Electronics

Verizon Wireless | Annual Increases

1838 Ashville Rd, Leeds, AL 35094

Listing Price: $1,125,000

Cap Rate
6.29%
Tenant Name
Verizon Wireless
Years Remaining On Lease
6.50
Gross SF
2,475
Guarantor
Franchisee Guarantee
Rentable SF
2,475
Price/Gross SF
$454.55
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$28.59

Investment Overview

The subject property is a freestanding Verizon Wireless located in Leeds, AL, a growing suburb of Birmingham. The building is currently under construction, expecting to be completed in September, 2020. Verizon benefits from being located along Highway 411, also known as Ashville Road, a main retail corridor in the area. Directly next door is Walgreens, while across the street is Walmart Supercenter and Lowe’s Home Improvement among other national retailers. This location will serve as a rare RELOCATION store for Verizon. They are currently a tenant in a shopping center about 1/2 mile away. Their choosing to commit to a long-term lease at this location is a clear indication of strong success in the Leeds, AL market. The Cellular Connection, LLC (“TCC”), d/b/a Verizon Wireless, is signed to a new 7-year lease that is expected to commence in October, 2020. TCC operates 900+/- Verizon stores across 38 states. The lease features a 5% rental increase in year 4 and then 2% annual rental increases throughout the remainder of the lease term. Tenant is responsible for reimbursing Landlord for expenses for CAM, taxes and insurance expenses. Tenant is also responsible for reimbursing Landlord for roof expenses as part of Common Area Costs.

Investment Highlights

  • BRAND NEW CONSTRUCTION | SEPTEMBER, 2020 COMPLETION
  • THE CELLULAR CONNECTION, LLC ("TCC") | 900+/- LOCATIONS IN 38 STATES
  • 5% INCREASE YEAR 4 | 2% ANNUAL INCREASES THEREAFTER
  • ADJACENT TO WALGREENS | WALMART AND LOWE'S ACROSS THE STREET
  • TENANT REIMBURSES FOR CAM, TAXES AND INSURANCE | ROOF INCLUDED IN CAM COSTS REIMBURSEMENT

Exclusively Listed By

  • Robby Pfeiffer

    Senior Vice President Investments

    Email Robby

    License(s): GA: 281335, AL: 000091407-1

    Atlanta

Electronics

Verizon Wireless | Annual Increases

Listing Price: $1,125,000

Cap Rate
6.29%
Tenant Name
Verizon Wireless
Years Remaining On Lease
6.50
Gross SF
2,475
Guarantor
Franchisee Guarantee
Rentable SF
2,475
Price/Gross SF
$454.55
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$28.59

Investment Highlights

  • BRAND NEW CONSTRUCTION | SEPTEMBER, 2020 COMPLETION
  • THE CELLULAR CONNECTION, LLC ("TCC") | 900+/- LOCATIONS IN 38 STATES
  • 5% INCREASE YEAR 4 | 2% ANNUAL INCREASES THEREAFTER
  • ADJACENT TO WALGREENS | WALMART AND LOWE'S ACROSS THE STREET
  • TENANT REIMBURSES FOR CAM, TAXES AND INSURANCE | ROOF INCLUDED IN CAM COSTS REIMBURSEMENT

Investment Overview

The subject property is a freestanding Verizon Wireless located in Leeds, AL, a growing suburb of Birmingham. The building is currently under construction, expecting to be completed in September, 2020. Verizon benefits from being located along Highway 411, also known as Ashville Road, a main retail corridor in the area. Directly next door is Walgreens, while across the street is Walmart Supercenter and Lowe’s Home Improvement among other national retailers. This location will serve as a rare RELOCATION store for Verizon. They are currently a tenant in a shopping center about 1/2 mile away. Their choosing to commit to a long-term lease at this location is a clear indication of strong success in the Leeds, AL market. The Cellular Connection, LLC (“TCC”), d/b/a Verizon Wireless, is signed to a new 7-year lease that is expected to commence in October, 2020. TCC operates 900+/- Verizon stores across 38 states. The lease features a 5% rental increase in year 4 and then 2% annual rental increases throughout the remainder of the lease term. Tenant is responsible for reimbursing Landlord for expenses for CAM, taxes and insurance expenses. Tenant is also responsible for reimbursing Landlord for roof expenses as part of Common Area Costs.

Exclusively Listed By

  • Robby Pfeiffer

    Senior Vice President Investments

    Email Robby

    License(s): GA: 281335, AL: 000091407-1

    Atlanta

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