O’Reilly Auto Parts,
Lehigh Acres, Florida Investment Summary
| Price | $2,439,000 |
| Cap Rate | 5.50% |
| NOI | $135,384 |
| Lease Term | 20 Years |
| Lease Type | Net, with Tenant Responsible for Taxes, Insurance, and Maintenance, Excluding Roof and Structure |
| Rental Increases | 6% Rental Increases in Year 11 and at the Beginning of Each Option Period |
| Year Built | 2018 |
| Building Size | 7,225 SF |
| Lot Size | 1.50 acres (65,251 SF) |
| Status | Sold |
| Lead Brokers | Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 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 Florida-licensed real estate broker Cushman & Wakefield, Inc. |
Investment Highlights
NEW 20-YEAR NET LEASE TO INVESTMENT GRADE TENANT
» 20-year corporate lease to investment grade tenant rated “BBB” by S&P
» O’Reilly Auto Parts (NASDAQ: “ORLY”) operates 5,190 stores in 47 states and has annual sales of $8.98 billion
» New 2018 construction with upgraded exterior
HIGH-TRAFFIC AREA
» 37,500 vehicles per day directly in front of the property on Lee Boulevard
» Lee Boulevard provides convenient access to Interstate 75—a major freeway connecting the Fort Meyers area to other population centers like Fort Lauderdale, Miami, and Tampa—which has a high traffic count of 93,000 vehicles per day
CENTRAL LOCATION WITH SOLID RESIDENTIAL CUSTOMER BASE
» Near major national and regional retailers
» Close to Lehigh Senior High School (2,500 students), one of the largest high schools in Lee County
» Minutes from multiple community parks, golf courses, and other recreational areas
» Surrounded by dense residential neighborhoods, providing a large customer base
STRONG FORT MEYERS/LEE COUNTY MARKET
» Fort Meyers is the center of a popular tourist area in Southwest Florida
» The Fort Meyers MSA is visited by approximately 5 million people each year
» Fort Meyers’ Southwest Florida International Airport (RSW) serves approximately 9.3 million passengers per year and is one of the top 50 U.S. airports for passenger traffic
» Visitor spending in Lee County for 2017 totaled nearly $3.1 billion
» Record-setting 116.5 million visitors traveled to Florida in 2017, an increase of 3.6% over 2016
» Florida has set a new record for the number of visitors each year for the past eight years
» Florida has seen a nearly 50% increase in the number of tourists over the last seven years
Property Description
SOLD
The property is located at the intersection of Lee Boulevard and Lee Street, with excellent visibility and access to 37,500 vehicles per day directly in front of the property on Lee Boulevard. Lee Boulevard provides convenient access to Interstate 75—a major freeway connecting the Fort Myers area to other population centers like Fort Lauderdale, Miami, and Tampa—which has a high traffic count of 93,000 vehicles per day near the property. Lee Boulevard serves as Lehigh Acres’ main commercial thoroughfare, and the property is near several major national and regional retailers, including Family Dollar, Publix, Walmart Supercenter, Dollar Tree, CVS, Dunkin’ Donuts, AT&T, 7-Eleven, Winn-Dixie, Walgreens, Wawa, and more.
The property is centrally located and benefits from a robust residential customer base. Many schools are located nearby, including Varsity Lakes Middle School (1,050 students) and Lehigh Senior High School (2,500 students), which is one of the largest high schools in Lee County. The property is also minutes from multiple community parks, golf courses, and other recreational areas. Additionally, the property is surrounded by dense residential neighborhoods, providing a large customer base.
