Just Listed! Autozone in Pinellas Park, Florida!
■ Top Tier Location
■ Outstanding, Credit Tenant please change to Credit Tenant |
NYSE: AZO $26B + Market Cap
■ Rare Twenty Year NNN Ground Lease
■ 10% Rent Increases Every 5 Years
■ Easy Access, Tremendous Traffic and Visibility
■ Outstanding Demos – Most Dense County in Florida
■ Portfolio Opportunity – 4 Properties on Park Blvd, One a
Few Blocks Away on Ulmerton
Marcus & Millichap is pleased to offer a unique AutoZone ground lease, located at
4590 Park Boulevar North, in Pinellas Park (Tampa). The property lies in the heart
of a major commercial artery, with Publix across the street, a Home Depot anchored
power center two blocks away, and surrounded by too many national retailers and
restaurants to enumerate. With access to the corner and turn-in lanes in every
direction, the Property offers convenient left-in-left-out access for the 56,000+
cars that pass daily. Newly constructed, the AutoZone boasts beautiful curb appeal,
no deferred maintenance, a class A credit tenant, and a zero management, 20
year, NNN ground lease.
What is particularly unique about this asset is the rent – $8.12 per square foot,
which is about as low as you’ll find in any STNL in Florida. The IHOP across the
street (also for sale by the same seller), is paying $26 per square foot; the Take 5
ground lease one block away is on a lot 1/3 the size, with a building 1/4 the size,
and is paying the same as this AutoZone; the Popeyes 1.5 miles down Park is
paying $110,000, for a 2,000 square foot building on the same size lot; the Buffalo
Wild Wings a few blocks east is paying $16 per square foot, for a larger building.
The incredibly low rent and extremely rare 20-year lease, allows an investor to get
into an incredibly secure investment with an unparalleled low basis, and a tenant
you almost wish would leave so you can double the rent!
• Park Blvd – major bay to beaches commercial corridor: 56,000+ cars daily.
• Across from Publix, two blocks from Home Depot anchored power cener
• Excellent access
• Surrounded by major retailers – this is a core commercial corridor
• Rent substantially below market.
• 20 Year, absolute NNN ground lease – zero management
• Pinellas County is the most densely populated county in Florida. Commercial
land is a premium here.
• 1/3/5 mile populations: 14K / 112K / 287K
• 1/3/5 mile AAHI: $63K / $64K / $68K
• Ideal 1031 Option
• A clean, new construction, virtually zero management net leased
investment with an excellent tenant in an outstanding location.
Portfolio Opportunity: 4 properties on Park Blvd and one on Ulmerton –
all new construction, long-term leases, and same seller:
• 4671 Park Blvd N: Moe’s Publix Shadow Center
• 4049 Park Blvd N: Spectrum (5yr) / Jollibee (10yr) / Red Ribbon Bakery
• 4950 Park Blvd N: Auto Zone (20yr ground lease)
• 4596 Park Blvd N: Huey Magoo’s (10yr) / Paris Bakery (10yr)
• 9050 Ulmerton Rd: AFC Urgent Care (10yr) / Willie Jewell’s (10yr)