OFFERING MEMORANDUM - 288 W PLAZA DR MOORESVILLE, NC - Matthews Real Estate ...
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OFFERING MEMORANDUM
Zaxby’s
288 W PLAZA DR
™
MOORESVILLE, NC
™ 2 | Matthews
Contents 4 E X E C U TIV E S U MMA RY 6 P R OP ERTY OV ERV IEW 11 T E N A N T OV ERV IEW 14 A R E A OV ERV IEW E X C L U S I V E LY L I S T E D B Y Ja ke S e ija s Associate J ake.Seijas@matthe ws.co m DI R (310) 919- 57 76 MOB (415) 847 - 0566 LI C # 0197 4332 (CA) Ca lv in S h o r t SVP & Senior Director Calvin.Short@m atthe ws.com DI R (949) 432 - 45 06 M O B (310) 567 - 3525 LI C # 0192 7 2 16 (CA) Ky le Ma t t h e w s Broker of Record LI C # C2 7 093 (NC)
Executive
Summary
The subject property is located in fast growing Mooresville, NC, with the population is expected to grow between 8% - 10%
through 2022. Mooresville’s population grew 102% between 1990-2000 and continued with population growth of 73%
between 2000–2010. The town’s strategic growth and development over the past 30 years has enabled retailers, businesses,
and communities to flourish and become a strong economic contributor to the Charlotte MSA.
In ves t me nt Hi g hl i g hts
• The property is surrounded by several large retail centers, business parks, and car dealerships located off I-77. This drives
traffic to over 40,000 vehicles per day on W Plaza Drive
• Major nearby tenants include Walmart Supercenter, Lowe’s, Target, Sam’s Club, and Food Lion
• LOWE’S, the $69B home improvement retailer, is headquartered in Mooresville and is the largest employer in the town
• Because of Mooresville’s close proximity to the Charlotte Motor Speedway, it is home to over 60 NASCAR teams & racing
businesses and is known as Race City USA
• This location is operated by a growing Zaxby’s Franchisee with operations in the greater Charlotte area. Absolute NNN
lease with 10% rent increases every 5 years & two 5-year options
• The lease is guaranteed by the Zaxby’s businesses, as well as personal guarantees from the owners totaling over $20
million
4 | Matthews
Zaxby’s | Mooresville, NC | 5
Property
Overview
Property Name Address
Zaxby’s 288 W Plaza Dr,
Mooresville, NC 28117
List Price Cap Rate
$3,100,000 5.42%
Year Built Square Footage
2009 ± 3,567
6 | Matthews
Fina ncia l A na l y si s
Annualized Operating Data
Monthly
Annual Rent Rent/SF Cap Rate
Rent
Current - 12/31/2019 $14,000.00 $168,000.00 $47.10 5.42%
1/1/2020 - 12/31/2024 $15,400.00 $184,800.00 $51.81 5.96%
The Offering
1/1/2025 - 12/31/2029 $16,940.00 $203,280.00 $56.99 6.56%
Option 1 $18,634.00 $223,608.00 $62.69 7.21% Property Name Zaxby’s
Option 2 $20,497.40 $245,968.80 $68.96 7.93% 288 W Plaza Dr
Property Address Mooresville, NC 28117
APN 4647-95-9746.000
College Blvd ± 40,116
Site Description
Number of Stories One
Tenant Summary Year Built 2009
Gross Leasable Area (GLA) ± 3,567 SF
Lot Size ± 0.88 Acres (38,333 SF)
Tenant Trade Name Zaxby’s
Parking ± 31 Spaces
Type of Ownership Fee Simple
Parking Ratio 8.69 : 1000
Lease Guarantor Franchisee
Type of Ownership Fee Simple
Lease Type NNN
Landscaping Professional
Roof & Structure Tenant Responsible
Topography Generally Level
Original Lease Term 15 Years
Rent Commencement Date 1/1/2015
Lease Expiration Date 12/31/2029
Term Remaining on Lease ± 11.5 Years
Options 10% Increases
Increases Two, 5-Year Options
Zaxby’s | Mooresville, NC | 7
S u rroundin g Ten an t s
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Subject Property
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8 | Matthews
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Zaxby’s | Mooresville, NC | 9
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10 | MatthewsPa rcel Map
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Zaxby’s | Mooresville, NC | 1 1Tenant Overview 12 | Matthews
Company Name Zaxby’s Franchising, Inc.
No. of Locations ± 800
Headquartered Athens, GA
Web Site www.zaxbys.com
Year Founded 1990
Z a x by’s
Zaxby’s Promise:
“To serve delicious chicken fingers, wings, sandwiches and salads in a fun, offbeat atmosphere where we welcome customers as friends.”
About:
Founded in the 1990s by two childhood friends, Zach McLeroy and Tony Townley, the fast-casual Zaxby’s chicken restaurants pride themselves on being the welcoming
and friendly environment that the founders originally set out to be. The quirky restaurant offers a range of chicken options with names and spices unique to the Zaxby’s
brand.
