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AutoZone Ground Lease, Greensboro, NC

AutoZone Ground Lease

NC, USA

Price $1,236,000
Cap Rate
NOI
Lease Term 20 Years
Lease Type Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot
Rental Increases
Year Built 2021
Building Size 7,381 SF
Lot Size 1.25 Acres (54,450 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 20-YEAR ABSOLUTE NNN GROUND LEASE
» 20-year absolute NNN ground lease to AutoZone (NYSE: “AZO”)
» New 2021 construction featuring latest AutoZone store prototype
» Five percent rental increases in option periods, providing an excellent hedge against inflation
» No landlord management, ideal for an out of area investor
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» Available substantially below replacement cost

HIGH-TRAFFIC LOCATION IN A POPULATED AND GROWING AREA
» Located on Hicone Road, with visibility and access to 14,000 vehicles per day directly in front of the site
» Central location at the confluence of highly trafficked North Carolina thoroughfares, including Interstate 840 (under construction) and U.S. Route 29 (combined 67,000 AADT)
» Two miles from ongoing construction of the Greensboro Urban Loop, which will significantly increase traffic to the location (estimated completion November 2022)
» 63,117 residents within a five-mile radius of the property, providing a large customer base for the location
» Projected 11 percent average annual household income increase within five miles of the site in the next five years

PROMINENT LOCATION IN MAJOR GREENSBORO RETAIL CORRIDOR NEAR MAJOR COMMUNITY HUBS
» Surrounded by national retailers, including Bojangles’ (coming soon) Food Lion, CVS Pharmacy, Subway, Little Caesars, Dollar General, Domino’s Pizza, Dollar Tree, and more
» Convenient access to the immediate trade area’s largest retail centers, including Shops of Pyramids Village and Wendover Towne Center (combined 34 stores, 954,000 SF of retail space)
» Within three miles of Madison Elementary School, Northeast Middle School, and Northeast Guilford High School (combined 1,985 students), significantly increasing lunchtime traffic to the site
» Beneficial proximity to popular Greensboro tourist attractions, including Bryan Park Golf Course and Greensboro Science Center (445,000 annual visitors)
» Gateway to Downtown Greensboro, the third-most populous city in North Carolina and the 68th-most populous city in the U.S.


Property Description

SOLD

The property has a prominent location along Hicone Road, one of Greensboro’s primary east-west thoroughfares, with excellent visibility and access to 14,000 vehicles per day. The site experiences increased traffic from its location at the confluence of highly trafficked North Carolina thoroughfares, including Interstate 840 (under construction) and U.S. Route 29 (combined 67,000 AADT). The site is located in a densely populated area, with 63,117 residents living within a five-mile radius of the site. Visibility is increased by the property’s central location two miles from ongoing construction of the Greensboro Urban Loop, which will significantly increase traffic to the location (estimated completion November 2022). The property is also primed to grow along with the surrounding area, with a projected 11 percent average annual household income increase within five miles of the site in the next five years.

The property is located near Greensboro’s primary retail corridors and major community hubs. Surrounding the location is a strong mix of well-established local and national retailers, including Bojangles’ (coming soon), Food Lion, CVS Pharmacy, Subway, Little Caesars, Dollar General, Domino’s Pizza, Dollar Tree, and more. The property benefits from its convenient access to the immediate trade area’s largest retail centers, including Shops of Pyramids Village and Wendover Towne Center (combined 34 stores, 954,000 SF of retail space). The location is within three miles of Madison Elementary School, Northeast Middle School, and Northeast Guilford High School (combined 1,985 students), significantly increasing lunchtime traffic to the site. The property is close to popular Greensboro tourist attractions, including Bryan Park Golf Course and Greensboro Science Center (445,000 annual visitors). The location also serves as a gateway to Downtown
Greensboro, the third-most populous city in North Carolina and 68th-most populous city in the United States.

Contact Us About This Property

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