2564 NW 13th Street Gainesville, Florida 32609 - LoopNet
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2564 NW 13th Street
Gainesville, Florida 32609
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.
oun
PROPERTY HIGHLIGHT
Ranked number 47 on the FORTUNE 500 List
Over 2,335 locations throughout the US and Canada
$59.1 billion in sales for fiscal year 2015
Publicly Traded Company (NYSE: LOW) S&P Rating: A-
Delivered free and clear after April 4, 2019.
25+ Years NNN Ground lease, with Rent increases every 5 years
Over 31% rent increase in first option
Zoning ( U-8 ) allows for construction of 900 residential units
PROPERTY SUMMARY
Triple Net Investment Group is pleased to offer this Corporate Guaranteed Lowes Ground Lease located at 2564 NW 13th St., Gaines-
ville, Florida 32609 . This Absolute Net investment grade ( S&P Credit: A- ) commercial real estate asset is being offered at a 5.35%
Cap rate. A new investor will enjoy a lease with approximately 25+years on the base term with rental increase every five years and
over 31% rent increase on its first option . This subject property consists of a 15.65 acre land with 136,858 Sq. ft. of Heated and Air-
conditioned , 10,208 of back patio and canopy area for their garden center containing 31,122 sq. ft. National and Regional tenants
include McDonald's , Burlington Coat Factory, UPS , Dollar Tree, Lucky ‘s Supermarket, Pet Supermarket, Big Lots , Planet Fitness , Ta-
co Bell , Checkers , Ross Dress for Less, Rural King and Bank of America .
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.
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Property Information Lease Start Date: 8/2016
Property Lowes NNN Ground Lease Lease End Date: 8/2043
Property Address: 2564 NW 13th St., Gainesville, Florida Lease Guarantor: Lowes Corporate S&P "A-"
32609
Total Lot Size: 15.65 acre Price $ 19,593,420.00
NOI: $ 1,048,249 Cap Rate 5.35%
Rent Increases: Every 5 years
8/21-7/26 Year Built: 2005
$ 1,075,536
8/26-7/31 $ 1,104,187
8/31-7/36 Building Size: 136,858 Sq. ft. of Heated and Air-conditioned ,
$ 1,134,271 10,208 of back patio and canopy area for their garden
8/36-7/41 $ 1,165,859 center containing 31,122 sq. ft.
8/41-11/43 $ 1,199,027
Number of Options 2- 5 year option and 1- 3 year option
Loan: Delivered free and clear after April 4, 2019. Property
Option 1 Rent Increase $ 1,576,678.00 has assumable loan that can be prepaid without penal-
Option 2 Rent Increase $1,742,446.00 ty on 4/1/19.
Option 3 Rent Increase $1,896,890.00
ABOUT THE AREA
Gainesville is the county seat and largest city in Alachua County, Florida, United States, and the principal city of the Gainesville, Florida
Metropolitan Statistical Area (MSA). The population of Gainesville in the 2013 US Census estimates was 127,488, a 2.4% growth from
2010. Gainesville is the largest city in the region of North Central Florida. It is also a component of the Gainesville-Lake City Combined Sta-
tistical Area, which had a 2013 population of 337,925.
Gainesville is home to the University of Florida, the nation's fifth-largest university campus by enrollment, as well as to Santa Fe College.
The Gainesville MSA was ranked as the No. 1 place to live in North America in the 2007 edition of Cities Ranked and Rated. Also in 2007,
Gainesville was ranked as one of the "best places to live and play" in the United States by National Geographic Adventure.
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.
