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Views: 118 DOM: 277 Updated: 09.06.24 Posted: 02.18.24 Status: Active

Summary

Price $4,962,500
Built/Renov 2022
Tenant Chick-fil-A (GL)
Cap Rate 4.00%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 4,776
Lease Start 02-13-2023
#Units 2,806
Price/SF $1,039.05
Expiration 02-28-2043
Tenant Type Fast Casual/Rest.
NOI $198,500
R. Term 18.3
Ownership Ground Lease
Rent/SF $41.56
Increases 10.0%/4/yrs
Pop 5Mi 643,531
Lot/AC 1.81
Options 6/5yrs/10%
AHHI 5Mi $55,469

Lease Highlights

  • New 2022 construction
  • Chick-fil-A has 18+ years remaining on the current ground lease term with 6 (5-year) options to extend
  • The lease features 10% rental escalations every 5 years throughout the initial term and each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Chick-fil-A is strategically located at the hard corner intersections of Penrose Avenue and Navy Yard Access Highway, with access to a combined daily traffic count of 48,530 vehicles. The property is conveniently situated less than two miles from all major Philadelphia sports team stadiums, including Citizens Bank Park, Wells Fargo Center, and Lincoln Financial Field, which collectively...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Chick-fil-A
  • Guarantor:Corporate
  • Company:Chick-fil-A Inc.
  • # Units:2,806
  • Stock:Private

About Tenant

Chick-fil-A is one of the largest American fast-food restaurant chains, and the largest specializing in chicken sandwiches. Chick-fil-A was first opened in 1946 in Atlanta, Georgia, under the name...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,252 217,491 672,315
2023 Total Population : 4,239 217,553 657,347
2023 Employed Civilian Pop : 2,557 108,549 331,769
2023 Total Businesses : 147 5,430 27,227
2023 Average Household Income : $ 114,480 $ 90,338 $ 99,030
2023 Total Consumer Spending : $ 202 M $ 7109 M $ 24854 M
2023 Median Age : 42 37 35
2023 Total Households : 2,078 90,284 288,489
2023 Pop Age 25+: Bachelor's Degree : 1,042 33,728 108,731
2023 Average Home Value : $ 434,913 $ 325,666 $ 350,077
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Penrose Ave Navy Yard Access Hwy 2017 44,130 0.08 mi
Navy Yard Access Hwy Penrose Ave 2017 3,272 0.19 mi
Penrose Ave Pattison Ave 2019 12,982 0.20 mi
Penrose Avenue Penrose Ave 2021 25,194 0.21 mi
Penrose Avenue Pattison Ave 2019 10,298 0.22 mi
South 26th Street 8th St W 2019 4,349 0.31 mi
S 26th St Hartranft St 2017 34,452 0.35 mi
Pattison Ave Buck Ln 2016 7,682 0.47 mi
S 26th St Hartranft St 2017 34,452 0.60 mi
8th St W I- 95 2017 3,272 0.64 mi

Listing Broker

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