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AutoZone, Holly Springs, NC

AutoZone, Holly Springs, NC


Investment Summary

Price $3,152,000
Cap Rate 5.35%
NOI $168,588
Lease Term 20 Years
Lease Type Net Lease, With Tenant Responsible For All Taxes, Insurance, and Maintenance, Excluding Roof And Structure
Rental Increases 8% Rental Increases Every 10 Years In Initial Term And Every Five (5) Years In Option Periods
Year Built 2023 (Retrofit of Former Rite Aid)
Building Size 11,430 SF
Lot Size 2.12 Acres (92,347 SF)
Status Under Contract
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

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

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

Investment Highlights

NEW 20-YEAR NET LEASE TO INVESTMENT-GRADE AUTO TENANT
» New 20-year net lease with 8% rental increases throughout initial term and option periods
» AutoZone is an investment-grade national tenant (NYSE: “AZO”) and has been a Fortune 500 company for the past 21 years
» Exceptionally large parcel (2.12 acres) and building (11,430 SF) for AutoZone
» AutoZone’s annual revenue for 2022 was $16.252B, a 11.09% increase from 2021
» As of November 19, 2022, AutoZone has 6,196 stores in the U.S., 706 in Mexico, and 76 in Brazil for a total store count of 6,978

HARD-CORNER LOCATION NEAR MAJOR COMMUNITY HUBS AND TRAFFIC DRIVERS
» Signalized hard-corner property at the intersection of North Main Street and West Holly Springs Road (29,000 AADT)
» Trophy location between U.S. Route 1 and U.S. Route 401, allowing the site to capture significant commuter traffic (combined 75,500 AADT)
» Excellent proximity to major national tenants such as Walmart Supercenter, Target, Lowe’s Home Improvement, Harris Teeter, AMC, Chick-fil-A, and many more
» Beneficial proximity to major North Carolina recreational hubs, including Harris Lake County Park and Jordan Lake State Recreation Area, the second-most frequented park in North Carolina’s state parks system

DENSELY POPULATED AND GROWING NORTH CAROLINA CITY WITH EXCELLENT SUBURBAN DEMOGRAPHICS
» 218,544 residents live within five miles of the property, a 31% increase since 2010
» Located in an affluent community, the average annual household income within a five-mile radius is $104,689
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise AutoZone and Holly Springs for steady concurrent growth
» The property is centrally located within Holly Springs’ primary suburban epicenter, allowing for ideal visibility
» 15 miles from Downtown Raleigh and North Carolina State University ($6.5B annual economic impact, 34,015 students)

Property Description

» This AutoZone has a signalized hard-corner location at the intersection of North Main Street and West Holly Springs Road (29,000 AADT)
» The property is centrally located between U.S. Route 1 and U.S. Route 401, allowing the site to capture significant commuter traffic (combined 75,500 AADT)
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Target, Lowe’s Home Improvement, Harris Teeter, AMC, Chick-fil-A, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity to major North Carolina recreational hubs, including Harris Lake County Park and Jordan Lake State Recreation Area, the second-most frequented park in North Carolina’s state parks system
» 218,544 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise AutoZone and Holly Springs for steady concurrent growth

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