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Updated: 12.21.23 Posted: 04.10.23 Status: Sold

Summary

Price $2,340,000 $2,400,000
Built/Renov 2022
Tenant Strickland Brothers
Cap Rate 6.16% 6.00%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 1,725
Lease Start 04-06-2023
#Units 85
Price/SF $1,356.52 $1,391.30
Expiration 07-31-2038
Tenant Type Automotive
NOI $144,071
R. Term 13.2
Ownership Fee Simple
Rent/SF $83.52
Increases 10.0%/5/yrs
Pop 5Mi 34,212
Lot/AC 0.74
Options 4/5yrs/10%
AHHI 5Mi $102,347

Lease Highlights

  • Brand-new BTS construction | Grand opening estimated Feb 2023
  • Tenant signed a new 15-year lease with 4 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee by Strickland Enterprises, LLC (85+ units backed)

Location Description

The site is located at the hard corner, signalized intersection of Zierdt Road & Redstone Square Drive. The pad is an outparcel in The Shoppes at Redstone Square, a new Publix-anchored shopping center that has a new McDonald’s, Dutch Bros, and The Learning Experience coming soon. Redstone Square is located in the heart of the fastest growing market in Alabama and at the entrance to the...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Strickland Brothers
  • Guarantor:Corporate
  • Company:Strickland's Enterprises, LLC
  • # Units:85
  • Stock:Private

About Tenant

Strickland Brothers is a fast-growing one-stop shop for oil changes and vehicle maintenance services. The company is well-known for its drive-thru 10-minute oil change, and offers a list of...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 3,990 15,451 41,325
2023 Total Population : 3,827 14,282 39,205
2023 Employed Civilian Pop : 2,196 8,562 22,078
2023 Total Businesses : 22 450 1,492
2023 Average Household Income : $ 173,357 $ 160,297 $ 132,216
2023 Total Consumer Spending : $ 270 M $ 891 M $ 1983 M
2023 Median Age : 34 36 36
2023 Total Households : 1,809 6,475 17,349
2023 Pop Age 25+: Bachelor's Degree : 766 3,370 8,304
2023 Average Home Value : $ 366,153 $ 368,141 $ 346,619
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Zierdt Road Martin Rd SW 2021 16,819 0.19 mi
Zierdt Road Grande View Blvd 2020 16,819 0.19 mi
Martin Road Southwest Mossyleaf Dr SW 2021 8,589 0.88 mi
Martin Road Southwest W Mossyleaf Dr 2019 8,486 1.22 mi
Zierdt Rd Fox Rd 2014 3,680 1.46 mi
Zierdt Road Ashgrove Dr 2020 4,230 1.68 mi
Zierdt Road Barren Fork Blvd SW 2021 4,230 1.68 mi
Kellner Road Southwest Trademark Dr 2021 1,172 1.78 mi
Martin Road Southwest Fowler Rd 2021 9,940 1.99 mi
Trademark Drive Electronics Blvd SW 2014 7,520 2.00 mi

Listing Broker

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