AutoZone – Cherry Hill, NJ
Fortis Net Lease is pleased to present this new construction, 6,810 SF. AutoZone store on 1.19 acres of land located in Cherry Hill, New Jersey. The property is offers a Fifteen (15) Year Absolute NNN Ground Lease, leaving zero landlord responsibilities. The lease contains four (5) Yr. Options to renew, each with a 10% rental rate increase. The lease is corporately guaranteed by AutoZone, Inc. which holds a credit rating of “BBB”, which is classified as Investment Grade. The store is currently open with rent having commenced on 9/1/2019.
This AutoZone is highly visible as it is strategically positioned on Chapel Avenue W. (which sees 10,375 cars per day) just of of Kaighns Avenue (whichc sees 58,220 cars per day). The five mile population from the site is 303,454 while the one mile average household income is $96,536 per year, making this location ideal for an AutoZone. The three mile consumer spending is $1.33 Billion. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of an AutoZone. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant. List price reflects a 4.75% cap rate based on NOI of $100,000.
• Absolute NNN 15 Year Ground Lease
• Zero Landlord Responsibilities
• Philadelphia MSA
• Four (5 Year) Options | 10% Rental Increase At Each Option
• One Mile Household Income $96,536
• Five Mile Population 303,454
• Three Mile Consumer Spending $1.33 Billion
• 10,375 Cars Per Day on Chapel Avenue W.
• 58,220 Cars Per Day on Kaighns Avenue
• Investment Grade Store with “BBB” Credit Rating
• Surrounded by National Retailers
Instate Broker of Record: Joseph Werner | Fortis Net Lease