AutoZone Anchored Strip Center

2260-2268 Locust St S Canal Fulton , OH 44614

AutoZone Anchored Strip Center - retail for sale

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Overview



JLL is pleased to exclusively offer for sale a multi-tenant building 100 percent leased to AutoZone, Snap Fitness, and Verizon (the “Property”) located in Canal Fulton, OH. AutoZone and Verizon have both tenanted the Property since 2005 and 2011, respectively, reflecting their commitment to this location. All three tenants are operating on net leases with minimal landlord responsibilities, and AutoZone and Snap Fitness’ leases feature rental increases throughout their primary terms and renewal options. The Property is located adjacent to Giant Eagle, one of the only grocery stores located within a six-mile radius, further driving consumer traffic to the site. Situated on Locust Street, which is the main retail corridor in the area, the property benefits from exposure to over 13,500 VPD. Canal Fulton is in close proximity (just 17 miles and 24 minutes) to Akron, OH – a densely-populated city with numerous large employers, such as Goodyear Tire, University of Akron, and Akron Children’s Hospital.

Investment highlights



The Property is 100 percent leased to AutoZone, Snap Fitness, and Verizon, offering a diversified tenant roster consisting of large national retailers.

All three tenants are operating on double net leases, providing future ownership with a passive investment opportunity with minimal landlord responsibilities and limited financial obligations. AutoZone and Snap Fitness both have contractual rental increases throughout their primary lease terms and renewal options.

AutoZone is the anchor tenant and contributes 55 percent toward the Property’s total annual base rent. Backed by a corporate guaranty from AutoZone Inc., the anchor tenant offers investment-grade credit with a Moody’s credit rating of ‘Baa1.’

The surrounding Canal Fulton market boasts a strong demographic profile, including an average household income of $85,585 within a three-mile radius of the Property.

Canal Fulton is located in close proximity to Akron and Canton, two large markets that serve as the main employment hubs for residents in the area. Major employers in these markets include Goodyear, Akron University, and Akron Children’s Hospital.


General
Property type Retail
Tenure type Sale/Purchase
Property address 2260-2268 Locust St S, Canal Fulton, OH 44614-8727
Building size 11,200  ft2
Year built 2005
Financial
Price $1,986,493
Cap rate 7.50%
Current NOI $148,987.00
Lease
Tenant's name AUTOZONE, Incorporated
Lease type NN
Annual rent $84,700.00
Lease expiration date 11/30/2025
Remaining term 6.2Yrs

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