AUTOZONE GROUND LEASE - APOPKA (ORLANDO MSA), FL - Thomas T. Ladt
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OFFERING MEMORANDUM S I N G L E -T E N A N T O F F E R I N G AUTOZONE GROUND LEASE APOPKA (ORLANDO MSA), FL Thomas T. Ladt +1 760 930 7931 thomas.ladt@colliers.com CA License No. 01803956 Representative Photo
Amenities Aerial
AUTOZONE APOPKA
MID-FLORIDA LOGISTICS PARK
2.4M SF CLASS A INDUSTRIAL
APOPKA HIGH
SCHOOL
3,147 STUDENTS
7,851 CPD
VICTORIA PLAZA
VICK RD
441
¨
WO
RA
NG
EB OL
LOS DD 10,022 CPD
SOM IXI
TRL EH
GOYA FOODS DISTRIBUTION CENTER WY
NEW $43M DISTRIBUTION CENTER ALSO AVAILABLE
330K SF INDUSTRIAL WAREHOUSE
APOPKA
APOPKA COMMONS ELEMENTARY
(Click Here for OM) 781 STUDENTS
46,591 CPD
APOPKA CITY CENTER DEVELOPMENT
$100M MIXED-USE DEVELOPMENT
441
13,110 CPD
FL-
®
451
RESIDENTIAL
COMMUNITIES
96,223 RESIDENTS IN
PRIMARY TRADE AREA
2
Offering Summary
AUTOZONE APOPKA
LEASE SUMMARY
LEASE TYPE Absolute NNN
ADDRESS
West Orange Blossom ROOF & STRUCTURE Tenant Responsible
Trail and Lake Doe Blvd. LEASE TERM 15 Years
Apopka, FL 32712 RENT COMMENCEMENT Est. July 2019
RENT EXPIRATION Est. July 2034
PRICE
INCREASES 10% Every Five Years, Including Options
$1,778,000 OPTIONS Four, 5-Year
OPTIONS TO TERMINATE None
RIGHT OF FIRST REFUSAL None
CAP RATE
4.50%
RENT SUMMARY
YEAR BUILT
TERM ANNUAL MONTHLY
2019
Year 1 - Year 5 $80,000.00 $6,666.66
Year 6 - Year 10 $88,000.00 $7,333.33
Years 11 - Year 15 $96,800.04 $8,066.67
LOT SIZE
1.08 Acres Option 1: Years 16 - 20 $106,479.76 $8,873.33
Option 2: Years 21 - 25 $117,128.04 $9,760.67
Option 3: Years 26 - 30 $128,840.75 $10,736.73
Option 4: Years 31 - 35 $141,724.80 $11,810.40
OWNERSHIP
Ground Lease
3
Investment Highlights
AUTOZONE APOPKA
SECURE INCOME STREAM
• 15-Year Absolute NNN Ground Lease, No Landlord Responsibilities
• New 2019 Construction, 10% Rent Increases Every 5 Years
• Corporate Guaranteed Lease (NYSE: AZO), Investment Grade Credit Rated BBB
by S&P
GROWING TRADE AREA IN ORLANDO MSA
• 96,223 Residents in Primary Trade Area
• High Growth Market, Population Increased 48% Since 2000
• Highly Visible to 46,591 Cars/Day Along Highway 441, Direct Access to
Downtown Orlando
• Average Household Income of $90,518 in 1-Mile Radius
CLOSE PROXIMITY
• 3 Miles to Goya Foods $43M Distribution Center, a 330K SF Industrial Space to be
Completed in 2020
• 2.5 Miles to Apopka City Center, a $100M Mixed-Use Development Breaking Ground
in 2019
• 3 Miles to Mid-Florida Logistics Park, a 2.4M SF Class A Industrial Park Currently
Under Construction
• Nearby Retailers Include Lowe’s, Home Depot, Wynn Dixie, Planet Fitness,
McDonald’s, Panera Bread, Chili’s, Wendy’s and Harbor Freight
STRONG MARKET FUNDAMENTALS
• 116.5 Million Visitors to Orlando in 2017, Tourism is the Number 1 Economic
Driver in Florida
• Orlando MSA Has Lead Florida Job Creation for 38 Consecutive Months
• 20 Miles to Orlando International Airport and Walt Disney World
• Surrounded by Several K-12 Schools with 6,203 Combined Students 4
Tenant Overview
AUTOZONE APOPKA
AutoZone is the nation’s leading retailer and a leading distributor of automotive
replacement parts and accessories in the U.S. Each store carries an extensive
line for cars, sport utility vehicles, vans and light trucks, including new and
re-manufactured hard parts, maintenance items and accessories. AutoZone
is also known for providing friendly and knowledgeable customer service to
help customers find the right merchandise at the right price.
