AutoZone Ground Lease,
Charlotte, NC Investment Summary
| Price | $2,192,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 20 Years |
| Lease Type | Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
| Rental Increases | 7% Rental Increases In Year 11, 20, And All Option Periods |
| Year Built | 2022 |
| Building Size | 7,380 SF |
| Lot Size | 0.91 Acres (39,639 SF) |
| Status | Sold |
| 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
LONG-TERM ABSOLUTE NNN GUARANTEED GROUND LEASE TO NATIONAL TENANT
» 20-year absolute NNN ground lease to AutoZone (NYSE: “AZO”)
» New 2021 construction featuring latest AutoZone store prototype
» Absolute NNN ground lease requires no landlord management, ideal for an out of area investor
» No landlord management, ideal for an out of area investor
HIGH-TRAFIFIC LOCATION IN DENSELY POPULATED AND GROWING AREA
» Located at the intersection of Brookside Lane and North Tryon Street (61,300 AADT), a main north/south arterial and commuter corridor for Charlotte
» Directly adjacent to Charlotte’s Blue Line Light Rail ($1.6B project running from I-485 to downtown Charlotte)
» Dynamic retail location between two highly trafficked thoroughfares – I-85 (156,000 AADT) and University City Boulevard (53,800 AADT)
» Dense five-mile population of 209,827 residents and five-mile AHHI of $68,931 (both expected to grow significantly within next five years)
» Surrounded by dense neighborhoods and student housing developments for University of North Carolina at Charlotte
CENTRAL LOCATION NEAR LARGE RETAILERS AND COMMUNITY HUBS
» 1.5 miles from University of North Carolina at Charlotte campus (30,000+ students and 3,000+ faculty) and surrounded by several other schools
» Dynamic retail location surrounded by national tenants such as IKEA, Walmart Supercenter, Hobby Lobby, Ulta, Marshalls, Burlington, TJ Maxx, Home Depot, Target, TopGolf, and countless others
» Two miles from the 150-acre, 2 million square foot Wells Fargo Customer Information Center (9,000+ employees)
» One mile from Atrium Healthy University Center (130-bed acute care hospital)
» Surrounded by numerous new developments including retail, residential/student housing, industrial, and schools, creating further traffic drivers for the site
Property Description
SOLD
The property is located at the intersection of Brookside Lane and North Tryon Street, a main north/south arterial and commuter corridor for Charlotte, which experiences a high traffic count of 61,300 vehicles per day. The AutoZone is also dynamically situated between two highly trafficked thoroughfares, I-85 (156,000 AADT) and University City Boulevard (53,800 AADT), and is strategically surrounded by national tenants such as IKEA, Walmart Supercenter, Hobby Lobby, Ulta, Marshalls, Burlington, TJ Maxx, Home Depot, Target, TopGolf, and countless others.
With a dense five-mile population of 209,827 residents and a five-mile AHHI of $68,931 (both expected to grow significantly within next five years), the site benefits from dense neighborhoods and student housing developments for University of North Carolina at Charlotte. Located only 1.5 miles from University of North Carolina at Charlotte campus (30,000+ students and 3,000+ faculty), the site is surrounded by several other schools, providing major traffic drivers for the property. Moreover, the site is one mile from Atrium Healthy University Center, a 130-bed acute care hospital, and is also surrounded by numerous new developments including retail, residential/student housing, industrial, and schools, creating further traffic drivers for the site.
