $265,734 $11.70 $140.38
TOTALS: 1,893 $150,000 $12,500 $150,000 $6.60 $79.24
*Estimated rent commencement and store opening on June 1, 2019
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
Site Plan
1,893 0.99 22
RENTABLE SF ACRES SPACES
LINCOLN
COUNTY
N GENERALS BOULEVARD
30,000
VPD 321
DOCTOR MARTIN LUTHER KING JUNIOR DRIVE
LINCOLN
COUNTY
E MAIN ST
REET
PYLON SIGN PYLON SIGN
LINCOLN
COUNTY
16,000
VPD
321
27 E MAIN STREET
This site plan is a rendering that has been created based on sources we believe to be reliable. 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.
9Demographics
POPULATION WINSTON-SALEM
(90 MILES)
1-MILE 3-MILES 5-MILES
RALEIGH
2010 2,864 17,924 31,761 (201 MILES)
2018 3,114 18,486 32,913
LINCOLNTON
2023 3,285 19,075 33,918
CHARLOTTE
(38 MILES) FAYETTEVILLE
2018 HH INCOME
(201 MILES)
1-MILE 3-MILES 5-MILES
Average $58,317 $55,227 $56,521
Median $39,552 $41,651 $44,176 FLORENCE
(149 MILES)
COLUMBIA
TOP EMPLOYERS IN CHARLOTTE MSA (123 MILES)
EMPLOYER
Carolinas Health System
Wells Fargo Company
Walmart & Sam’s Club stores
Bank of America THE AVERAGE HOUSEHOLD
American Airlines INCOME WITHIN A 1-MILE RADIUS
IS OVER $58K
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 10
bears all risk for any inaccuracies.Location Overview
LINCOLNTON,
NORTH CAROLINA
CHARLOTTE
LINCOLNTON is the county seat of Lincoln County, which CHARLOTTE Charlotte is the 2nd largest city in the Southeast
is home to over 82,000 residents. Lincolnton is home to a MSA and the 17th largest city in the United States.
flourishing downtown central business district. Part of the The Charlotte MSA is well known for its auto
Carolina Thread Trail, the Cloninger Rail Trail passes through racing history and is home to eight Fortune
the heart of downtown and connects three city parks. 500 headquarters and seven Fortune 1000 companies.
Lincolnton is located 38 miles northwest of downtown These companies including Bank of America, Duke Energy, Sealed
Charlotte, the largest metropolitan area within the Carolinas Air Corporation, Nucor Steel, and Lowe’s Home Improvement
and the fourth largest metropolitan area in the Southeast Stores. Other headquarters include Harris Teeter, Food Lion,
region of the United States. The Charlotte MSA is home to Cheerwine, and Sundrop. Charlotte is also home to the Charlotte
over 2.5 million people and is the 22nd largest MSA in the Douglas International Airport, one of the world’s busiest airports.
United States.
CHARLOTTE MSA
2.5 MILLION POPULATION
(ESTIMATED)
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 11
all risk for any inaccuracies.We’d love to hear
from you.
JOE CACCAMO
jcaccamo@capitalpacific.com
PH: 415.274.7394
CA DRE# 01191110
IN CONJUNCTION WITH
NC LICENSED BROKER:
Stuart Mullen
Commercial Real Estate Carolina, LLC
stuart@rangeds.com
PH: 704.661.9800
CAPITAL PACIFIC COLLABORATES.
CLICK HERE TO MEET OUR
SAN FRANCISCO TEAM:
ZEB RIPPLE CHRIS KOSTANECKI CHRIS PETERS
JOHN ANDREINI JOE CACCAMO DAVE LUCAS
ZANDY SMITH RICK SANNER JACK NAVARRA
JUSTIN SHARP JUSTIN STARK
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.REPRESENTATIVE PHOTO SFO. PDX. SEA. CAPITALPACIFIC.COM Copyright © 2019 Capital Pacific Partners
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