AutoZone Ground Lease,
Jacksonville, FL Investment Summary
| Price | $1,562,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 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% Increase Every Five (5) Years Including Option Periods |
| Year Built | 2023 |
| Building Size | 6,815 SF |
| Lot Size | 2.44 Acres (±106,286 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
NEW 15-YEAR ABSOLUTE NNN GROUND LEASE TO NATIONAL INVESTMENT-GRADE TENANT
» New 15-year absolute NNN ground lease to AutoZone (NYSE: “AZO”)
» Requires no landlord management, ideal for an out-of-area or passive investor
» AutoZone is an investment-grade tenant rated “BBB” by Standard & Poor’s and has been a Fortune 500 company for the past 21+ years
» During the quarter ended November 19, 2022, AutoZone opened 28 new stores in the U.S., opened three stores in Mexico, and four stores in Brazil
» AutoZone’s annual revenue for 2022 was $16.252B, an 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
NEWLY CONSTRUCTED BUILDING ON 2.44 ACRE SITE
» High quality 2023 construction on 2.44 acres
» Located along Normandy Boulevard, a major Jacksonville retail corridor that experiences a traffic count of 31,000 vehicles per day
» One mile from Interstate 295, the suburban beltway loop around Jacksonville metropolitan area (93,500 AADT)
» Excellent proximity to major national tenants such as Walmart Supercenter, Winn-Dixie, CVS, Walgreens, Publix Super Market, Whataburger, Advance Auto Parts, and many more
» Beneficial proximity to surrounding schools including Edward H. White High School (1,462 students), Joseph Stilwell Military Academy of Leadership (750 students), and Trinity Christian Academy (1,116 students)
DENSELY POPULATED AND GROWING RETAIL CORRIDOR
» 161,130 residents live within five miles of the property, creating an extremely large customer base for the site
» Well-positioned in a robust community, with an average annual household income of $86,393 within a one-mile radius
» AutoZone and Jacksonville are poised for steady concurrent growth with the average annual household income expected to increase by more than 24% within a 1-, 3-, and 5-mile radii over the next five years
Property Description
Sold
» This AutoZone is located along Normandy Boulevard, a major Jacksonville retail corridor which experiences a traffic count of 31,000 vehicles per day
» The site is one mile from Interstate 295, the suburban belt-way loop around Jacksonville metropolitan area (93,500 AADT)
» The site maintains proximity to major national tenants such as Walmart Supercenter, Winn-Dixie, CVS, Walgreens, Publix Super Market, Whataburger, Advance Auto Parts, and many more
» 161,130 residents live within five miles of the property, creating an extremely large customer base for the site
» Well-positioned in a robust community with an average annual household income of $86,393 within a one-mile radius
» The average household income expected to grow by more than 24% within a 1-, 3-, and 5-mile radii over the next five years supporting AutoZone and Jacksonville’s steady and concur-rent growth
» The property is centrally located within Jacksonville’s primary suburban epicenter, allowing for ideal visibility
