467 Connecticut Ave
Norwalk, CT 06854
Chick-fil-A · Retail Property For Sale

The CBRE Net Lease Property Group is pleased to exclusively offer for sale a recently-commenced 99-year leasehold interest in a 5,173-square-foot freestanding Chick-fil-A in Norwalk, Connecticut. Chick-fil-A recently commenced a 20-year NNN lease in Spring 2017 which features 10% rent escalations in years 11 and 16 and in each of the ten 5-year renewal options. Norwalk (Population: 91,230) is located 45 miles north of New York City and is one of the principal cities within the Norwich-New London CT MSA (Population: 269,801). The city is included in both the exclusive Lower Fairfield County trade area and the New York–Newark, NY-NJ-CT-PA Combined Statistical Area (Population: 24.01 million), which is the largest CSA in the U.S. The offering is structured whereby Chick-fil-A operates within Unit #1 (1.15 acres), which is part of a larger 1.48 acre condominiumized 2-unit parcel and the second unit is yet to be determined by the developer. To the investor’s benefit, the NOI has been presented as a 10-year average in order to provide the investor with a normalized NOI (i.e., the NOI is higher for the first 5 years of the term as the Landowner is reimbursing the Landlord for completed environmental remediation). The property is ideally situated with excellent access and visibility at the signalized intersection of Connecticut Avenue (Traffic Count: 27,099 VPD) and Rampart Road, where Chick-fil-A benefits from irreplaceable frontage along Interstate 95 (Traffic Count: 133,414 VPD). Chick-fil-A’s location was strategically selected due to its position within the heart of a preeminent retail corridor featuring approximately 6.1 MSF of retail, 6.4 MSF of office, 4.1 MSF of industrial and 3,374 multifamily units within a 3-mile radius.