PRICE : | $3,485,000 |
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CAP RATE: | 6% |
PROPERTY TYPE: | Retail |
SITE SIZE: | 1.06 Acres |
BUILDING SIZE: | 3,159 SF |
YEAR BUILT: | 2001 |
This NNN Zaxby’s is located in the Brentwood area of the Nashville MSA, known for its food, country music and an outstanding medical center. As an outparcel to a Kroger center, the ± 3,159 SF Zaxby’s has the new “farmhouse” proto-type design, and currently services in-store, take-out and drive-thru guests in the COVID-19 environment. The store is perched high on an extremely visible ±1.06-acre parcel near the signalized corner of Old Hickory Blvd and Edmonson Pike. Nearby traffic counts on this busy retail corridor are 38,515 VPD. In addition to Kroger, other neighboring national retailers include Publix, McDonald’s, Wendy’s, Walgreens, Starbucks, Walmart Neighborhood Market, Taco Bell, Bojangles’, Verizon and more. Within three miles of this vibrant location, the population is over 62,555 with an average household income in excess of $84,774. Additionally, there are almost 40,000 employed workers within the three-mile radius.
Zaxby’s opened this location in 2016 with a 20 year absolute NNN lease that has 15 years remaining, running through January 14, 2036. There are generous rent increases of 10% every 5 years in the initial term with 4 option periods that have rent increases tied to fair market rents. There are over 900 Zaxby’s in 17 states of which 85% of the locations, including this one, are licensed to experienced operators. This operator has 4 locations in the Nashville area and is a strong guarantor. In April, Zaxby’s corporate sold approximately 60% of its’ interest to Goldman Sachs. Plans are to continue to expand nationally while bringing the service levels, unique “prepared to order” food, convenience, and value to more guests.