Sold

Orlando, FL - Zaxby's

6625 Forest City Road | Orlando, FL 32810

$5,008,000

Price

5.3%

Cap Rate

$265,440

NOI

3,773

± SF Offering GLA

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, drive-thru equipped, freestanding, Zaxby’s investment property located in Orlando, Florida. The tenant, BSBC Chicken LLC has 16-years remaining on their lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features annual 1.25% rental increases throughout the initial term, and continuing into the option periods, steadily growing NOI and hedging against inflation. Rent is approximately 8% of sales and store produces positive EBITDA. Store sales and tenant financials available to qualified buyers under nondisclosure and with provided offer. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. BSBC Chicken LLC is a franchisee and currently has 11 locations in the central Florida area.

Location

The Zaxby’s is located near the signalized, hard corner intersection of Forest City Dr and W Kennedy Blvd with a combined 49,000 vehicles passing by daily. Forest City Dr is a major retail thoroughfare serving the city of Orlando. The asset is complete with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The asset is less than 3 miles northwest of Winter Park Village, a 360,000 square foot shopping mall anchored by Publix, Regal, and REI. In addition, Zaxby’s is located nearby Center of Winter Park, a 206,000 square foot shopping center anchored by HomeGoods and Marshalls. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Neighborhood Market, Whole Foods, CVS Pharmacy, Wawa, 7-Eleven, Chick-Fil-A, and more, further increasing consumer traffic to the site. Strong tenant synergy promotes crossover shopping to the subject property. The 5-mile local trade area is supported by a population of over 268,500 with an average household income of $93,711.

Documents & Links

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Offering Memorandum

Contact

Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215