514 S Commercial StHarrisburg, IL 62946
KFC
New 20-Year Absolute NNN Lease
Overview
Initial Lease Term: 20 Years
Lease Term Remaining: 20 Years
Lease Type: Absolute Triple-Net
Rent Commencement: 10/1/2024
Expiration Date: 9/30/2024
Roof & Structure: Tenant
Rent Increases: 1.5% Annual Increases Beginning Year 7
Options: 4 x 5-Year
Guarantor: 161-Unit Franchisee
Investment Highlights
- 20-Year absolute triple-net (NNN) of a free-standing KFC QSR in Harrisburg, IL. The lease features 1.50% annual increases beginning in year seven, four five-year options, and a strong guarantee. The Lease commenced on October 1st, 2024, and is currently set to expire on September 30th, 2044.
- The tenant is Tasty Chick’n Midwest, LLC & the guarantor is Tasty Chick’n, LLC, providing a 161-unit lease guarantor.
- Tasty Restaurant Group (“TRG”) provides management services to both the tenant and guarantor entities. TRG is one of the largest multi-brand QSR operators in the nation and 2nd largest KFC operator. TRG oversees 6 brands across 19 states, collectively operating over 400 restaurants.
- The subject property outperforms the average KFC location with above systemwide AUV sales, ranked number 4 best KFC by FastCompany (Aug 2024), and has a chain ranking in the 97th percentile (101st/3,082) of KFC locations tracked by Placer.ai.
- KFC resides on a signalized corner at the intersection of US 45 and E Sloan St that sees over 20,500 VPD. In and around the intersection, is an array of national retailers including Walmart, McDonald’s, Sonic, Taco Bell, Dairy Queen, Dollar General, and more.
- The neighboring Walmart saw over 2M visits over the last twelve months and is the largest retail building in the City of Harrisburg (185k SF).
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514 S Commercial StHarrisburg, IL 62946
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Listing provided by Revere CRE