Property Listing No Longer Available for Sale

618 Highland Avenue, Selma, AL

Retail for Sale - $2,000,000 - 3,900 Sq. Ft. on 0 acres


Property Info

CIMLS#44214
Location
  618 Highland Avenue
  Selma AL 36701
UpdatedSeptember 14th, 2008
TypeRetail
Price$2,000,000
Building3,900 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.

The City of Selma was founded in 1820 along the banks of the Alabama River in Dallas County, Alabama, of which it is the county seat. This historic city boasts the largest historic district in Alabama, with many of it’s over 1200 structures dating back to the 1800's. Antebellum and Victorian homes now house specialty shops, museums, restaurants and offices. Visitors from all over the world come to visit sites throughout the community including four museums, Civil War sites and Voting Rights landmarks, the famous Edmund Pettus Bridge and the Selma to Montgomery National Historic Trail. Today, the city and county have a diversified industrial and business base and is home to some 100 manufacturing facilities, employing over 17,000 workers. Selma is located approximately 51 miles form Montgomery, AL. Retailers in the immediate area include: Dollar General, Maxway, Goody's Family Clothing, Rite Aid, CVS, Wachovia Bank, McDonald's, Wendy's, Burger King, Pizza Hut, Taco Bell, Sonic Drive-In, Popeye's Chicken & Biscuits, Hardee's, Captain D's Seafood, KFC and Subway.

Lease Type: Net, Net, Net Lease. No Landlord responsibilities.

Lease Term: Twenty (20) years

Lease Commencement: November, 2007

Lease Renewal Options: Four (4) Five (5) year options with 3% annual increases.


Financials

Cap Rate: 8.25%