Chick-fil-A - LoopNet...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

605 Stillwater Ave | Bangor, ME

Offering MemorandumChick-fil-A

ACTUAL PHOTO

NNN SINGLE TENANT OFFERING | #1 FAST FOOD RESTAURANT IN THE UNITED STATES

© 2019 Jones Lang LaSalle IP, Inc. All rights reserved.

M ARKETING ADVISORS DEBT ADVISOR

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

[email protected] [email protected] [email protected] [email protected]

Investment Summary 03

Investment Highlights 05

Tenant Overview 06

Financial Analysis 08

Location Overview 10

Market Overview 13

Contacts 15

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 for 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 di ligence 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.

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Investment SummaryChick-fil-A | Bangor, ME

Chick-fil-A | Bangor, ME


Investment Summary

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 Property 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).

PROPERTY SUMMARY

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

5

Chick-fil-A is operating on a long-term, NNN

ground lease with 12 years of remaining term

and attractive, 10% rental increases every 5

years, inclusive of the three (3), five (5) year

options in place

The property is conveniently situated at the

corner of the fully signalized intersection of

Stillwater Ave and Bangor Mall Blvd, allowing

for easy visibility and access for the 13,000+

vehicles that pass the premises daily

This Chick-fil-A is the only location in the entire

state of Maine and is more than 185 miles away

from their next closest store

Renowned tenants such as The Home Depot,

Kohl’s, Bed Bath & Beyond, PetSmart, Dick’s

Sporting Goods, and JCPenney all surround the

premises, driving customers to the area

The University of Maine (11,404 students) is just

7.5 miles away from the subject property

For the fourth consecutive year, Chick-fil-A has

been named the nation’s top fast-food restaurant

(USA Today)


6




Tenant Overview

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


Financial AnalysisChick-fil-A | Bangor, ME



Financial Analysis

LEASE DETAIL

Address 605 Stillwater Ave, Bangor, ME 04401

Tenant Chick-Fil-A, Inc.

Parcel Size 1.41 Acres

Building Size 4,883 SF

Year Built 2015

Annual Rent $90,000

Rent / SF $18.43

Lease Type NNN Ground Lease

Roof & Structure Tenant Responsibility

Rent Commencement 9/26/2016

Lease Expiration 9/30/2031

Lease Term Remaining 12 Years

Remaining Options Three (3) Five (5) Year Options

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%

RENT SCHEDULE

Lease Abstract

Maintenance

& Repairs

Tenant, at its sole cost and expense, will self-maintain the Premises, including

parking and landscape areas, in good condition and repair

Insurance

Tenant agrees to carry insurance (described in lease) on the Premises covering

Tenant and naming Landlord, Landlord's property manager, and Simon Property Group, Inc. as additional insured

TaxesTenant shall pay business taxes, real property taxes, and all other taxes described

in the lease

Utilities

Tenant shall be solely responsible for and promptly pay directly to the applicable

utility companies, all charges for use or consumption of sanitary sewer, natural gas, electricity, water and all other utilities directly servicing the Premises

CAMTenant shall pay CAM expenses in the amount of $5,000 per Lease Year , subject

to 12% increases every 5 years as set forth in section 6.4

TENANT RESPONSIBILITY DETAIL

LANDLORD RESPONSIBILITY DETAIL

$2,168,675Asking Price

4.15%Cap Rate

None




© 2019 Jones Lang LaSalle IP, Inc. All rights

reserved.

Location Overview Surrounding Retail & Amenities.



Location Overview

Site Plan.


13Chick-fil-A | Bangor, ME



Market Overview

Bangor, MaineBangor, 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 19th 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

Market

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


15

Contacts

1700 Market Street, Suite 3232 | Philadelphia, PA 19103

www.us.jll.com/capitalmarkets

Copyright © Jones Lang LaSalle IP, Inc. 2019This 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.

Contact Information

M ARKETING ADVISORS DEBT ADVISOR

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

[email protected] [email protected] [email protected] [email protected]

John Meador, ME Lic # BA922303, a licensed real estate broker in the state of Maine along with Jones Lang Lasalle Americas. (Collectively “JLL”)

http://www.us.jll.com/capitalmarkets





Chick-fil-A - LoopNet...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

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