The founder, J.R. “Pitt” Hyde III, started AutoZone with a commitment to
philanthropy. This commitment has been richly embedded into AutoZone’s
culture, and the tradition of giving continues even stronger today. Through
hard work and dedication, AutoZone provides a unique culture of customer
satisfaction that has made us the leading retailer and a leading distributor
of automotive replacement parts and accessories in the United States. That
cornerstone of WOW! Customer Service is reflected in our company’s service
to the community.
www.autozone.com
LOCATIONS SALES VOLUME STOCK SYMBOL HEADQUARTERS CREDIT RATING
5,627 $10.313 AZO MEMPHIS BBB (S&P)
BILLION NYSE TENNESSEE INVESTMENT GRADE
5
East Facing
AUTOZONE APOPKA
APOPKA CITY CENTER DEVELOPMENT
$100M MIXED-USE DEVELOPMENT
®
APOPKA MIDDLE SCHOOL APOPKA ELEMENTARY
1,095 STUDENTS 781 STUDENTS
13,110 CPD
451
RESIDENTIAL
ALSO AVAILABLE
(Click Here for OM)
M TRAIL
GE BLOSSO
WEST ORAN
WOLF LAKE ELEMENTARY
1,180 STUDENTS
46,591 CPD
RESIDENTIAL
6
West Facing
AUTOZONE APOPKA
MID-FLORIDA LOGISTICS PARK
GOYA FOODS
2.4M SF CLASS A INDUSTRIAL
$43M DISTRIBUTION CENTER
330K SF INDUSTRIAL SPACE
APOPKA COMMONS
WOLF LAKE ELEMENTARY
1,180 STUDENTS
RESIDENTIAL
ALSO AVAILABLE
46,591 CPD VICTORA PLAZA
AIL
(Click Here for OM)
M TR
O
LOSS
GE B
ORAN
WEST
7
Site Plan
AUTOZONE APOPKA
W
OR
AN
GE
LAKE DOE BLVD
BL
OS
SO
MT
RA
IL 441
ADT LOT SIZE PARKING
59,701
Cars per day at Intersection
1.08
Acres
42
Spaces
with 451
8
Apopka, FL
AUTOZONE APOPKA
THE ALLIGATOR STATE
The City of Apopka is centrally located 13 miles northwest of Orlando amid Florida’s beautiful backdrop of lakes, springs and forests. Apopka is one of Central
Florida’s top destinations for outdoor recreation, offering a beautiful landscape of lakes, springs and natural land areas – ideal to get away and explore the best of
nature within minutes of Orlando. Apopka is a fast-growing city and is expanding in all directions. Most notable are the new Lowes and Home Depot DIY stores to
the north of the city on US 441 in the location of the previous Dunn Citrus grove (the stretch of 441 which runs through the city is named after Fred N. Dunn). Other
businesses on the former Dunn Citrus site include Staples office supply and a second Chili’s restaurant.
ECONOMY TOURISM
As of 2015, the Department of Economic Opportunity estimated A record 116.5 million tourists visited Florida in 2017, a 3.6%
that of the 9.1 million people employed in Florida, 1.1 million have percent increase over the 112.4 million visitors in 2016. The city’s
jobs related to the tourism industry, which contributed $51 billion rich history resonates in its small-town charm, locally owned
to the state GDP. Florida’s famed agriculture industry employs 2 businesses and tree-lined neighborhoods. Major shopping areas,
million people and contributes more than $104 billion to the state’s entertainment, tourist destinations and airports are just minutes
economy each year. Florida is one of the largest export states in away with direct access to northwest Central Florida’s growing
the United States. Forty percent of all U.S. exports to Latin and highway system.
