Tires Plus – Lehigh Acres, FL
Fortis Net Lease is pleased to present this 6,525 SF. Tires Plus store located in Lehigh Acres, Florida – part of the Southwest Florida Market. Tires Plus is one of the Bridgestone Retail Operations brands (along with Firestone). This property is secured with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years during the primary term and at each of the five (5 year) options to renew. The store is under construction with rent start and opening on track for September 2024.
This Tires Plus store is highly visible as it is strategically positioned off of Lee Blvd, seeing 52,000 cars per day, on 4th Street West. Nearby retailers include Walmart (ranks in the top 6% of all Walmart stores in the country with 3.7 Million annual visitors), Aldi, AutoZone, Starbucks, Taco Bell, and many other national brands. The five mile population from the site is 93,580 while the one mile average household income is $66,662 per year, which is ideal for a Tires Plus. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Tires Plus. 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 cap rate of 5.00% based on NOI of $259,615.
INVESTMENT HIGHLIGHTS
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• Bridgestone Retail Operations Brand
• 5% Rental Rate Increase Every 5 Years
• 2024 BTS Construction | Opening in September 2024
• Adjacent to Walmart | Ranks in the Top 6% in the USA | 3.7 M Visitors/Year
• Located Off of Lee Blvd | 52,000 ADTC
• 5 (5 Year) Options | 5% Rental Increase At Each Option
• One Mile Household Income $66,662
• Five Mile Population 93,580 | Expected Growth 3.29%
• Surrounded by National Tenants
Instate Broker of Record: Michael Houghton | Oak Realty Advisors