Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

Enter the "Deal room" for exclusive documents related to this property.

The Deal Room features confidential documents related to this property. To access the Deal Room, you will need to be logged in. If you don't have an account, please create one. More questions? Visit our FAQ.
I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2019
Building Area
Land Area ()

Property Description

JLL is pleased to exclusively offer the opportunity to acquire a single tenant property corporately leased to Chick-fil-A in Farmingdale, NY. Farmingdale is on Long Island within the town of Oyster Bay in Suffolk County and is located about 35 miles southeast of Midtown Manhattan. The tenant, who built the building in 2019 on a larger 1.84-acre parcel, has 19 years of term remaining on its original twenty (20) year NNN ground lease, with attractive ten percent (10%) rental increases every five (5) years throughout the primary term. Chick-fil-A has remained open during the entire pandemic. Chick-fil-A’s double lane drive-thru, with a by-pass lane, provided added flexibility during peak hours helping maintain consumer spending throughout the pandemic. This offering is a rare combination of one of the most sought-after quick-service restaurants located on an extremely valuable, oversized 1.84-acre lot in Long Island, NY.


Chick-fil-A is located along Broadhollow Road (NY-110), a major thoroughfare in the area, which boasts roughly 60,000 VPD. The next closest Chick-fil-A is over 9 miles to the east (Commack, NY) and over 9 miles to the west (Hicksville, NY). Other nationally recognized retailers with locations along Broadhollow Road or in the surrounding area include Target, T.J. Maxx, Bed Bath & Beyond, PetSmart, Burger King, Taco Bell, Bob’s Discount Furniture and Applebee’s among others. State University of New York Farmingdale, home to just under 10,000 undergraduate students, is about half of a mile away, a ten-minute walk to and from Chick-fil-A.


Chick-fil-A is one of the fastest growing quick-service restaurants (QSRs) in the country, averaging 6% store expansion for the past three years. The average unit volumes (AUV) of franchised and company-owned stores in fiscal year 2019 was $6.1 million, versus about $2.9 million for McDonald’s and $1.7 million for Wendy’s. System-wide revenues advanced 21.4% to $12.16 billion in fiscal year 2019, implying strong, likely double-digit comparable restaurant sales growth (creditntell.com).

Investment Highlights

  • Chick-fil-A is one of the fastest growing quick-service restaurants (QSRs) in the country, averaging 6% store expansion for the past three years. The average unit volumes (AUV) of franchised and company-owned stores in fiscal year 2019 was $6.1 million, versus about $2.9 million for McDonald’s and $1.7 million for Wendy’s (creditntell.com)
  • The newly built Chick-fil-A is on a 20-year NNN ground lease, with ten percent (10%) rental increases every five (5) years throughout the primary term
  • Chick-fil-A benefits from roughly 60,000 VPD along Broadhollow Road (NY-110), a major thoroughfare on the on the south shore of Long Island, with a population over 310,000 within a five-mile radius
  • State University of New York Farmingdale, home to just under 10,000 undergraduate students, is half of a mile away, a ten-minute walk to and from Chick-fil-A. The next closest Chick-fil-A is over 9 miles to the east (Commack, NY) and over 9 miles to the west (Hicksville, NY)
  • Farmingdale, located about 35 miles southeast of Midtown Manhattan, boasts an affluent daytime population of over 138,000 with an average household income of $122,000 within a three-mile radius of the property.
  • Other nationally recognized retailers with locations along Broadhollow Road or in the surrounding area include Target, T.J. Maxx, Bed Bath & Beyond, PetSmart, Burger King, Taco Bell, Bob’s Discount Furniture, Raymour & Flanigan, Ashley HomeStore, Mavis Discount Tire and Applebee’s among others
Last Updated Date: 10 Nov 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

+902129008658
Last Updated Date: 10 Nov 2020

Do you have any questions?  Visit our FAQ page

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.