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Harbor Freight Tools, Covington, GA

Harbor Freight Tools, Covington, GA


Investment Summary

Price $3,677,000
Cap Rate 6.65%
NOI $244,500
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 option periods
Year Built 2024
Building Size 15,000 SF
Lot Size 3.86 acres (168,142 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

2024 CONSTRUCTION 10-YEAR CORPORATE NET LEASE WITH SCHEDULED RENTAL INCREASES
» New 10-year net lease with five (5) five-year option periods, creating a stable, long-term investment
» Scheduled approximate 10% rental increases every five (5) years in 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 LOCATION SURROUNDED BY MISSION CRITICAL INDUSTRIAL SPACE
» High-visibility and easily accessible location near the signalized four-way intersection of
State Route 36 and U.S. Route 278 (combined 56,000 AADT)
» The property is immediately surrounded by mission critical industrial space
» Trophy location just south of Interstate 20, a major east-west route traversing the entirety of
Georgia that allows the site to capture significant commuter traffic (80,000 AADT)
» Prime setting two miles from Covington Town Center, a new 180-acre mixed-use development including a medical office building, 350 apartment units, 270 townhomes, and a 175,000-SF retail center anchored by Publix
» Upon completion, Covington Town Center will attract an estimated 34,000 unique visits per day
» One mile from Piedmont Newton Hospital (739 employees), the second-largest employer in Covington

DENSELY POPULATED AND GROWING ATLANTA SUBURB WITH EXCELLENT DEMOGRAPHICS
» 273,956 residents live within fifteen miles of the property, providing an extremely large customer base for the site
» Excellent average annual household income of $98,908 within a fifteen-mile radius of the site
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Harbor Freight Tools and Covington for steady concurrent growth
» Gateway to Downtown Atlanta, the most populous city in Georgia (498,715 residents), and part of the ninth-largest metro area in the U.S. (over six million people)

NEW 2024 CONSTRUCTION IN BUSINESS-FRIENDLY LOCATION
» New high-quality 2024 construction built to latest Harbor Freight Tools prototype
» Georgia’s business climate has been ranked #1 in the nation for the 8th consecutive year by Site Selection
» Area Development ranked Georgia the top state for doing business for the 7th year in a row

Property Description

» This Harbor Freight Tools has a high-visibility and easily accessible location near the signalized four-way intersection of State Route 36 and U.S. Route 278 (combined 56,000 AADT)
» The property is just south of Interstate 20, a major east-west route traversing the entirety of Georgia that allows the site to capture significant commuter traffic (80,000 AADT)
» The location features a prime setting two miles from Covington Town Center, a new 180-acre mixed-use development including a medical office building, 350 apartment units, 270 townhomes, and a 175,000-SF retail center anchored by Publix
» The site greatly benefits from its proximity one mile from Piedmont Newton Hospital (739 employees), the second-largest employer in Covington
» 273,956 residents live within a fifteen-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Harbor Freight Tools and Covington for steady concurrent growth

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