Chick-Fil-A
Baskersfield, CA
Chick-fil-A, a play on the American English pronunciation of “fillet”) is an American fast food restaurant chain headquartered in the Atlanta district of College Park, Georgia, specializing in chicken sandwiches.Founded in May 1946, it operates more than 2,200 restaurants, primarily in the United States. The restaurant serves breakfast before transitioning to its lunch and dinner menu. Chick-fil-A also offers customers catered selections from its menu for special events.Many of the company’s values are influenced by its founder’s Southern Baptist beliefs; all Chick-fil-A restaurants are closed for business on Sundays as well as on Thanksgiving and Christmas.
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Typical Lease Characteristics
Lease Term: 15 – 20 Years Years
Lease Type: Absolute NNN and Ground lease
Lease Increases: 10% Every 5 years
Lease Extensions: 4-5 (5) Year Options
Lease Guarantor: Corporate
Tenant Overview
In a sea of burger chains and taco joints, Chick-fil-A stands out in more ways than one.
Stepping into the iconic red-and-white buildings, customers find a simplified menu board of chicken sandwiches and waffle fries and not a single digital ordering kiosk in sight. The privately held chicken restaurant is known for its customer service and quality ingredients, often shunning over-the-top, limited-time offers and technology in favor of a simple menu and personal service.
These investments are typically in high demand, tranlasting into lower cap rates despite currently being a privately held company. It is important to note that the leases are typicaly ground leases for these locations.
Positives:
- Unique Business Model
- Currently in expansion stage
- Typically Long term leases with increases
Negatives:
- Currently Not Rated
- Typically High Price Per Square Foot
Market Snapshots:
On Market Ranges:
# of Properties in set: 5
Price: $2,547,150 - $3,220,540Average: $2,927,760
PPSF: $570 - $660Average: $608
Year Built: 2000 - 2016Average: 2012
CAP Rate Range: 3.93% - 4.97%Average: 4.52%
Size range: 4,310 sq ft - 5,173 sq ft Average: 4,805 sq ft
Last 12 Month Range:
# of Properties in set: 18
Price: $1,385,730 - $1,686,970Average: $1,506,227
PPSF: $318 - $383Average: $342
Year Built: 1996 - 2017Average: 2009
CAP Rate Range: 3.75% - 4.89%Average: 4.37%
Size range: 2,200 sq ft - 5,166 sq ft Average: 4,301 sq ft
Chick-Fil-A Similar Tenants
Chick-Fil-A Company Profile
Headquarters Information
Atlanta, Georgia
Founded in 1946
Company type: Private
Sector: Services
Industry: Restaurants