NNN ** 8% Cap Rate ** Zaxby’s Real Chicken ** North Carolina location ** 20 year lease
Zaxby’s founders Zach McLeroy and Tony Townley looked around their community and saw plenty of fast food or sit-down dining options, but felt something was missing. They decided to provide the freshest chicken fingers and Buffalo wings in town. That hatched a simple idea to create a fun atmosphere where food quality is of the utmost importance. In 1990, they opened the first Zaxby’s in Statesboro, Ga. The concept, one of the early ″quick-casual″ restaurants, proved successful.
McLeroy and Townley opened four more restaurants, and in 1994, they began to franchise the brand. The food and service was so popular, the Athens, Ga.-based chain has boomed to more than 395 units in 10 Southeastern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee and Virginia) and continues to grow.
Built 2013 (under construction)
Base Lease Term – 20 years
Rent increases – 2% annually
Lease Type – NNN
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* Please note, no co-brokerage is currently offered on this presentation.