- NN Lease Requires Minimal Landlord Responsibilities
- Brand New Built-to Suit Construction Finished in 2012
- Corporately Guaranteed Lease by Fred’s Super Dollar
- Brand New 12 Year Lease Commenced March 2012
- Fred’s Stores of Tennessee, Inc. (NYSE: FRED)
- 2012 Sales Volume $1.79 Billion | Net Worth $400 Million
- Fred’s Operates Over 700 Stores in the United States
Fortis Net Lease is proud to present this 16,799 square foot single tenant, investment property offering for a Fred’s Super Dollar & Pharmacy location in St. Martinville, LA. Fred’s Stores of TN, Inc. which had net sales for the year ending February, 2 2013 of over $1.9 billion signed a brand new 12 year NN lease that commenced in March of 2012. The lease comes equipped with three (3), five (5) year options with 5% rental increase at the beginning of each option period. The building is built-to-suit Fred’s Super Dollar and is was built in 2012. The lease is guaranteed by Fred’s of TN, Inc. which is a wholly owned subsidiary of Fred’s, Inc. which is a publicly traded company with a NASDAQ ticker for “FRED”. Most of Fred’s, Inc.’s revenue is ran through the lease guarantor Fred’s of TN. Tenant is responsible for property taxes, property insurance, utility expenses and pays a CAM reimbursement fee. The NN nature of the lease requires minimal landlord responsibility with the ownership only responsible for parking lot, roof and structure.
The subject property is located in St. Martinville, LA which has over 13,000 people within a 5 mile radius. The average household income within 5 miles of the subject property exceeds $73,000 and it is surrounded by various neighborhoods and local establishments such as the St. Martinville schools and Louisiana Tech. College satellite location.