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AutoZone Ground Lease, Madisonville, TN

AutoZone Ground Lease

Tennessee,

Price $1,680,000
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 8% Rental Increases Every Five (5) Years After Year 10
Year Built 2022
Building Size 6,816 SF
Lot Size 1.03 Acres (44,867 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

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

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

Investment Highlights

NEW 20-YEAR ABSOLUTE NNN GUARANTEED GROUND LEASE TO NATIONAL TENANT
» 20-year absolute NNN ground lease to AutoZone (NYSE: “AZO”)
» New 2022 construction featuring latest AutoZone store prototype
» Eight percent rental increases in initial term and option periods, providing an excellent hedge against inflation
» Absolute NNN ground lease requires no landlord management, ideal for an out of area investor

HIGH-TRAFIFIC LOCATION IN DENSELY POPULATED AND GROWING AREA
» Located along U.S. Highway 411 (20,608 AADT), a thoroughfare connecting northeastern Alabama, northwestern Georgia, and southeastern Tennessee
» Excellent location in a major commuter corridor, with proximity to several high-density single and multi-family developments
» 14,215 residents live within five miles of the location, establishing regular local traffic to the property
» Projected 11 percent average household income increase within five miles of the site by 2026, poising Madisonville and AutoZone for significant growth

CENTRAL LOCATION NEAR LARGE RETAILERS AND COMMUNITY HUBS
» Shadow-anchored by Walmart Supercenter
» Surrounded by a strong mix of well-established national retailers, including Walgreens, CVS, Dollar Tree, Burger King, Sonic Drive-In, Taco Bell, Domino’s Pizza, and many more
» Beneficial proximity to highly attended area schools, including Madisonville Intermediate School and Madisonville Middle School (combined 983 students)
» Gateway to Knoxville, Tennessee’s third-largest city and one of the two principal cities of East Tennessee, along with Chattanooga
» 4.6 miles from Monroe County Airport
» 26 miles from Tennessee/North Carolina borderline, attracting significant commuter traffic to the location


Property Description

SOLD
The property is located along U.S. Highway 411 (20,608 AADT), a thoroughfare connecting northeastern Alabama, northwestern Georgia, and southeastern Tennessee. The site is shadow-anchored by Walmart Supercenter and maintains an excellent location in a major commuter corridor, with proximity to several high-density single family developments. 14,215 residents live within five miles of the location, establishing regular local traffic to the property. AutoZone is primed to grow along with the surrounding area, with a projected 11 percent average annual household income increase within a one-mile radius of the site in the next five years.

The property features a strategic location near large retailers and community hubs in a major Tennessee retail corridor. The site is surrounded by a strong mix of national and local retailers, including Walgreens, CVS, Dollar Tree, Burger King, Sonic Drive-In, Taco Bell, Domino’s Pizza, and many more. The location benefits from its proximity 4.6 miles from Monroe County Airport. Visibility is also increased by the site’s location near highly attended area schools, including Madisonville Intermediate School and Madisonville Middle School (combined 983 students). The location is perfectly situated to service out-of-area shoppers, as the site serves as a common gateway to Knoxville, Tennessee’s third-largest city and one of the two principal cities of East Tennessee, along with Chattanooga. The property also resides 26 miles from Tennessee/North Carolina borderline, attracting significant commuter traffic to the location.

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