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EXPLANATION OF KMART-LOWES LEASES
In February, 1993, Kmart entered into a non-subordinated 50 year, 9 month ground lease with Gainesville Mall Ltd. Partnership
(Mall). They put a mortgage on the building they constructed on the property. When they filed for bankruptcy in 2002, the mort-
gage company had to pay the Mall’s ground rent to protect their loan. Lowes and Home Depot got into a bidding war on the prop-
erty. Lowes developers Hull/Storey bought the mortgage position on the former Kmart property and foreclosed Home Depot from
doing the deal. The Mall had another large building on the remainder of the southern 15.65 acres that Lowes needed to build their
store so they entered into a separate non subordinated ground lease in November of 2004 for the remaining acreage giving them a
total of 15.65 acres... Therefore Gainesville Mall Ltd. Partnership has two leases, the Kmart lease that was assumed by Lowes and
the new Lowes lease. Both leases are guaranteed by Lowes Corporate. Lowes demolished all the buildings on the 15.65 acres which
included the former Kmart building and a 100,000 sq. ft. building that had been adjacent to the Kmart building. They then redevel-
oped the entire 15.65 acres and constructed their New Lowes store in 2005 which contains 136,858 Sq. ft. of Heated and Air-
conditioned space, 10,208 of back patio for receiving and a canopy area for their garden center containing 31,122 sq. ft.
The building was constructed in 2005 of concrete Block with Tar and gravel roof.
8/16-7/21 8/21-7/26 8/26-7/31 8/31-7/36 8/36-7/41 8/41-11/43
LOWES $ 545,737 $ 573,024 $ 601,675 $ 631,75 $ 663,347 $ 696,515
$ 502,512 $ 502,512 $ 502,512 $ 502,512 $ 502,512 $ 502,512
TOTAL $ 1,048,249 $ 1,075,536 $ 1,104,187 $ 1,134,271 $ 1,165,859 $ 1,199,027
LOWES First Option Second Option Third Option
Rent $ 1,576,678.00 $1,742,446.00 $1,896,890.00
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.
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ABOUT THE TENANT
Lowe’s Companies, Inc. is a Fortune 500 American company that operates a chain of retail home improvement and appliance
stores in the United States, Canada, and Mexico. Founded in 1946 in North Wilkesboro, North Carolina, the chain has 1,840 stores
in the United States, Canada, and Mexico. Lowe’s is the second-largest hardware chain in the United States behind The Home
Depot and ahead of Menards. Globally, Lowe’s is also the second-largest hardware chain, again behind The Home Depot but
ahead of the European stores B&Q and OBI.
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.
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EAGLE TRACE
TOWNHOMES 1609
Under Redevelopment
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.
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EAGLE TRACE
TOWNHOMES 1609
Under Redevelopment
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.
oun
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.
oun
PROPERTY IMAGES
Under Redevelopment
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.
oun
DEMOGRAPHIC
CROSS STREET 1 Mile 3 Mile 5 Mile
*2017 Population: 11,208 49,091 125,603
2017 Median HH Income: $63,431 $62,945 $43,577
2017 Male Population: 5,208 23,250 60,026
2017 Female Population: 6,000 25,841 65,577
2017 Median Age: 37.8 38.6 27.4
Race and Ethnicity American Indian, Eskimo: 0.4% 0.3% 0.3%
Race and Ethnicity Asian: 6.1% 5.7% 6.2%
Race and Ethnicity Black: 16.0% 13.9% 18.7%
Race and Ethnicity White: 72.1% 75.2% 69.0%
2017 Avg HH Income: $74,529 $83,441 $63,374
2022 Avg HH Income: $83,082 $93,733 $71,959
2022 Median HH Income: $70,786 $71,519 $50,591
* Population noted here reflects residents only and 54,854 students " Temporary Residents of University of Florida" And 17,000
students in Sante Fe College are not included in the population for most of the year.
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.oun
Under Redevelopment
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.oun
Under Redevelopment
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.oun
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.oun
For more information:
Robert Gamzeh, Managing Director
Triple Net Investment Group Inc.
100 North Washington Street
Suite #210 Falls Church, VA 22046
Tel: (202)361-3050
Email: info@nnnig.com
In association with:
Andrew Knight , Fl # 3287452.
New England Commercial Brokerage, Inc.
815 Snapdragon Dr.
New Smyrna Beach, Fl 32168
The information contained here-within this document is believed to be reliable, although Triple Net Investment Group makes no warranty or representation on the accuracy of
the information. Please understand the property information is subject to change without notice. Buyer must verify all information and assumes all risk for any inaccuracies.You can also read
