Asking Price
Area Size
NOI Net Operating Income
NIY

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Attributes

Year Built 2023
Building Area Gross
Occupancy 100.0 %

Asset Description

Jones Lang LaSalle is pleased to offer for sale the fee-simple interest in a corporate NNN Ground Lease Chick-fil-A (the “Property” or “Asset”) located in Walker, Michigan. Investors have the unique opportunity to purchase a recently constructed property positioned in a top performing commercial corridor, featuring national retailers such as Dollar Tree, Best Buy, Walmart, Marshalls, Starbucks, and McDonald’s. The Asset provides investors with long-term cash flow from a renown global QSR tenant, featuring attractive rental increases designed to hedge against inflation.


Located in the southwest corner of Michigan in the city of Walker, the Asset is proximate to three corporate headquarters, Brissell, Meijer, and Spectrum Health, that employ over 33,650 residents in the region. The Property is in a highly desirable location that is down the road from the #1 Walmart in a 30-mile radius by annual visits along with a Dollar Tree, Applebee’s, and Buffalo Wild Wings in the 98th, 91st, and 83rd Percentile of their respective stores in the nation by annual visits, per Placer.ai. There is a population of over 150,000 across 64,897 households within a 5-mile radius of the Property and six schools in the area that serve over 5,200 Kent/Grand Rapids students.

Investment Highlights

DESIRABLE FRONTAGE & VISIBILITY IN WALKER

  • Alpine Ave NW is a main north-south thoroughfare that connects Walker to Interstate 96 & US Route 131.
  • The Asset has frontage and visibility to over 39,300 vehicles per day. Additionally, the Chick-fil-A benefits from being an outparcel to Highpoint Center shopping center and adjacent to four other shopping centers along the Alpine Ave corridor.
  • Walker is a part of the Grand Rapids MSA and is located about 60 miles west of Lansing. Over 150,000 residents live within a 5-mile radius and the Asset is in the center of six regional schools that serve over 5,200 local students.
  • Proximate to three corporate headquarters (Brissell, Meijer, and Spectrum Health) that employ over 33,650 residents in the region.
  • The Property is in a highly desirable location that is down the road from the #1 Walmart in a 30-mile radius by annual visits along with a Dollar Tree, Applebee’s, and Buffalo Wild Wings in the 98th, 91st, and 83rd Percentile of their respective stores in the nation by annual visits, per Placer.ai. 

HIGHLY-SOUGHT MARKET LEADING TENANT

  • The Property is leased to Chick-fil-A, one of the most successful quick service restaurant chains in the United States with estimated system-wide revenues of $16.7 billion and average unit-level sales of nearly $6.1 million.
  • Chick-fil-A leads all QSR tenants in average unit sales, with each restaurant averaging over $6.1 million in sales annually.

15-YEAR ABSOLUTE NNN GROUND LEASE

  • The Asset will be delivered in 2023 featuring a 15-year absolute NNN ground lease with 7.5% increases every five years and zero landlord responsibilities.
Last Updated Date: 11 Nov 2022

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Last Updated Date: 11 Nov 2022

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