Geographic Outreach:
Zaxby’s is a privately owned company, headquartered in Athens, GA. Zaxby’s owns about 70 locations, while the remaining locations are franchised. In total there are ±800
Zaxby’s Restaurants in 17 southern states in the United States.
Sponsorships:
In 2014 Zaxby’s announced that they would be the title sponsor of the collegiate post-season game, The Heart of Dallas Bowl, at the historic Cotton Bowl Stadium. The
sponsorship is set to go through the 2017 season with the option to extend the sponsorship for a longer period of time.
Zaxby’s | Mooresville, NC | 1 3Mooresville, NC
Mooresville is located along Lake Norman, in southern
Iredell County. It is a great suburban area, just 30 minutes
outside of Charlotte. The town is best known as the home
of many NASCAR racing teams and drivers. There are also
many racing technology suppliers. Mooresville is nicknamed
"Race City USA," and is home to the Universal Technical
Institute's "NASCAR Technical Institute.
It is also the corporate headquarters of Lowe's Companies.
The most common industries in the area are in retail trade
and manufacturing, with occupations in management and
sales.
D E M OGRAP HI CS
Population 1 Mile 3 Mile 5 Mile
2023 Projection 3,967 37,581 73,598
2018 Estimate 3,661 34,679 67,794
2010 Census 3,184 29,417 57,575
Growth 2018-2023 8.36% 8.37% 8.56%
Households 1 Mile 3 Mile 5 Mile
2023 Projection 1,610 14,499 27,617
2018 Estimate 1,499 13,446 25,538
2010 Census 1,336 11,522 21,875
Growth 2018-2023 7.41% 7.83% 8.14%
Income 1 Mile 3 Mile 5 Mile
2018 Est. Average
$71,140 $90,616 $100,436
Household Income
Area
OverviewCharlotte, NC Charlotte is the largest city in North Carolina and the second largest Banking Center in the country. It is known for being a world-class city through a variety of art, science, and historical attractions, all while retaining its small-town charm. Referred to as the Queen City, Charlotte is the home of NASCAR and the Charlotte Motor Speedway. 90 percent of the NASCAR Sprint Cup Series teams are headquartered within 50 miles of Charlotte. The quality of life enjoyed by residents of Metropolitan Charlotte is an important factor in the tremendous growth of the city and surrounding rural acreage. An undisputed hub for entertainment and culture, the city draws regional audiences to performances and events at the North Carolina Blumenthal Performing Arts Center and other venues. Recreational opportunities are abundant from Atlantic Ocean water and whitewater rafting at the U.S. National Whitewater Center to roller coasters at Carowinds and hiking in one of the many surrounding national parks and reserves.
Economy
Charlotte has become a major U.S. financial center with the third most banking assets after
New York City and San Francisco. The nation’s second largest financial institution by total
assets, Bank of America, calls the city home. Charlotte has become the regional headquarters
for East Coast operations of Wells Fargo, which is headquartered in San Francisco, California. $53,274
Charlotte also serves as the headquarters for Wells Fargo’s capital markets activities including Median Household Income
sales and trading, equity research, and investment banking. Bank of America’s headquarters,
along with other regional banking and financial services companies, are located primarily in
the Uptown central business district. Microsoft’s East Coast headquarters are in Charlotte
as well.
Charlotte has six Fortune 500 companies in its metropolitan area. Listed in order of
their rank, they are Bank of America, Lowe’s in suburban Mooresville, Duke Energy,
Nucor (steel producer), Sonic Automotive and Sealed Air Corp. The Charlotte area
includes a diverse range of businesses, such as Chiquita Brands International, Harris
Teeter, Snyder’s-Lance, Carolina Foods Inc, Bojangles’, Food Lion, Compass Group 4.3%
USA, and Coca-Cola Bottling Co. Consolidated (Charlotte being the nation’s second- Unemployment Rate
largest Coca-Cola bottler); motor and transportation companies such as RSC Brands,
Continental Tire the Americas, LLC., Meineke Car Care Centers, Carlisle Companies
(along with several other services), along with a wide array of other businesses.
