Investment Summary
Price | $2,565,000 |
Cap Rate | |
NOI | $151,969 |
Lease Term | 15 Years |
Lease Type | NNN, with Tenant Responsible for All Taxes, Utilities, Insurance, and Maintenance, Including Roof and Structure |
Rental Increases | 1.25% Annual Rental Increases |
Year Built | 2017 |
Building Size | 3,886 SF |
Lot Size | 1.53 Acres (66,473 SF) |
Status | Sold |
Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Cushman and Wakefield Inc. LIC. # 00616335 This property is listed in conjunction with Kentucky-licensed real estate broker Cushman & Wakefield, Inc. |
Investment Highlights
LONG-TERM NNN LEASE WITH CORPORATE GUARANTY
» 15-year NNN lease to Bojangles’ Restaurants, Inc. (NASDAQ: “BOJA”)
» More than 700 locations and over $1.2 billion in system-wide sales in 2016
» Annual rental increases, providing an excellent hedge against inflation
» NNN lease requires no landlord management, ideal for an out-of-area investor
EXCELLENT COMMUTER LOCATION ON HIGH-TRAFFIC THOROUGHFARE
» Excellent access and visibility to 30,839 vehicles per day on South Dixie Boulevard, the main route between Fort Knox and Elizabethtown, the region’s two largest employment centers
» Located just off of a signalized intersection in a convenient, easily accessible location that caters to commuter traffic
» New construction featuring dedicated drive-thru, providing additional customer convenience and boosting sales revenue
CLOSE PROXIMITY TO LARGE EMPLOYERS AND REGIONAL ATTRACTIONS
» Minutes from Fort Knox, Hardin County’s largest employer and the economic engine of the region, with a population of 44,363 soldiers, family members, and civilian employees
» Within walking distance of Radcliff’s second largest employer, Cardinal Health, with 475 employees
» Near Boundary Oak Distillery, which draws more than 250,000 visitors to the area each year
PRIME LOCATION IN RAPIDLY GROWING MARKET
» Radcliff is the second largest city in Hardin County, with the city’s population growing tremendously in recent years
» In the past decade, the Elizabethtown MSA has been among the fastest growing MSAs in the country and continues to welcome thousands of new residents every year
» The Elizabethtown MSA led Kentucky metropolitan areas in GDP growth between 2009 and 2012 and has made exciting gains in per capita personal income
Property Description
SOLD
The property is located just off the signalized intersection of South Dixie Boulevard and East Vine Street, with excellent visibility and access to 30,839 vehicles per day. The property is strategically positioned to capture commuter traffic, as South Dixie Boulevard is the main route between Fort Knox and Elizabethtown, the two largest employment centers in the area. Fort Knox, which is located just over three miles from the property, is Hardin County’s largest employer and has a population of 44,363 soldiers, family members, and civilian employees. The property is also located less than a mile from Radcliff’s second largest employer, Cardinal Health, which employs over 475 people at its Radcliff customer service center. Additionally, Boundary Oak Distillery, located just over three miles south of the property, draws more than 250,000 visitors to the area each year.
Several large shopping centers and national tenants are located near the property. The property is directly adjacent to Walgreens and Captain D’s, with several notable tenants in the surrounding area, including Domino’s Pizza, Ford, Taco Bell, Mitsubishi, Burger King, Sprint, and many others. Walmart Supercenter is located just one mile north of the property, adjacent to a shopping center featuring Dollar Tree, Sally Beauty Supply, Great Clips, and GameStop. Radcliff Square, located within walking distance of the property, is anchored by Ollie’s Bargain Outlet and Orschlen Farm & Home and includes other noteworthy tenants such as Snap Fitness and Family Dollar. The property is also close to Gateway Crossings, a new shopping center that opened in January 2016. Gateway Crossings is anchored by Walmart Neighborhood Market; additional business in the center include McDonald’s, Holiday Inn Express, Candlewood Suites, Hampton Inn, Marriott, and several others.