Assignment – Firestone 2020-07-01T20:47:42+00:00

MEMPHIS,TN

FIRESTONE COMPLETE AUTO CARE

  • PRICE $3,807,104
  • CAP 5.25%
  • NOI $199,873
  • SQUARE FEET 7,653
  • CURRENT LEASE REMAINING 7.3 Years
  • YEAR BUILT 2007
OFFERING MEMORANDUM

INVESTMENT SUMMARY

The Chetek Group of Marcus & Millichap, as exclusive adviser, is pleased to present the opportunity to acquire fee-simple interest in a 7,653-square foot Firestone Complete Auto Care store located in Memphis, Tennessee (the “Property”). Firestone has successfully operated at this location for 13 years and has more than seven years remaining on its initial lease term which runs through 9/30/2027. In addition, the lease contains a 10 percent rent increase in 2022 and a nine percent increase in the first of four, five-year renewals providing option term through 2047. The lease is corporately guaranteed by Bridgestone, an investment grade credit tenant with a Standard & Poor’s rating of “A”.

Built in 2007 and situated on a large, 1.7-acre lot, the Property is ideally located less than a half-mile south of the FedEx World Headquarters, an 89-acre campus comprised of eight state of the art office buildings totaling 1.1 million square feet. In addition, the Property is strategically positioned within a dense and affluent commercial and residential corridor featuring numerous Class “A” multifamily developments home to thousands of apartment units, as well as essential shopping centers anchored by national credit tenants, such as: Lowe’s, Costco, Kroger, PetSmart, Walmart, Sam’s Club, and more.

The Property is being offered free and clear of debt at a 5.25 percent cap rate based on current NOI of $199,873 which is a purchase price of $3,807,104.

LISTING HIGHLIGHTS

» 7+ years remaining on the current term.

» 13 years of successful operating history.

» Corporate guaranteed lease by Bridgestone (S&P: “A”).

10% rent increase in 2022.

10% rent increase in 2022.

Blended cap rate of 5.63%.

Surrounded by numerous multifamily developments home to thousands of apartment units.

» ¼ mile north of the Bill Morris Parkway (60,904 VPD).

High visibility location off the intersection of Centennial Drive and Hacks Cross Road with exposure to combined traffic counts of 63,929 VPD.

OFFERING MEMORANDUM