Harbor Freight Tools - Burbank, CA

810-822 S San Fernando Blvd
Burbank , CA 91502

Harbor Freight Tools - Burbank, CA - Retail for sale

Overview


JLL is pleased to offer for sale the fee-simple interest in a net-leased Harbor Freight Tools (the “Property” or “Asset”) located in Burbank, CA. The Property consists of a freestanding retail building that is corporately tenanted by Harbor Freight Tools USA, Inc. (d/b/a Harbor Freight Tools) on a brand new NNN lease with 15 years of contractual lease term and 10% increases every 5 years. Landlord responsibilities are limited to roof and structure. The Property is strategically positioned along San Fernando Boulevard (20,230 vehicles per day) and is in close proximity to Golden State Freeway (221,000 vehicles per day). The Asset is surrounded by a number of major national retailers, including the largest Ikea in the U.S., which opened in 2017 directly across the street. The Asset also serves a wealthy and dense local area with a population of 164,750 earning an average household income of $92,600 in a 3-mile radius. The outstanding location, long-term corporate lease, and contractual rental increases make this a great investment opportunity.

Investment Highlights



The tenant has 15 years of lease term remaining with 10% rental increases every 5 years

The tenant is on an NNN lease with landlord responsibilities limited to roof & structure

Recent building renovations including a brand new roof as well as structural improvements

Over $1.5 million in T.I.’s invested in 2018

Corporate guarantee from Harbor Freight Tools USA, Inc.

S&P Credit Rating of "BB-" with 900+ locations

#1 Largest Ikea in U.S. located directly across street as well as Tesla Burbank dealership

Well-positioned in close proximity to Golden State Freeway and Burbank metro train station

Excellent frontage and visibility to San Fernando Boulevard

Strong local demographics with many high end apartments and condominiums in the nearby surrounding area

General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 810-822 S San Fernando Blvd, Burbank, CA 91502-1533
Land In Acres 0.67
Building Size 14,295  ft2
Financial
Price 8,372,000
Cap Rate 4.85%
Current NOI $406,000.00
Lease
Tenant's Name HARBOR FREIGHT TOOLS USA, Incorporated
Lease Type NNN
Annual Rent $406,000.00
Lease Expiration Date 11/15/2033
Remaining Term 14.8Yrs

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