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Auto Parts

AutoZone Ground Lease

31487 McCabe Rd, San Antonio, FL 33576

Listing Price: $1,625,000

Cap Rate
4.00%
Tenant Name
AutoZone
Years Remaining On Lease
15.2
Guarantor
Corporate Guarantee
Rentable SF
7,381
Lease Type
NNN Ground Lease
Rent Per Square Feet
$8.81

Investment Overview

STRONG REAL ESTATE FUNDAMENTALS
Brand new 2023 AutoZone Ground Lease (projected store opening & rent commencement November 15, 2023)
Outparcel to Market at Mirada, a Publix anchored shopping center, which opened on August 12, 2021
Located at SR 52 and Clinton Ave, both recently expanded to 4-lane divided roads as part of an $85 million road improvement project
New SR-52 has been realigned to provide connectively between Interstate-75 and US-301
Located in a high-income growth corridor of the Tampa MSA (3.1million residents throughout the Tampa MSA)
Located at the front door of Mirada, a ±6,000 unit residential development with a 15-acre Crystal Lagoon under construction
An additional ±5,630 additional homes have been built or planned in close proximity to Market at Mirada
Located less than 2 miles east of Interstate 75

OPTIMAL LEASE STRUCTURE
Corporate Lease Guarantee from AutoZone, Inc.
Investment Grade Credit: S&P “BBB” bond rating
Absolute NNN, Fee-Simple 15-Year Ground Lease
8% rent escalation every 5 years, including Option Periods
Four (4), Five-year option periods each with 8% rent escalations
Base Rent of $65,000 in Lease Years 1-5, which is below market for a Ground Lease w/ a 7,381/sq ft building located on a 1.07 ac. site

INDUSTRY LEADER WITH STELLAR CORPORATE CREDIT
AutoZone ranks #258 on 2023 Fortune 500 list
As of Q2 2023, 7,044 locations across the U.S., Puerto Rico, Mexico, and Brazil
2022 total sales were $16.3 billion, an increase of 11.1% from the prior year
AZO reported net sales of $5.3 billion in Q4 2022, an increase of 8.9% from the fourth quarter of fiscal 2021

Investment Highlights

  • 15-YR. ABSOLUTE NNN GROUND LEASE
  • DESIRABLE TAMPA MARKET
  • $125K+ 3-MILE AHHI

Exclusively Listed By

  • Sonny Molloy

    Senior Managing Director Investments

    (678) 808-2763

    Email Sonny

    License(s): GA: 249161, NC: 262596

    Atlanta

  • Jared M. Kaye

    First Vice President Investments

    (678) 808-2821

    Email Jared

    License(s): GA: 348701, FL: SL3224428, SC: 129648, NV: S.0198902

    Atlanta

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s) FL: BK3154667

    Florida

Financing By

Auto Parts

AutoZone Ground Lease

Listing Price: $1,625,000

Cap Rate
4.00%
Tenant Name
AutoZone
Years Remaining On Lease
15.2
Guarantor
Corporate Guarantee
Rentable SF
7,381
Lease Type
NNN Ground Lease
Rent Per Square Feet
$8.81

Investment Highlights

  • 15-YR. ABSOLUTE NNN GROUND LEASE
  • DESIRABLE TAMPA MARKET
  • $125K+ 3-MILE AHHI

Investment Overview

STRONG REAL ESTATE FUNDAMENTALS Brand new 2023 AutoZone Ground Lease (projected store opening & rent commencement November 15, 2023) Outparcel to Market at Mirada, a Publix anchored shopping center, which opened on August 12, 2021 Located at SR 52 and Clinton Ave, both recently expanded to 4-lane divided roads as part of an $85 million road improvement project New SR-52 has been realigned to provide connectively between Interstate-75 and US-301 Located in a high-income growth corridor of the Tampa MSA (3.1million residents throughout the Tampa MSA) Located at the front door of Mirada, a ±6,000 unit residential development with a 15-acre Crystal Lagoon under construction An additional ±5,630 additional homes have been built or planned in close proximity to Market at Mirada Located less than 2 miles east of Interstate 75 OPTIMAL LEASE STRUCTURE Corporate Lease Guarantee from AutoZone, Inc. Investment Grade Credit: S&P “BBB” bond rating Absolute NNN, Fee-Simple 15-Year Ground Lease 8% rent escalation every 5 years, including Option Periods Four (4), Five-year option periods each with 8% rent escalations Base Rent of $65,000 in Lease Years 1-5, which is below market for a Ground Lease w/ a 7,381/sq ft building located on a 1.07 ac. site INDUSTRY LEADER WITH STELLAR CORPORATE CREDIT AutoZone ranks #258 on 2023 Fortune 500 list As of Q2 2023, 7,044 locations across the U.S., Puerto Rico, Mexico, and Brazil 2022 total sales were $16.3 billion, an increase of 11.1% from the prior year AZO reported net sales of $5.3 billion in Q4 2022, an increase of 8.9% from the fourth quarter of fiscal 2021

Exclusively Listed By

  • Sonny Molloy

    Senior Managing Director Investments

    (678) 808-2763

    Email Sonny

    License(s): GA: 249161, NC: 262596

    Atlanta

  • Jared M. Kaye

    First Vice President Investments

    (678) 808-2821

    Email Jared

    License(s): GA: 348701, FL: SL3224428, SC: 129648, NV: S.0198902

    Atlanta

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s): FL: BK3154667

    Florida

Financing By

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