Net Leased AutoZone Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased AutoZone property located at 251 North Main Street in Holly Springs, North Carolina for $2,957,000.

 

The 11,430 square foot building is strategically positioned at the intersection of North Main Street and West Holly Springs Road (27,557 VPD) and is less than one mile east of NC-55 Bypass (60,331 VPD). The property is located in a retail corridor with tenants including Walmart, Target, Lowe’s, Harris Teeter, Food Lion, Walgreens, Marshalls, DICK’s, Chick-fil-A, and Starbucks. There are 108,908 people living within a five-mile radius with an average annual household income of $157,861.

 

AutoZone has over 18 years remaining on its 20-year lease term and has four 5-year renewal options. The lease contains 8% rental escalations every 10 years in the initial term and 8% every 5 years in the option periods.

 

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction. The Seller was a North Carolina based real estate developer, and the Buyer was a private individual.

 

AutoZone was founded in 1979 and is a leading retailer and distributor of automotive replacement parts and accessories. The company operates 6,384 stores in the United States and has additional locations in Puerto Rico, Mexico, and Brazil. AutoZone is an investment-grade tenant and a publicly traded company.

 

Investors gravitate towards assets in populous and growing MSA’s such as Raleigh” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Long term leases to e-commerce resistant tenants like AutoZone remain attractive investments”.

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