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Auto Parts

AutoZone | 20 Years Remain | Wilmington, DE MSA | 6% Increase in Year 11

31 S Virginia Ave, Penns Grove, NJ 08069

Listing Price: $1,190,571

Cap Rate
4.20%
Tenant Name
AutoZone
Years Remaining On Lease
19.2
Guarantor
Corporate Guarantee
Rentable SF
6,446
Lease Type
NNN Ground Lease
Rent Per Square Feet
$7.76

Investment Overview

This site fills a void in the tenant’s coverage of New Jersey. The retailer added a new and successful store, six miles south in Pennsville, New Jersey in 2017. Its next nearest location to the north is 14 miles northeast in Gibbstown, New Jersey. AutoZone identified the subject location as a hole in its coverage and believes it can lure customers from its competitor, Advance Auto Parts. According to Placer.ai geofencing data, the neighboring Advance Auto Parts ranks 2nd of seven locations in a 15-mile radius; a strong location for this use.

Investment Highlights

  • New 20-Year Ground Lease
  • Six Percent Increases in Year 11 & Options
  • Ideal Middle-Income Demographics

Broker of Record

  • John Horowitz

    First Vice President/ Division Manager

    (201) 742-6100

    License(s) NJ: 2192359

    New Jersey

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Auto Parts

AutoZone | 20 Years Remain | Wilmington, DE MSA | 6% Increase in Year 11

Listing Price: $1,190,571

Cap Rate
4.20%
Tenant Name
AutoZone
Years Remaining On Lease
19.2
Guarantor
Corporate Guarantee
Rentable SF
6,446
Lease Type
NNN Ground Lease
Rent Per Square Feet
$7.76

Investment Highlights

  • New 20-Year Ground Lease
  • Six Percent Increases in Year 11 & Options
  • Ideal Middle-Income Demographics

Investment Overview

This site fills a void in the tenant’s coverage of New Jersey. The retailer added a new and successful store, six miles south in Pennsville, New Jersey in 2017. Its next nearest location to the north is 14 miles northeast in Gibbstown, New Jersey. AutoZone identified the subject location as a hole in its coverage and believes it can lure customers from its competitor, Advance Auto Parts. According to Placer.ai geofencing data, the neighboring Advance Auto Parts ranks 2nd of seven locations in a 15-mile radius; a strong location for this use.

Broker of Record

  • John Horowitz

    First Vice President/ Division Manager

    (201) 742-6100

    License(s): NJ: 2192359

    New Jersey

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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