Top Employers
2,431,300
Total Population
16 | Matthews Zaxbys | Mooresville-NC | 16C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T
This Of f e r ing Me m o r a n du m co n t a i n s s e l e ct i nform ati on pertai ni ng to the busi ness and affai rs of Zaxby’s located at 288 W Plaza Dr, Mooresville, NC 28117. I t
has b ee n p r ep a r e d by M a t t h e w s Re a l E s t a t e Investm ent Servi c es. Thi s O fferi ng Mem orandum m ay not b e all-in clu s ive or con t ain all of t h e in format ion
a p rosp ec t iv e p ur ch a s e r m a y de s i r e. T h e i n f orm ati on c ontai ned i n thi s O fferi ng Mem orandum i s c on fid en t ial an d fu rn is h ed s olely for t h e pu rpos e of
a revie w b y a p r os p e ct i v e p u r ch a s e r o f t h e P roperty. It i s not to be used for any other purpose or mad e availab le t o an y ot h er pers on wit h ou t t h e
writt en c o ns ent of S e l l e r o r M a t t h e w s Re a l E state Investm ent Servi c es. The m ateri al i s based i n part u pon in format ion s u pplied b y t h e Seller an d in
p art up o n f ina nc ial i n f o r m a t i o n o bt a i n e d f r o m sourc es i t deem s rel i abl e. O wner, nor thei r offi c ers, employees , or agen t s makes an y repres en t at ion
o r w a r r a nt y, ex p r e s s o r i m p l i e d, a s t o t h e ac c urac y or c om pl eteness of thi s O fferi ng Mem orandum or an y of it s con t en t s an d n o legal liab ilit y is
assumed o r s ha ll b e i m p l i e d w i t h r e s p e ct t h e reto. Prospec ti ve purc hasers shoul d m ake thei r own project ion s an d form t h eir own con clu s ion s wit h ou t
relianc e up o n t he m a t e r i a l co n t a i n e d h e r e i n and c onduc t thei r own due di l i genc e.
By a c kno w le d g ing y o u r r e ce i p t o f t h i s O f f e r ing Mem orandum for the Property, you agree:
1. T he Of f er in g M e m o r a n du m a n d i t s co ntents are c onfi denti al ;
2. Yo u w ill hol d i t a n d t r e a t i t i n t h e s t r i c test of c onfi denc e; and
3. Yo u w ill no t , di r e ct l y o r i n di r e ct l y, di sc l ose or perm i t anyone el se to di sc l ose thi s O fferi n g M emoran d u m or it s con t en t s in an y fas h ion or
ma nner d e t r i m e n t a l t o t h e i n t e r e s t o f the Sel l er.
Owne r a nd Ma t t h e w s Re a l Es t a t e In v e s t m e nt Servi c es expressl y reserve the ri ght, at thei r sol e d is cret ion , t o reject an y an d all expres s ion s of
inter est o r o f f e r s t o p u r ch a s e t h e P r o p e r t y a n d to term i nate di sc ussi ons wi th any person or enti ty reviewin g t h is Offerin g M emoran d u m or makin g an
o f f er t o p ur c ha s e t h e P r o p e r t y u n l e s s a n d u n ti l a wri tten agreem ent for the purc hase and sal e of the Propert y h as b een fu lly execu t ed an d d elivered .
If y ou w ish no t t o p u r s u e n e g o t i a t i o n s l e a di n g to the ac qui si ti on of the Property or i n the future you d is con t in u e s u ch n egot iat ion s , t h en you agree
to p ur g e a ll ma t e r i a l s r e l a t i n g t o t h i s P r o p e rty i nc l udi ng thi s O fferi ng Mem orandum .
A p r o s p ec t iv e p ur ch a s e r ’s s o l e a n d e xcl u s i v e ri ghts wi th respec t to thi s prospec ti ve transac ti on, th e Propert y, or in format ion provid ed h erein or in
con ne c t io n w it h th e s a l e o f t h e P r o p e r t y s h al l be l i m i ted to those expressl y provi ded i n an exec u t ed Pu rch as e Agreemen t an d s h all b e s u b ject t o
th e t e r ms t her e o f. In n o e v e n t s h a l l a p r o s p ec ti ve purc haser have any other c l ai m s agai nst Sel l er or M at t h ews Real Es t at e I n ves t men t Services or
any o f t heir a f f ilia t e s o r a n y o f t h e i r r e s p e ct ive offi c ers, Di rec tors, sharehol ders, owners, em pl oyee s , or agen t s for an y d amages , liab ilit y, or cau s es
o f act io n r ela t ing t o t h i s s o l i ci t a t i o n p r o ce s s or the m arketi ng or sal e of the Property.
This Of f e r ing Me m o r a n du m s h a l l n o t be de e m ed to represent the state of affai rs of the Property or con s t it u t e an in d icat ion t h at t h ere h as b een n o
ch ang e in t he s t a t e o f a f f a i r s o f t h e P r o p e r t y si nc e the date thi s O fferi ng Mem orandum .Zaxby’s
288 W PLAZA DR
™
MOORESVILLE, NC
E X C L U S I V E LY L I S T E D B Y
Jake S e ija s C a l vi n Sho r t
Associate SVP & Senior Director
Kyle M atthews
J ake.Seijas @matthe ws.co m Calv in.Sho rt@ ma tthe ws.com Broker of Record
DI R (310) 919- 57 7 6 D IR (949) 432-4506 LIC # C 27093 ( N C )
MOB (415) 847 - 0566 MOB (310) 567 -3525
LI C # 0197 4332 (CA) LIC # 01927216 ( CA )
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