Electronics

Verizon

2244 Memorial Dr, Waycross, GA 31501

Listing Price: $1,975,000

Cap Rate
6.74%
Tenant Name
Verizon 7 Yr Lease - Waycross
Years Remaining On Lease
6.4
Gross SF
3,600
Rentable SF
3,600
Price/Gross SF
$548.61
Lease Type
Double Net
Rent Per Square Feet
$37.00

Investment Overview

Marcus & Millichap is pleased to present this single tenant net leased Verizon store in Waycross, GA. Waycross is located about an hours drive from Jacksonville, Florida in the Southeast corner of the State of Georgia. This fee simple lease backed by Verizon Corporate
under the entity Cellco Partnership, was recently renewed in June 2020 for an additional seven (7) years, reflecting the tenants commitment to this location. Verizon has been at this site since 2008 when the store was originally built. The renewal also includes an additional five
(5)-year renewal option with a ten (10) percent increase in rent. The lease is double-net (NN), with the tenant responsible for CAM, Real Estate Taxes, Insurance and HVAC while the landlord is responsible for roof and structure.

The property is across the street from The Mall at Waycross, a 450,000sf Shopping Center anchored by JC Penney, Belk and T.J. Maxx, and
adjacent to Lowes Home Improvement Center, Walmart and numerous other retailers. The area also includes Chick-Fil-A, McDonalds, Zaxbys, Dollar Tree, Ross, Olive Garden Cracker Barrel, Hobby Lobby, Enterprise and many other retailers.

The tenant is Cellco Partnership, doing business as Verizon Wireless.Verizon Wireless is the second largest wireless service provider in the U.S. with 153 Million mobile customers and is a wholly owned subsidiary of Verizon Communications (Verizon). For fiscal year 2019, Verizon reported annual revenue of $132 billion USD and as of 2018 ranked #16 on the Fortune 500 rankings of the largest US
corporations by total revenue.

This is an ideal passive investment opportunity with an Investment Grade (BBB+) tenant and minimal landlord responsibilities.

Investment Highlights

  • Corporate Guarantee NN Verizon Lease
  • Tenant at this Location for 12 Years
  • Recent Store Remodel Paid 100% by Tenant
  • New Lease Renewal Adds 7 Years to Lease
  • Includes 5 Year Renewal Option with 10% Rent Increase
  • Located Across from the Mall at Waycross, Walmart and Adjacent to Lowes

Exclusively Listed By

  • Tim Giambrone

    Senior Vice President Investments

    Email Tim

    License(s): GA: 265556

    Atlanta

Listing Price: $1,975,000

Cap Rate
6.74%
Tenant Name
Verizon 7 Yr Lease - Waycross
Years Remaining On Lease
6.4
Gross SF
3,600
Rentable SF
3,600
Price/Gross SF
$548.61
Lease Type
Double Net
Rent Per Square Feet
$37.00

Investment Highlights

  • Corporate Guarantee NN Verizon Lease
  • Tenant at this Location for 12 Years
  • Recent Store Remodel Paid 100% by Tenant
  • New Lease Renewal Adds 7 Years to Lease
  • Includes 5 Year Renewal Option with 10% Rent Increase
  • Located Across from the Mall at Waycross, Walmart and Adjacent to Lowes

Investment Overview

Marcus & Millichap is pleased to present this single tenant net leased Verizon store in Waycross, GA. Waycross is located about an hours drive from Jacksonville, Florida in the Southeast corner of the State of Georgia. This fee simple lease backed by Verizon Corporate
under the entity Cellco Partnership, was recently renewed in June 2020 for an additional seven (7) years, reflecting the tenants commitment to this location. Verizon has been at this site since 2008 when the store was originally built. The renewal also includes an additional five
(5)-year renewal option with a ten (10) percent increase in rent. The lease is double-net (NN), with the tenant responsible for CAM, Real Estate Taxes, Insurance and HVAC while the landlord is responsible for roof and structure.

The property is across the street from The Mall at Waycross, a 450,000sf Shopping Center anchored by JC Penney, Belk and T.J. Maxx, and
adjacent to Lowes Home Improvement Center, Walmart and numerous other retailers. The area also includes Chick-Fil-A, McDonalds, Zaxbys, Dollar Tree, Ross, Olive Garden Cracker Barrel, Hobby Lobby, Enterprise and many other retailers.

The tenant is Cellco Partnership, doing business as Verizon Wireless.Verizon Wireless is the second largest wireless service provider in the U.S. with 153 Million mobile customers and is a wholly owned subsidiary of Verizon Communications (Verizon). For fiscal year 2019, Verizon reported annual revenue of $132 billion USD and as of 2018 ranked #16 on the Fortune 500 rankings of the largest US
corporations by total revenue.

This is an ideal passive investment opportunity with an Investment Grade (BBB+) tenant and minimal landlord responsibilities.

Exclusively Listed By

  • Tim Giambrone

    Senior Vice President Investments

    Email Tim

    License(s): GA: 265556

    Atlanta

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