KFC NNN Lease | Strong Guarantee | Upcoming Remodel

Seminole Shopping Center, 117 Lakeview Dr, Madison Heights, VA 24572, USA
$1,608,630

Description

Marcus & Millichap is pleased to present for sale this Absolute NNN KFC located at 117 Lakeview Drive, Madison Heights, Virginia. The single tenant property consists of a 3,500 square foot freestanding building on a 0.39-acre parcel of land.
Strategically located off South Amherst Drive, Route 29, as an outparcel to a Big Lots anchored shopping center, the property has exposure to approximately 30,000 vehicles per day. The absolute net lease is guaranteed by JRN, Inc., the third-largest KFC franchisee in the US with 203 units, over $225 million in sales, and an average unit volume that is 20 percent higher than the average KFC. Additionally, JRN has been recognized by “The Franchise Times” as one of the top 25 of the “Top 200 Restaurant Franchisees.” JRN, Inc executed an initial 20 Year Absolute NNN lease and currently has over 11 years of initial term remaining with (4) Options to Extend for Five years. The lease also provides 7.5% increases every five years with the next increase scheduled in 2022.
The immediate trade area is home to numerous leading national retailers, including Walmart Supercenter, Lowe’s, Food Lion, CVS, O’Reilly, Arby’s, Taco Bell, and many others. Madison Heights, part of Loudoun County (Lynchburg MSA) offers access to the ninth wealthiest and fastest growing counties in the United States. Downtown Lynchburg is less than 3-miles from the subject property. Lynchburg MSA is home to numerous large employers in the nuclear technology, pharmaceutical, and education industries. The markets vacancy rate is below the national average. Food & Alcohol is the largest segment of consumer spending within a 5-mile radius, totaling approximately $147,165,452 annually.
Currently, the subject property is undergoing a remodel with the latest KFC brand imaging, which is expected to be complete in October 2021.

  • Absolute NNN – No Landlord Responsibilities
  • Guaranteed by JRN, Inc. 200+ Unit Operator
  • Lynchburg VA MSA – Large Employers for Nuclear Technology, Pharmaceuticals, & Education
  • Remodeling in Progress – ETD Oct 2021
  • Outparcel to Big Lots Anchored Shopping Center – Strong Traffic Counts
  • Nearby Food Lion, Lowe’s, Walmart Supercenter, CVS & More
  • JRN is One of The Largest KFC Operators in the United States
  • Less than 3-Miles from Downtown Lynchburg
  • Loudoun County is the 9th Wealthiest and Fastest-Growing Counties in Terms of Population in the United States
  • Dining is Considered an ‘Essential Business’

Property Documents

  • City: Madison Heights
  • State/county: Virginia
  • Zip/Postal Code: 24572
  • Country: United States

Detail

  • Price: $1,608,630
  • Year Built: 1993

Additional details

  • CAP RATE: $80,432
  • NOI: 5.00%

Features