Investment Offering
Azle, TX - Chicken Express
529 N Stewart St | Azle, TX 76020
Description
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN Sale-Leaseback, freestanding, Chicken Express investment property located in Azle, Texas. The tenant, Chicken Express, will enter into a brand new 15 year lease at COE with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Chicken Express, Distribution (CEFS), is headquartered in Burleson, Texas and has over 250 locations in Texas, Arkansas, Louisiana and Oklahoma.
Location
The subject property is located along N Stewart St, which averages 7,800 vehicles passing by daily and is the major retail thoroughfare serving the city of Azle. The site benefits from nearby direct on/off ramp access to State Highway 199 which averages 32,900 vehicles passing by daily. The Chicken Express is located as an outparcel to Lake Plaza (148,000 SF), that is anchored by Bealls, Brookshire’s, and more. Additionally, the property is located just south of a Walmart Supercenter anchored center that also features national/credit tenants including Walgreens, KFC, and more. Furthermore, the asset is ideally situated in a dense retail corridor, with numerous nearby national/credit tenants including Albertson’s, Dollar General, Dollar Tree, Anytime Fitness, and many more. The 5-mile trade area is supported by a population of over 40,100 and 10,100 daytime employees, providing a direct consumer base from which to draw. Residents within a 5-mile radius of the subject property boast an affluent average household income of $122,553.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215