net lease autozone for sale

12
NET LEASED INVESTMENT OFFERING www.bouldergroup.com AutoZone (Ground Lease) 6015 West Forest Home Avenue Milwaukee, WI 53220

Upload: the-boulder-group

Post on 05-Dec-2014

490 views

Category:

Real Estate


1 download

DESCRIPTION

net lease autozone in milwaukee for sale

TRANSCRIPT

Page 1: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

AutoZone (Ground Lease)6015 West Forest Home Avenue

Milwaukee, WI 53220

Page 2: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

1) Confidentiality&Disclaimer

2) ExecutiveSummary

3) PropertyOverview

4) Aerial

5) SitePlan

6) Maps

7) TenantProfile

8) DemographicComparisonReport

9) LocationOverview

10) ContactInformation

TABLE OF CONTENTS

TABLE OF CONTENTS

Page 3: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.

CONFIDENTIALITY & DISCLAIMER

CONFIDENTITALITY & DISCLAIMER

Page 4: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

The Boulder Group is pleased to exclusively market for sale a single tenant AutoZone ground lease propertyapproximatelysixmilessouthwestofdowntownMilwaukee.The6,218squarefootbuildingwasconstructedin2004withinadenseareaofMilwaukee.Thegroundleasehaselevenyearsremainingandfeatures10%rentalescalationseveryfiveyearswiththenextescalationinOctober2014.

ThesubjectpropertyislocatedonthehardcornerofthesignalizedintersectionofWestForestHomeAvenueandSouth60thStreet.Thisintersectionexperiencestrafficvolumesinexcessof37,900vehiclesperday.ThereisaccesstothepropertyonbothWestForestAvenueandSouth60thStreet.BoththoroughfareshaveadirectaccessinterchangewithInterstate894/43onemilesouthofthesubjectproperty.Interstate894/43experiencestrafficvolumesinexcessof116,000vehiclesperday.Theareahashighbarrierstoentrygivenitscloseproximitytothelocalhighschoolandthelargeconcentrationofresidentialcommunitieswithintheimmediatearea.Additionally,thereareover375,000peoplelivingwithinfivemiles.SouthridgeMall,Wisconsin’slargestshoppingcenter,islocatedtwomilessouthwestofthepropertyandisanchoredbySears,Kohl’s,JCPenney,Macy’sandBostonStore.OtherretailersintheareaincludeWal-MartSupercenter,Target,BestBuy,Marshalls,BedBathandBeyondandatopperformingPick’nSave.

AutoZone’soriginalgroundleasetermwasfortwentyyearsandexpiresinSeptember2024.Thebaserentincreasesby10%everyfiveyearswiththenextescalationinOctober2014.Therentalescalationscontinuethroughouttheprimary termandeachof the four5-year renewaloptionperiods.AutoZone isapublicly tradedcompanyon theNewYorkStockExchange(AZO),withamarketcapitalizationof$15billion.AutoZoneisaninvestmentgraderatedcompanywithaStandardandPoor’sratingofBBB.

INVESTMENT HIGHLIGHTS

• 10%rentalescalationinOctober2014

• Investmentgradetenant(S&P:BBB)

• LocatedinadenseinfillareaofMilwaukee

• Longtermgroundleasewith11yearsremaining

• Zerolandlordresponsibilities

• 10%rentalescalationeveryfiveyearsintheprimarytermandrenewal optionperiods

• Positionedonthehardcornerofasignalizedintersection

• LocatedonemilenorthofInterstate894/43(116,000VPD)

• CloseproximitytoSouthridgeregionalmall,anchoredbySears,Kohl’s,JCPenney,Macy’sandBostonStore

• OthernearbyretailersincludeWal-MartSupercenter,Target,BestBuy,Marshalls,BedBathandBeyondandatopperformingPick’nSave

