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AutoZone Ground Lease, San Antonio, TX

AutoZone Ground Lease, San Antonio, TX


Investment Summary

Price $1,500,000
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 8% rental increases during initial term, 10% rental increases during option periods
Year Built 2024
Building Size 7,381 SF
Lot Size 1.041 acres (45,346 SF)
Status Closed
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

Jack Hinson
Brokerage
704.572.9921
j.hinson@cushwake.com
CA RE License #02059267

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
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 2023 was $17.46B
» As of November 2023, AutoZone has 6,316 stores in the U.S., 745 stores in Mexico, and 104 stores in Brazil, for a total store count of 7,165 (187 new stores opened in 2023)

PRIME LOCATION IN NEWLY CONSTRUCTED MIXED-USE DEVELOPMENT
» Prominently located near the signalized intersection of Culebra Road and Talley Road, with visibility and access to more than 62,000 vehicles per day providing exposure to an ideal and consistent customer base
» AutoZone is constructed in a retail center that is adjacent to the Kallison Ranch residential development (350 multi-family units), increasing area traffic and visibility
» Immediately surrounded by 1,500+ new homes and several new residential developments
» Rapidly growing area within Northwest San Antonio – Over 115,498 residents live within five miles of the subject property which is expected to increase by 26% over the next five years, poising San Antonio and AutoZone for steady concurrent growth
» High income area with the average annual household income over $137,000 within five miles of the site (expected to grow more than 10% over the next five years)
» Shares shopping center with top national tenants such as McDonald’s, Public Storage, Burger King, 7 Brew Coffee, Salad and Go, Golden Chick, Dunkin’, and many others

PROXIMITY TO LACKLAND AIR FORCE BASE AND OTHER COMMUNITY HUBS
» Proximity to Lackland Air Force Base and JBSA-Kelly Airfield – Home to multiple Air Force Airlift squadrons and over 46,000 AFB residents
» Gateway to San Antonio (1.4 million residents), the second largest city in Texas and part of San Antonio MSA, home to 2.6 million people and experiencing robust growth
» Property is walking distance to John M. Harlan High School (3,598 students and approx. 190 faculty members), providing consistent traffic
» Short drive away from San Geronimo Airpark, providing increased traffic from aviation related travel and businesses

NEW 2024 CONSTRUCTION IN A TAX-FREE STATE
» 2024 construction built to latest AutoZone prototype (larger-than-typical 7,381-SF building)
» Texas has no state income tax, estate tax, or inheritance tax

Property Description

SOLD

» Adjacent to a multi-use development including the Kallison Ranch residential community development as well as numerous top national retailers such as McDonald’s, Burger King, Circle K, Dunkin’, Papa John’s Pizza, Public Storage, 7 Brew Coffee, Salad and Go, and many others
» The property sits at the signalized intersection of Culebra Road and Talley Road, which sees over 61K combined vehicles per day
» Within walking distance of John M. Harlan High School (3,600 students), further adding to the location’s visibility and traffic access
» In addition to the property’s prime location along high traffic motorways, the surrounding area experiences high income with the average annual household income exceeding $136,200 within one mile of the subject property
» The property is in the vicinity of three schools: John M. Harlan High School, Strauss Middle School, and Henderson Elementary, gaining traffic from students, faculty, and staff as well as student families
» AutoZone is also positioned only 12 miles away from Lackland Air Force Base, which houses over 46,577 servicemen, families, and staff
» The property is located in a quickly growing area of San Antonio, the second-largest city in Texas and one of the most visited cities in Texas with over 34 million visitors annually

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