Property Listing No Longer Available for Sale

5520 McFarland Boulevard, Northport, AL

Retail for Sale - $1,995,181 - 3,495 Sq. Ft. on 0 acres


Property Info

CIMLS#37109
Location
  5520 McFarland Boulevard
  Northport AL 35476
UpdatedApril 5th, 2008
TypeRetail
Price$1,995,181
Building3,495 Sq. Ft.
Land0 acres

Property Description

Zaxby's operates and franchises more than 350 fast-casual Zaxby's chicken restaurants in Georgia and about 10 other Southern states, of which 80 % are owned by franchisees. The restaurants are located in Georgia, South Carolina, North Carolina, Florida, Alabama, Mississippi, Louisiana, Arkansas, Tennessee, Virgina and Kentucky. Zaxby's is the third fastest growing franchise in its category and continues to pursue an aggressive expansion plan, with a goal of having 1,000 stores by the end of 2008. Its kitschy, memorabilia-themed restaurants offer creatively-named chicken dishes, such as Chicken Fingerz, Zalads, Big Zax Snak, Zappetizers, and Buffalo Fingerz with Zax sauce. The chain also serves chicken with other types of sauces named for their spiciness threshold, from Wimpy to Insane to Tongue Torch. CEO Zach McLeroy and CFO Tony Townley started the chain in 1990.

Northport was incorporated as a municipality in Alabama in 1871 and; therefore, has a long history in Alabama. Northport has several attractions for visitors which include the annual Kentuck Festival and Kentuck Art Museum along with the annual Dickens Downtown Festival. Northport is located approximately 5 miles from Tuscaloosa, AL and 57 miles from Birmingham, AL. Northport is directly adjacent to the larger city of Tuscaloosa, Alabama, and many residents work in Tuscaloosa or other parts of Tuscaloosa County. Although the two cities do share a land boundary, much of their boundary (and historically all of the boundary) is the Black Warrior River.

Some other developments currently taking place include: a new Federal building in downtown, construction at University Mall on McFarland Boulevard has begun, site preparations for the Midtown Project proceed, a major bank is putting the finishing touches on its new downtown headquarters, other bank main offices move toward completion across the Black Warrior River, a new Lowe’s Home Center on Highway 82 in Northport, a major condominium development on Veterans Memorial Parkway and soon schematics for two other large condominium developments downtown will jump off the drawing boards and take life.

Retailers in the immediate area include: Wal-Mart Supercenter, Lowes, Food Max, Dollar General, Taco Casa, Subway, Hardee's, Captain D's Seafood, McDonald's, Burger King and Bayou Seafood & Spice Market.

Lease Type: Net, Net, Net Lease.

Lease Term: Twenty (20) years

Lease Commencement: October, 2007

Lease Renewal Options: Four (4) Five (5) year options


Financials

Cap Rate: 8.30%