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$ 1,633,333

AutoZone (GL)

Automotive  

Cap Rate 4.50% | SF 7,385 | Term 13.3
Largo, FL 33771
  • Build to suit

  • High traffic 50M+ VPD

  • Dense retail corridor

  • Dense 200M+ pop 5 mi

  • Income tax free state

  • Brand new lease

  • Long 15+ yr lease

  • Absolute NNN

  • Traded and rated company

  • Investment grade tenant

  • ...
  • AutoZone recently executed a brand-new 15-year ground lease with 4 (5-year) options to extend
  • The lease features 5% rental escalations every 5 years throughout the initial term and 8% at the beginning of each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant
  • Tenant AutoZone
  • Guarantor Corp T and Rated
  • #Units 7,140
  • Moody's/S&P Baa1/ BBB
  • Stock NYSE: AZO

AutoZone, Inc. is an American retailer of aftermarket automotive parts and accessories, the largest in the U.S. Founded in 1979, the chain now has 7,140 stores in 50 in the U.S., Mexico, and Brazil, all of which are corporately owned. AutoZone went public in 1991 (NYSE: AZO) and was given an investment grade credit rating of BBB from Standard & Poor’s along with a long-term rating of Baa1 from Moody’s. In fiscal year 2023, the company generated $18.06B in net sales. As of August 2023, the company employs approximately 119,000 and is recognized on the list of Fortune 500 companies. Their current market cap is $55.15B and company headquarters are in Memphis, TN.

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