Property Listing No Longer Available for Sale

3020 Memorial Parkway SW, Huntsville, AL

Retail for Sale - $8,342,927 - 54,533 Sq. Ft.


Property Info

CIMLS#61680
Location
  3020 Memorial Parkway SW
  Huntsville AL 35801
UpdatedJuly 23rd, 2008
TypeRetail
Price$8,342,927
Building54,533 Sq. Ft.

Property Description

Huntsville, Alabama is one of the most recognized cities in the Southeast — consistently named as one of the best places to live and work by a variety of national publications. The city is regularly named as a premier location for both business and quality of life. Technology, space, and defense industries have a major presence here with the Army's Redstone Arsenal, NASA's Marshall Space Flight Center, and Cummings Research Park. Home to several Fortune 500 companies, Huntsville also offers a broad base of manufacturing, retail and service industries. The quality of life is second to none — with a variety of educational, recreational, and cultural opportunities.

Retailers in the immediate area include: Lowe's, Wal-Mart, Dillard's, Belk, Dollar General, CVS Pharmacy, IHOP, Subway, Denny's, Cracker Barrel, McDonald's and Applebee's.

Ashley Furniture Industries, one of the nation's largest furniture manufacturers, makes and imports upholstered furniture, as well as leather and hardwood pieces. It has manufacturing plants and distribution centers throughout the country and overseas. Ashley licenses its name to about 275 Ashley Furniture HomeStores located in the US, Canada, and Japan. These stores are independently owned and sell only Ashley Furniture-branded products. Founded by Carlyle Weinberger in 1945, Ashley Furniture is owned by father-and-son duos Ron and Todd Wanek and Chuck and Ben Vogel.

The company has three operating divisions: Ashley Casegoods, Ashley Upholstery, and Millennium. About 40% of the company's furniture is manufactured in Asia (half of that in China). Overall, Ashley maintains 3 million sq. ft. of manufacturing facilities spanning six locations.


Financials

Cap Rate: 8.15%

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

Lease Term: Twenty (20) years

Lease Commencement: June, 2005

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