Chili's Ground Lease
Closed1312 W Wade Hampton Blvd, Greer, SC 29650
Property type
Retail
Price
$2,030,000
Building size
4,000 sf
Rentable area
4,000 SF
Year built
2020
Year renovated
Occupancy
Zoning code
Lot size
1.25 Acres
Sold/status
Sold · Date unknown
Sale price
$2030000
CAP
5.32%
Net Operating Income
$108,000
Property description
Franklin Street is pleased to present this new construction Chili's ground lease in Greer, South Carolina. Greer is part of the Greenville-Spartanburg MSA in upstate South Carolina. The MSA has 920,000+ residents and is the largest in South Carolina. Greenville's economy was formerly based largely on textile manufacturing, and the city was long known as "The Textile Capital of the World". In the last few decades, favorable wages and tax benefits have lured foreign companies to invest heavily in the area. The city is the North American headquarters for Michelin, AVX Corporation, NCEES, Ameco, Southern Tide, Confluence Outdoor, Concentrix, JTEKT, Cleva North America, Hubbell Lighting and Scansource. The Chili's just opened in September 2020 and sits as an outparcel to Piedmont Marketplace. Piedmont Marketplace was recently redeveloped with the likes of Ross Dress for Less, Ulta, Five Below, Tractor Supply, and Rack Room Shoes. Chili's is a subsidary of Brinker International which is a multinational hospitality company which owns, operates, or franchises 1,672 restaurants under the names Chili's Grill & Bar and Maggiano's Little Italy worldwide.
Property highlights
- New construction Chili's corporate ground lease
- Outparcel to Piedmont Marketplace - anchored by Kohls, Ross Dress for Less, Ulta, Tractor Supply, Rackroom Shoes, and Five Below
- Excellent visibility along the main retail thoroughfare - 40,200 VPD
- The Greenville MSA is one of the fastest growing in the country
- Densely populated neighborhood community- 100,000+ residents within 5 miles
- Surrounded by national retailers driving traffic to the area - Home Depot, Lowes, BiLo, QuikTrip, Chick-fil-a, Target, Hobby Lobby and many others
- Average Chili's sales per unit is $2.8M giving this location a very low rent to sales ratio
- Available below replacement cost, average Chili’s construction costs $3-4M