- Adjacent to Bannerman Crossings
- Brand New Ground Lease
- Zero Landlord Responsibilities
- 15 Year Term | Four (5 Year) Options
- One Mile Household Income $99,175
- Five Mile Population Exceeds 50,500
- One Mile Median Home Value $247,104
Fortis Net Lease is pleased to present this 1.063 acre AutoZone Ground Lease located
in Tallahassee, FL. The property is encumbered with a Fifteen (15) Year Lease,
and has zero landlord responsibilities. The lease contains a rental rate increase of
8% in year eleven as well as Four (5) Yr. Options to renew, with an 8% rental rate
increase at each option period. The lease is corporately guaranteed by AutoZone
Inc which holds a credit rating of “BBB”, which is classified as Investment Grade.
The store is open with rent having commenced on 1/1/2017.
This AutoZone is highly visible and is strategically positioned off Bannerman Rd, the
site of the new retail development Bannerman Crossing, a 190,000sf Lifestyle Community.
The five mile population from the site exceeds 50,500 while the one mile
median household income exceeds $99,000 per year, making this location ideal
for an AutoZone. The Subject offering represents an ideal opportunity for a 1031
exchange buyer or a “passive” investor to attain the ground lease ownership of
an AutoZone. This investment will offer a new owner continued success due to the
financial strength and the proven profitability of the tenant, one of the nation’s top
auto parts store. List price reflects a 4.55% cap rate based on NOI of $74,004.