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Views: 26 DOM: 134 Updated: 04.12.24 Posted: 01.04.24 Status: Active

Summary

Price $7,700,000
Built/Renov 2023
Tenant Chef'Store
Cap Rate 6.30%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 20,004
Lease Start 01-01-2024
#Units 90
Price/SF $384.92
Expiration 01-01-2039
Tenant Type Grocery
NOI $485,097
R. Term 14.7
Ownership Fee Simple
Rent/SF $24.25
Increases 10.0%/5/yrs
Pop 5Mi 153,713
Lot/AC 1.94
Options 4/5yrs/10%
AHHI 5Mi $57,284

Lease Highlights

  • Brand-new 2023 construction
  • Chef’s Store recently signed a brand-new 15-year lease with 4 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guaranteed lease

Location Description

Chef' Store is strategically positioned as an outparcel to Cross Creek Mall, located just off All American Freeway, with access to 51,000 vehicles passing by daily. The mall is anchored by major retailers such as Belk, Macy's, and JCPenney. Situated in a densely populated retail corridor, the property is surrounded by well-known national tenants, including Target, Walmart, Sam's Club, Lowe's,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Chef'Store
  • Guarantor:Corp T and Rated
  • Company:US Foods Holding Corp
  • # Units:90
  • Tenant S&P: BB
  • Moody’s: Ba3
  • Stock: NYSE: USFD

About Tenant

US Foods CHEF’STORE is a wholesale food and restaurant supply store and warehouse operator offering restaurant operators and food service professionals thousands of food products, including fresh...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,288 65,687 149,835
2023 Total Population : 4,366 66,108 150,360
2023 Employed Civilian Pop : 1,971 26,045 55,946
2023 Total Businesses : 763 3,378 6,407
2023 Average Household Income : $ 86,578 $ 70,534 $ 67,782
2023 Total Consumer Spending : $ 147 M $ 1808 M $ 3681 M
2023 Median Age : 32 35 34
2023 Total Households : 1,957 29,358 62,214
2023 Pop Age 25+: Bachelor's Degree : 650 8,978 18,436
2023 Average Home Value : $ 318,900 $ 199,513 $ 188,356
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
All American Expy 2021 4,400 0.05 mi
All American Expy Morganton Rd 2008 44,000 0.12 mi
All American Expy 2021 4,100 0.14 mi
Morganton Road All American Expy 2018 35,000 0.14 mi
Sycamore Dairy Rd N McPherson Church Rd 2008 9,300 0.16 mi
Morganton Rd 2021 4,500 0.25 mi
Morganton Rd All American Expy 2018 30,500 0.25 mi
All American Expy 2021 4,200 0.28 mi
Glensford Drive Campground Rd 2018 17,500 0.31 mi
Skibo Rd 2021 3,300 0.33 mi

Listing Broker

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