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 | Available |
| 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
