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Harbor Freight Tools, San Marcos, TX

Harbor Freight Tools, San Marcos, TX


Investment Summary

Price $5,841,000
Cap Rate 6.00%
NOI $350,450
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 2023
Building Size 16,088 SF
Lot Size 1.96 acres (85,378 SF)
Status Available
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 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 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 A MAJOR Texas THOROUGHFARE
» Easily accessible location along I 35 Frontage Road with an additional access point from Gregsons Bend
» High-visibility from Interstate 35 (143,995 AADT), a major north-south Texas thoroughfare extending from the Texas-Mexico border and passing through San Antonio, Austin, and Dallas
» Excellent proximity to the San Marcos Outlet Malls (combined 240+ stores and 1.2 million SF of retail space), one of the top tourist attractions in the state that welcomes 14 million annual shoppers and triple the population of San Marcos during peak seasons
» Surrounded by high-density single-family housing developments

DENSELY POPULATED AND AFFLUENT CUSTOMER BASE WITH EXCELLENT SUBURBAN DEMOGRAPHICS
» 45,064 residents live within five miles of the property, providing a reliable customer base for the site
» Excellent average annual household income of $116,435 within a one-mile radius of the property
» The nearby Kissing Tree (1,300-acre master planned, gated retirement community with an estimated 3,000 homes) and Alta Center Point (330 apartment homes) communities will prove to be a dependable source of affluent customers for this Harbor Freight Tools
» Centrally located between San Antonio (2,454,000 population) and Austin (2,228,000 population), 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 1.96-acre parcel

Property Description

» Exceptional Visibility and Access: This Harbor Freight Tools has an easily accessible location along I 35 Frontage Road and high-visibility from Interstate 35, a major north-south Texas thoroughfare (143,995 AADT)
» Ideally Set Near A Major Retail Center: The property is surrounded by notable tenants, namely the San Marcos Premium Outlet and Tanger Outlets San Marcos, creating significant crossover shopping
» Beneficial Proximity to Densely-Populated Communities: The site greatly benefits from its proximity to high-density communities and housing developments such as the Kissing Tree retirement community as well as the Alta Center Point, Centro35, Millbrook Park, McCarty Commons (249 units), and Millbrook Commons (88 units) communities
» Large and Reliable Customer Base: 45,064 residents live within a five-mile radius of the site, while an excellent average annual household income of $116,435 within a one-mile radius of the property provides an affluent demographic
» Excellent Retail Option for Nearby Employers: Two of the city’s largest employers – San Marcos Outlet Malls and Amazon Fulfillment Center (5,000 employees) – are only minutes away from this site

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