South America pass through Florida.
TRANSPORTATION ATTRACTIONS
There are 2 airports and 5 Amtrak train stations within 30 miles Enjoy fishing on Lake Apopka, hiking along the vast north shore,
of the Apopka city center. Florida’s highway system contains canoeing from Wekiva Springs State Park or cycle along 22 miles
1,495 mi (2,406 km) of interstate highway, and 10,601 mi of the West Orange Trail. Birders can enjoy many of the area’s 300
(17,061 km) of non-interstate highway, such as state highways documented species. Canoe, camp or hike more than 13 miles of
and U.S. Highways. Florida’s interstates, state highways, and nature trails at scenic Wekiva Springs State Park, or cycle along
U.S. Highways are maintained by the Florida Department of 22 paved miles of the West Orange Trail. Get in the game at the
Transportation. Intercity bus travel, which utilizes Florida’s 128-acre Northwest Recreation Complex – one of Florida’s premier
highway system, is provided by Greyhound, Megabus, and Amtrak outdoor sports facilities with 28 fields and a 1,300-seat outdoor
Thruway Motorcoach. amphitheater. Apopka also is home of the annual Old Florida
Outdoor Festival in February.
9
Demographics
AUTOZONE APOPKA
Apopka, FL
POPULATION 1 MI 3 MI 5 MI
2018 Estimate 8,123 47,617 96,223
2023 Projected 9,174 52,837 105,167
Total Daytime Population 6,411 41,245 79,334
96,223
POPULATION GROWTH 1 MI 3 MI 5 MI
2000 to 2018 Population 135.6% 66.7% 47.9%
47,617 2010 to 2023 Population 39.0% 31.8% 27.5%
5 Miles
INCOME 1 MI 3 MI 5 MI
8,123 3 Miles
2018 Median Income $70,851 $58,377 $60,153
2018 Average Income $90,518 $75,267 $80,717
1 Miles
Orange Blossom Trail Median Income Change 2018-23 18.9% 20.9% 24.1%
AGE/HOME VALUE 1 MI 3 MI 5 MI
$90,518 2018 Est. Median Age 37.7 37.4 38.0
19 and Under 26.2% 27.2% 26.8%
2018 Est. Median Home Value $174,469 $154,873 $159,631
$75,267 2018 Est. Average Home Value $180,266 $172,229 $183,642
EDUCATION 1 MI 3 MI 5 MI
$80,717 Bachelor’s Degree or Higher 32.6% 32.0% 34.1%
Population (2018)
Average. Household Income (2018)
10AUTOZONE APOPKA
CONFIDENTIALITY DISCLAIMER
The information contained herein, including an pro forma income and expense information (collectively, the “Information”) is based upon assumption and projections
and has been compiled or modeled from sources we consider reliable and is based on the best available information at the time the brochure was issued. However, the
Information is subject to change and is not guaranteed as to completeness or accuracy. While we have no reason to believe that the Information set forth in this brochure,
underwriting, cash flows, valuation, and other financial information (or any Information that is subsequently provided or made available to you) contains any material
inaccuracies, no representations or warranties, express or implied, are made with respect to the accuracy or completeness of the Information. Independent estimates of
pro forma income and expenses should be developed before any decision is made on whether to invest in the Property. Summaries of any documents are not intended
to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and are qualified in their entirety by the actual document to which
they relate. You understand that the Information is confidential and is furnished solely for the purpose of your review in connection with a potential investment in the
Property. You further understand that the Information is not to be used for any purpose or made available to any other person without express written consent of Colliers
International. This offering is subject to prior placement and withdrawal, cancellation, or modification without notice. This publication is the copyrighted property of
Colliers International and/or its licensor(s). ©2018. All rights reserved.
11OFFERING MEMORANDUM Thomas T. Ladt Broker of Record Colliers International +1 760 930 7931 Danny Rice 5901 Priestly Dr, Suite 100 thomas.ladt@colliers.com FL License No. CQ1036962 Carlsbad, CA 92008 CA License No. 01803956 +1 760 930 8950
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