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Harbor Freight Tools, Blue Ridge, GA

Harbor Freight Tools, Blue Ridge, GA


Investment Summary

Price $4,271,000
Cap Rate 6.65%
NOI $284,000
Lease Term 10 years
Lease Type Net lease, with tenant responsible for all taxes, insurance, and maintenance, excluding roof (transferable warranty), structure, and parking lot replacement (tenant responsible for parking lot maintenance)
Rental Increases Approximate 10% rental increases every five (5) years in initial term and option periods
Year Built 2023
Building Size 16,000 SF
Lot Size 1.70 acres (74,052 SF)
Status Available
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 10-YEAR NET LEASE TO STRONG RETAIL TENANT
» New 10-year net lease with option periods, creating a stable, long-term investment
» Scheduled approximate 10% rental increases every five (5) years in initial term and option periods
» Harbor Freight Tools has been named to the 2023 list of Fortune’s Top Ten Best Workplaces in Retail, the only tool retailer to land in the top ten
» One of the fastest-growing companies in retail, Harbor Freight Tools has more than 28,000 Associates and more than 1,400 stores nationwide and additional stores opening every week
» During 2022, the company launched 500+ new tools and products and added 122 new stores

HIGH-VISIBILITY SETTING ALONG U.S. ROUTE 76
» Easily accessible location along U.S. Route 76, a major east-west thoroughfare connecting Tennessee to North Carolina (27,300 AADT)
» Common gateway to Chattahoochee-Oconee National Forests, attracting approximately 3 million annual visitors ($100M+ in annual tourist spending)
» Excellent setting near Blue Ridge Lake, one of the top tourist attractions in the state that welcomes thousands of outdoor enthusiasts during peak seasons
» Beneficial proximity to both the Tennessee/Georgia border and North Carolina/Georgia border

DENSELY POPULATED AND AFFLUENT CUSTOMER BASE WITH EXCELLENT SUBURBAN DEMOGRAPHICS
» 50,875 residents live within 15 miles of the property, providing a reliable customer base for the site (steady 13% increase since 2010)
» High average annual household income of $83,646 within a 10-mile radius of the property
» Projected population and income increases within 5, 10, and 15-mile radii over the next five years poises Harbor Freight Tools and Blue Ridge for steady concurrent growth
» Centrally located between Knoxville, Chattanooga, and Atlanta, allowing the site to capture immense amounts of commuter traffic

NEW 2023 HIGH-QUALITY CONSTRUCTION
» New high-quality 2023 construction built to latest Harbor Freight Tools prototype
» Ample parking on a large 1.70-acre parcel

Property Description

» This Harbor Freight Tools has a high-visibility and easily accessible location along U.S. Route 76, a major east-west thoroughfare connecting Tennessee to North Carolina (27,300 AADT)
» The property is a common gateway to Chattahoochee-Oconee National Forests, attracting approximately 3 million annual visitors ($100M+ in annual tourist spending
» The location features a prime setting surrounded by major national employers, including Walmart Supercenter, The Home Depot, Food Lion, Ingles, Dollar General, CVS, T.J. Maxx, Taco Bell, Popeyes, Arby’s, Wendy’s, Starbucks, Dairy Queen, and many more
» The site greatly benefits from its proximity near Blue Ridge Lake, one of the top tourist attractions in the state that welcomes thousands of outdoor enthusiasts during peak seasons
» 50,875 residents live within a fifteen-mile radius of the site, providing a large and reliable customer base
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Blue Ridge and Georgia for steady concurrent growth

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