Marcus & Millichap, on behalf of ownership, has successfully sold this newly constructed Chick-fil-A in Clearwater, Florida. The Tenant, Chick-fil-A, is relocating from a location seven-tenths-of-a-mile southeast with a long operating history. The previous location operated as a Chick-fil-A for more than 30 years, and thus brings a very established customer base. The Tenant is subject to a new 15-year NNN corporately guaranteed ground lease set to commence in November 2018. The lease features ten percent (10%) rental increases every five years starting year 11 and the eight, five-year option periods. Chick-fil-A, while privately held and family-owned, is a highly sought-after tenant with more than 2,200 locations and nearly $9 Billion in revenue in 2017. The chain boasts 50 consecutive years of positive sales growth and generates more revenue per restaurant than any other fast food chain in the United States with $4.4 million.

The newly constructed store is prominently located along Countryside Boulevard just off its signaled intersection with Frontage Road which runs parallel to US Route 19, an elevated, 62-foot, six-lane freeway. This is a dense, high traffic retail corridor with combined traffic counts in excess of 100,380 vehicles. The Property is adjacent to a newly constructed Wawa gas and convenience store, which also generates immense traffic and provides the Chick-fil-A site a cross easement off the cross street. This is a premier location as the tenant is surrounded by over 2.1 million square-feet of retail. The property is positioned on the opposing side of US Highway 19 from Westfield Countryside, a 1,169,009-square-foot regional mall anchored by Macys, Dillards and a new Whole Foods grocer and Nordstrom Rack; Countryside Centre, a 304,615-square-foot regional center anchored by Ross, HomeGoods and Dicks Sporting Good; and big box retailers Kohls and Lowes Home Improvement Center. In 2013, inline sales at Westfield Countryside mall were reported near $400-per-square-foot, and the other noted retailers attract from a wide trade radius. Further, the Property is in immediate, one-mile, proximity to four area schools and the local YMCA with over 10,000 members.
Clearwater is a dense submarket bordered on the west by the Gulf of Mexico and on the southeast by Tampa Bay. It is perfectly positioned between the affluent communities of Dunedin and Safety Harbor, both of which boast high average household income levels. Clearwater has exceptional demographics with over 104,800 people within three miles. The submarket is supported by key employers BayCare Health System, Bausch & Lomb Surgical, one of the worlds largest suppliers of contract lenses and eye products, Lincare Holdings, and GE Instrument. These are all key daytime population drivers which provide mid-day business to the tenant.

• New 15-Year NNN Ground Lease
• 10% Rental Increases in Year 11 and Options
• Relocation Store with Long Operating History; Established Customer Base
• Adjacent to Newly Constructed Wawa
• Immediately off Route 19 Freeway Exit; 100k+ Traffic Counts
• Exceptional Demographics; Population of 104,800 within 3-Miles