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Taco Bell, Florence, AL

Taco Bell

AL, USA

Price $2,081,000
Cap Rate
NOI
Lease Term 24 Years
Lease Type Absolute NNN, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot
Rental Increases 1% Annual Rental Increases
Year Built 2019
Building Size 2,724 SF
Lot Size 0.73 Acres (31,799 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

24-YEAR ABSOLUTE NNN LEASE WITH ANNUAL RENTAL INCREASES
» Operated by Taco Bell’s largest franchisee, with over 350 units
» Absolute NNN lease with no landlord management, providing an ideal investment for an out-of-area investor
» Rare annual rental increases, providing an excellent hedge against inflation
» 2019 build-to-suit property with a dedicated drive-thru and a covered patio

HIGHLY POPULATED LOCATION NEAR DOWNTOWN FLORENCE
» Hard-corner location at the signalized intersection of North Wood Avenue and Indiana Avenue, with 55,542 residents within a five-mile radius
» Nearby access to Helton Drive (26,831 AADT) and Cox Creek Parkway (25,086 AADT), both of which increase traffic to the site
» Projected 13 percent AHI increase within five miles of the site in the next five years, poising Florence for significant growth

STRONG CUSTOMER BASE IN IMMEDIATE AREA
» One mile from the University of North Alabama (both its main campus and its east campus), which boasts over 7,650 students, 365 employees, and a $400M economic impact
» 2.5 miles from North Alabama Medical Center (263 beds and 200+ employees)
» Taco Bell is open later than any on-campus dining options for students
» Across the street from Seven Points Shopping Center and surrounded by a strong mix of national and local retailers
» Central location in the Florence City School District (combined 4,470 students), increasing lunch traffic to the site

MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Taco Bell serves more than 40 million customers each week in the U.S., with annual sales projected to reach $15 billion by 2022
» Voted Best Mexican Restaurant of 2018 in the Harris Poll 2018
» Owned by Yum! Brands, Inc. (over 48,000 restaurants in more than 145 countries and territories)


Property Description

SOLD

The property has a hard-corner location at the signalized intersection of Indiana Avenue and North Wood Avenue, a major economic and retail corridor for Florence, which connects the University of North Alabama campus and Tennessee River front to the State of Tennessee. The site has nearby access to Florence Boulevard (21,355 AADT) and Cox Creek Parkway (19,378 AAHD), both of which increase traffic to the site. The property also benefits from its location in a populous area, with 55,542 residents living within a five-mile radius of the site. The property is primed to grow along with the surrounding area, with a projected 13 percent average annual household income increase within five miles of the location in the next five years.

Increased traffic is also aided by the many surrounding schools and universities, such as the University of North Alabama (7,650 students and 365 employees), which is Alabama’s oldest state certified University. Taco Bell is open later than any on-campus dining options for students, greatly increasing traffic to the site. The University is situated on 130 acres and surrounded by historic neighborhoods. A 2017 study revealed that the University brings an impressive $400M economic impact to the area. The site is 2.5 miles from North Alabama Medical Center (263 beds and 200+ employees) and centrally located in the Florence City School District (combined 4,470 students), increasing lunch traffic to the site.

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