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Harbor Freight Tools, Carrollton, GA

Harbor Freight Tools, Carrollton, GA


Investment Summary

Price $4,164,845
Cap Rate
NOI
Lease Term 15 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
Year Built 2023
Building Size 19,714 SF
Lot Size 2.28 acres (99,317 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 NET LEASE WITH SCHEDULED RENTAL INCREASES TO STRONG RETAIL TENANT
» New 15-year net lease with option periods, creating a stable, long-term investment
» Harbor Freight Tools is one of the nation’s fastest-growing retailers with over 1,300 stores nationwide, over 23,000 employees, and more than 40 million customers
» Scheduled rental increases every five years, providing a hedge against inflation

PRIME RETAIL LOCATION IN A BUSY COMMERCIAL CORRIDOR WITH ACCESS TO OVER 61K DAILY VEHICLES
» High-visibility location with access to a combined 61,500 vehicles per day along Highway 166 South Bypass and US Highway 27, providing easy access for customers
» Located on South Park Street, a major thoroughfare and retail district in Carrollton attracting a large volume of customers to the property
» Ample parking on site and immediately neighbored by Roadway Inn Carrollton Georgia (91 rooms), Hotel Casa by Arya (56 rooms), and Firehouse Subs/Dunkin’
» Minutes from the Tanner Medical Center/Carrollton (181 beds) and the University of West Georgia, (over 13,000 students and faculty members)
» One mile from Southwire Company, LLC company headquarters (over 1.2 million square feet of space, including office, manufacturing, and distribution facilities)
» Carrollton has several industrial parks, including the Carrollton Industrial Park and the West Georgia Business Park which are home to a variety of manufacturing and distribution companies, which could create a demand for tools and equipment sold at Harbor Freight

GROWING CITY WITHIN THE POPULOUS ATLANTA METRO
» 44,374 residents within a five-mile radius (9% growth since 2010)
» Carrollton has experienced over 16% growth in population since 2010
» $94,691 average annual household income within one mile of the site (14% projected growth by 2028)
» Well-positioned in a growing community with a diverse range of industries and businesses, including construction, manufacturing, and automotive repair
» According to the US Bureau of Economic Analysis, home improvement and hardware stores were among the top retail categories in Carrollton in 2020, with residents spending approximately $22 million out of a total retail spending of $245 million
» According to the United States Census Bureau, approximately 58.5% of housing units in Carrollton, Georgia was built before 2000

Property Description

SOLD

» The property is located only one mile away from the Southwire Company, LLC headquarters, which occupies over 1.2 million square feet of space, making it an excellent location for businesses that cater to industrial and manufacturing workers
» The property is supported by a population of 44,374 within five miles after a 16% growth since 2010 and is situated in Carrollton, a growing city and suburb within the populous Atlanta Metro area
» The average annual household income within one mile of the site is $94,691 and is projected to grow 14% by 2028, making it an ideal location for businesses that cater to high-income earners
» The property is situated in a growing community with a diverse range of industries and businesses, including construction, manufacturing, and automotive repair, making it an excellent location for businesses that cater to these industries
» Home improvement and hardware stores were among the top retail categories in Carrollton in 2020, with residents spending approximately $22 million out of a total retail spending of $245 million, which is an excellent opportunity for businesses in this category
» Approximately 58.5% of housing units in Carrollton, Georgia, were built before 2000, indicating a need for businesses that cater to homeowners who may require renovation, remodeling, or repair services

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