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Lake City, FL Chili’s

$2,380,952
2893 West US Highway 90
Lease Type Ground Lease
Cap Rate 5.25%
Property Type Freestanding Building
Building Size 5,042 SF
Land Area 1.42 Acres
Remaining Term 10 years
Property Highlights
  • New long term Absolute Net Ground Lease
  • Corporate guarantee
  • Industry leading, e-commerce resistant tenant
  • Florida is a top performing state for Chili’s where they operate 100 stores and benefit from strong brand recognition and customer loyalty
  • 2019 renovation
  • 10% rent increases every 5 years provides inflation hedge
  • Below market rent
  • Excellent underlying real estate fundamentals
  • 1.42 acres at fully signalized intersection with unobstructed visibility to 36,500 ADT along Hwy 90
  • The Lake City Mall and surrounding retail trade area is the primary shopping and dining destination for all of Columbia County and it’s ±70,000 residents
  • US Hwy 90 is a major commuter road that connects Jacksonville to Tallahassee, and interchanges at I-75
  • Florida has no state income tax