• Populationinexcessof375,000withinfivemilesoftheproperty

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

Page 5: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

PROPERTY OVERVIEW

PROPERTY OVERVIEW

Price: $916,650

CapRate: 6.00%

October2014CapRate: 6.60%

RentSchedule: NOI EscalationDate

$55,000$60,500 10/1/2014$66,550 10/1/2019$73,205 10/1/2024(Option1)$80,525 10/1/2029(Option2)$88,578 10/1/2034(Option3)$97,436 10/1/2039(Option4)

RenewalOptions: Four5-Year

LeaseCommencementDate: October1,2004

LeaseExpirationDate: September30,2024

Tenant: AutoZone

CreditRating: BBB(Standard&Poor’s)

YearBuilt: 2004

LandlordObligations: NNN(GroundLease)

BuildingSize: 6,218SF

LandSize: 27,007SF

Page 6: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

AERIAL

AERIAL

WEST FOREST H

OME AVENUE

20,400 VPD

ARMOUR PARK

894

116,000 VPD1 MILE

HONEY CREEK ELEMENTARY SCHOOL

MILWAUKEE HAMILTONHIGH SCHOOL

SOUTH

60TH STR

EET13,500 VPD

Page 7: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

SITE PLAN

SITE PLAN

S 60TH STREET

W FOREST HOME AVENUE

Page 8: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

MAPS

MAPS

Page 9: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

AutoZone isaleadingautomotiveaftermarketretailerintheUnitedStatesbasedoffbothsalesandstorecount.AutoZonesellsautomotiveparts,accessories,batteriesandothermaintenanceitems.AutoZoneisaFortune500companyandisranked#320.AutoZoneisheadquarteredinMemphis,Tennesseeandoperatesmorethan5,000storesthroughout49states,PuertoRico,MexicoandBrazil.AutoZonesaleshaveincreased6.6%fromfiscalyear2011to$8.6billion.AutoZoneisapubliclytradedcompanyontheNewYorkStockExchange(AZO)andhasamarketcapof$15billion.

Website: www.autozone.comNumberofLocations: 5,000+StockSymbol: AZO:NYSECreditRating: BBB(S&P)MarketCapitalization: $15billionNumberofEmployees: 70,000+

TENANT PROFILE

TENANT PROFILE

Page 10: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

Population 1-mi 3-mi 5-mi

TotalPopulation 19,108 150,624 375,756TotalHouseholds 8,672 65,379 152,932

Income

MedianHouseholdIncome $43,465 $42,156 $41,351AverageHouseholdIncome $51,590 $51,843 $53,130

DEMOGRAPHIC COMPARISON REPORT

DEMOGRAPHIC COMPARISON REPORT

Page 11: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

Milwaukee isthelargestcityinWisconsinandthe28thmostpopulouscityintheUnitedStates.MilwaukeeislocatedonthesouthwesternshoreofLakeMichigan.Accordingtothe2010U.S.Census, theCity ofMilwaukeehadapopulationof594,833and theMilwaukeeMSAhadapopulationof1,751,316.

Milwaukeeand itssuburbsare thehometo the internationalheadquartersof13Fortune1000companies,including Johnson Controls, Northwestern Mutual, Manpower Inc., JeffersonWells, Kohl’s, Harley-Davidson,Rockwell Automation, Fiserv, Inc., Hal Leonard, Wisconsin Energy, Briggs & Stratton, Joy Global, BucyrusInternational,A.O.Smith,GEHealthcareDiagnosticImagingandClinicalSystemsandMGICInvestments.TheMilwaukeemetropolitanarearanksfifthintheUnitedStatesintermsofthenumberofFortune500companyheadquartersasashareofthepopulation.

www.city.milwaukee.gov

LOCATION OVERVIEW

LOCATION OVERVIEW

Page 12: Net Lease Autozone for sale

NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

666DundeeRoad,Suite1801Northbrook,IL60062

Randy [email protected]

Jimmy [email protected]

CONTACT INFORMATION

CONTACT INFORMATION