Assignment – Slim Chickens 2018-12-10T09:53:38+00:00

BLOOMINGTON, IL

SLIM CHICKENS

  • COST $2.517M
  • CAP RATE 6.5%
  • NOI $163K
  • LEASE NNN
  • YEAR BUILT 2017
  • LEASE TERM 14 YRS
MARKETING PACKAGE

INVESTMENT SUMMARY

The Chetek Group of Marcus & Millichap is pleased to present the exceptional opportunity to acquire a 100% fee-simple interest in a single-tenant net leased Slim Chickens (“The Property”). Slim Chickens was constructed in 2017 and is on an original 15-year Absolute Net lease. Slim Chickens’ lease commenced in 2017 and the original term runs through 2032, with 1% annual increases. Thereafter, Slim Chickens has three 5-year renewal options, also with 1% annual increases.The Property serves a population of 93,169 within a three-mile radius and 129,394 within a five-mile radius. The Property is situated off of Veterans Avenue; Bloomington-Normal’s main thoroughfare with many national retailers in the immediate area including Target, Wal-Mart, Hy-Vee, Meijer, Dick’s Sporting Goods, Best Buy, Jewel-Osco, LA Fitness, and Schnuck’s. Veteran’s Avenue is also home to the OSF Medical Center, a level two trauma center with 149 beds serving the greater Bloomington-Normal area. State Farm Insurance’s headquarters are located one and a half miles south of the property where 17,000 employees work.

Slim Chickens is one of the fastest growing fast casual restaurant chains in the United States. Founded in Fayetteville, Arkansas, Slim Chickens has grown to over 77 locations across Arkansas, Illinois, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Oklahoma, Ohio, South Dakota & Texas. Founded off of the desire to develop a southern casual dining, quick service restaurant concept focusing on fresh chicken recipes, Slim Chickens has had success delivering quality products to happy customers for over 15 years. From 2013 to 2018, Slim Chickens reported revenue has grown from $20 million to nearly $100 million

INVESTMENT HIGHLIGHTS

Build-to-suit location constructed in 2017 along the densest retail corridor in Bloomington-Normal, IL.

15-Year Absolute Triple-Net (NNN) Lease with 14-Years remaining; Passive Investment, offering a Long-Term Security of Cash Flow.

Franchisee has committed to developing 13 more Slim Chickens locations outside the Chicago, IL MSA within the next 5 years.

Attractive annual rent increases of 1%.

93,169 people live within 3 miles, boasting average household incomes of $84,846.

MARKETING PACKAGE