Investment Overview

Long Term Corporate Lease – This AutoZone is subject to a new 15-year lease that will commence in Summer 2026. The corporate lease features 8% rental increases every five years providing a hedge against inflation. AutoZone will operate in a 6,816 square foot building situated upon 0.93-acres. This is a fee-simple ownership position making it available for depreciation. As a longtime leader and innovator in the auto parts industry, AutoZone is publicly traded on the New York Stock Exchange (NYSE: AZO) and the company has a “BBB” rating by S&P. Newly Constructed Buildings in Developing Retail Node–AutoZone becomes the latest addition to the Ridgefield Village development at the intersection of Hoadly Road (24,000 VPD) and Ridgefield Village Drive (2,000 VPD). The subject property is adjacent to a newer 3-tenant strip anchored by a Starbucks that averages 200.7K annual visitors, along with Crimson Coward Chicken and a local dental office. Starbucks relocated from its previous location across the street in the Harris Teeter-anchored shopping center in 2022 in order to add a drive-thru and improve its overall positioning. Prior to the strip center’s opening, a national daycare operator, Everbrook Academy, opened in 2021 to the rear of the subject parcel. AutoZone will operate next to a newly constructed Chipotle, which is also available for sale. This collection of uses at Ridgefield Village is high synergistic to drawing an assortment of customers at various times of the day, with various needs. Growing Retail Node Serving County Center – The property is prominently positioned with access from both Ridgefield Village Drive and Hoadly Road. Directly across Hoadly Road is the 105,511 square-foot Harris Teeter-anchored Shops at County Center. Other notable tenants in the center include Chase Bank, Planet Fitness, Cold Stone Creamery, and IHOP. In addition to neighboring retail synergies, AutoZone also benefits from a lack of immediate competition. There are no other AutoZone or Advance Auto Parts locations within 2.5 miles towards I-95. There are also no locations of either chain within 7.5 miles west towards Manassas. Upscale Washington, D.C. Suburb – AutoZone is centrally located in Prince William County, the second most populated county in Virginia with a population of 510,561 residents. There are 168,613 residents with AHHI of $167,299 within 5-miles. Even more locally, there are 78,666 residents with an AHHI of $168,217 within 3-miles. The Washington, DC suburb has experienced consistent growth over the past 25 years. Population has grown by 16% over the past decade with steady population growth predicted in the future. The property directly serves a large residential community in the County Center area of Woodbridge, where the median home sale price is $600,000 highlighting the area’s strong position just 21 miles outside of the Nation’s capital city. Industry Leading Auto Parts Retailer – AutoZone, Inc. is the nation’s leading retailer and distributor of automotive replacement parts and accessories with more than 7,800 stores across the US, Mexico, and Brazil. The Company generated $18.9 Billion in sales in 2025, an increase of 2.43 percent over 2024, topping both O’Reilly Auto Parts and Advance Auto Parts who reported year-end sales of $17.78B and $8.6B respectively. The retailer’s stock price has also increased by 202.64% over the last five years, which significantly outpaces the rest of the industry over the same period. AutoZone also boasts a ‘BBB’ Credit rating by both S&P and Fitch.