5-MILE TRADE AREA
- Population 180,929
- Daytime Population 94,984
- Median Age 38
- Households 66,202
- Status IN CONTRACT
- Price $ 1,274,500.00
- CAP Rate 5.10%
- Land Area 0.689 acres
- Lease Type Corporate Ground Lease
This newly constructed AutoZone is a 15 year ground lease featuring four 5-year options to renew, with tenant having full maintenance responsibility of the premises and all improvements.
Corporate Guaranty from Investment Grade Tenant
The ground lease is corporately guaranteed by AutoZone, Inc. (NYSE: AZO). AutoZone, Inc. has an S&P rating of BBB, Moody's rating of Baa1, over 6,000 stores, and a market cap of $18.43B with 25.74M shares outstanding.
Significant Rent Increases
This lease features 10% rent increases in years 6 and 11, as well as 10% increases in each of the four option periods.
Growing Retail Corridor
Situated in front of Crest Pointe Town Shoppes, a 43.52 acre mixed-use development anchored by a new Walmart Supercenter, the site offers excellent visibility and frontage on highly traveled Bloomingdale Avenue. Surrounding retailers include Publix, The Fresh Market, Starbucks, Wendy's, Chick-fil-A, CVS, Walgreens, Verizon, Stein Mart and Bealls, among others.
Low Tax Burden
With no personal income taxes imposed in Florida, the state features one of the lowest tax burdens in the country.
Within one mile of the property, the median household income is $101,380, which is 107% higher than the statewide average. Retail expenditures average $3,227 per household per month.
Excellent Location Located in the Tampa-St. Petersburg-Clearwater MSA, the area boasts a robust, diverse economy with 19 corporate headquarters, eight of which are Fortune 1000 companies. MacDill Air Force Base contributes $5 billion annually to the greater Tampa Bay economy.
Impressive Tourism Dollars
In 2016, a record-breaking 22.6 million visitors spent $6 billion in Hillsborough County and contributed approximately $369 million in state and local tax revenues.
Highly Trafficked Intersection
Bloomingdale Avenue - 26,000 ADT Lithia Pinecrest Road - 19,000 ADT
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