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Firestone Complete Auto Care, Foley, AL

Firestone Complete Auto Care, Foley, AL


Investment Summary

Price $4,130,000
Cap Rate
NOI
Lease Term 15 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 5% rental increases every five (5) years
Year Built 2023
Building Size 6,261 SF
Lot Size 1.08 acres (47,239 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

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY
» Lease backed by Bridgestone Retail Operations, LLC (2,200-unit industry leading operator)
» Bridgestone Retail Operations, LLC is a wholly owned subsidiary of Bridgestone Americas Inc., the world’s largest tire and rubber product manufacturer
» Bridgestone/Firestone is rated “A” by S&P
» 5% rental increases every five years
» Absolute NNN lease requires no landlord management – ideal for an out-of-area investor
» New 2023 construction built to latest Firestone prototype

HIGH-VISIBILITY LOCATION POISED FOR GROWTH
» Prominent location along South McKenzie Street with excellent visibility and access to 41,910 vehicles per day
» Surrounded by many single and multi-family developments including Park Place at Foley Apartments (144 units), Ashford Park (279 home lots), Alison Pointe (256 units), and Sevilla Place Apartments (120 units), providing a regular customer base for the site
» Average five-mile annual household income of $73,051 and expected to grow over 13% by 2028
» 42,953 residents within a five-mile radius (50+% growth since 2010)
» Conveniently located five miles from Foley Municipal Airport and 6.4 miles from Gulf Shores International Airport at Jack Edwards Field
» Central location 32 miles from Pensacola, Florida (53,678 population) and 40 miles from Mobile, Alabama (186,833 population)

DENSE RETAIL CORRIDOR NEAR LARGE SCHOOLS, HOSPITALS, AND AREA ATTRACTIONS
» Within a dense retail corridor near Tanger Outlets Foley (over 120 stores and 600,000 SF retail)
» Surrounded by major national tenants such as Walmart Supercenter, Publix, ALDI, The Home Depot, Lowe’s Home Improvement, and numerous others, promoting crossover traffic
» Walking distance from Foley Highschool (1,650 students) and Florence Mathis Elementary School (804 students)
» Minutes from South Baldwin Regional Medical Center (112 beds, 706 employees), the third-largest employer in Foley
» Less than 3 miles from OWA Parks & Resort (a 520-acre family fun destination) and Foley Sports Tourism Complex (an outdoor sports complex and indoor events center ideal for year-round play)
» Less than 6 miles from Columbia Southern University (18,533 students) and Coastal Alabama Community College: Gulf Shores Campus (7,065 students), increasing traffic in the area

Property Description

SOLD

» Excellent Visibility: Located near the signalized intersection of County Road 20 West and South McKenzie Street with access to more than 41,910 vehicles per day
» Surrounded By Single and Multi-Family Developments: Located within 1 mile of communities such as Park Place at Foley Apartments (144 units), Ashford Park (279 home lots), Alison Pointe (256 units), Sevilla Place Apartments (120 units), and the newly constructed Greenbrier and Aberdeen communities, providing a regular customer base for the site
» Beneficial Proximity to Schools: The site is 2.8 miles from
Fortis College (434 students) and less than 6 miles from Columbia Southern University (18,533 students) and Coastal Alabama Community College: Gulf Shores Campus (7,065 students)
» Dense Retail Corridor: This Firestone is within walking distance of Tanger Outlets Foley (120+ stores and 600,000 SF of retail space) and is immediately surrounded by major national tenants such as Walmart Supercenter, Publix, ALDI, The Home Depot, Lowe’s Home Improvement, and numerous others, promoting crossover traffic to the location
» Convenient Location Near Popular Area Attractions: OWA Parks & Resort (520-acre family fun destination) is just 2.4 miles from the property, increasing traffic in the surrounding area
» Poised to Serve Growing Suburb: 42,593 residents live within five miles of this site, supported by an average household income of $73,051 (projected to increase 13+% by 2028)

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