AUTOZONE - OFFERING MEMORANDUM - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
AUTOZONE
23 YOST BOULEVARD
PITTSBURGH, PA 15221
ALLEGHENY COUNTY
❖ Avison Young | www.avisonyoung.com
❖ OFFERING MEMORANDUM
Partnership. Performance.
AUTOZONE | Business Disclosure and Confidentially Agreement
Avison Young (“Listing Broker”) has been retained as reviewing the Offering Memorandum or making an
the exclusive advisor and broker for Seller regarding offer to purchase the Property unless a written
the sale of the property known as “Auto Zone” (23 Yost agreement for the purchase of the Property has been
Boulevard, Pittsburgh, PA 15221). fully executed, delivered, and approved by the Seller
and its legal counsel, and any conditions to the Seller’s
The Offering Memorandum has been prepared by obligation there under have been satisfied or waived.
Listing Broker for use by a limited number of parties
and does not purport to provide a necessarily accurate The Offering Memorandum and the contents, except
summary of the property or any of the documents such information that is a matter of public record or is
related thereto, nor does it purport to be all-inclusive provided in sources available to the public, are of a
or to contain all of the information that prospective confidential nature. By accepting the Offering
buyers may need or desire. Analysis and verification of Memorandum, you agree that you will hold and treat it
the information contained in the Offering in the strictest confidence, that you will not photocopy
Memorandum are solely the responsibility of the or duplicate it, that you will not disclose the Offering
prospective Buyer. Additional information and an Memorandum or any of the contents to any other
opportunity to inspect the property will be made entity (except to outside advisors retained by you, if
available to interested and qualified prospective necessary, for your determination of whether or not to
Buyers. make an offer and from whom you have obtained an
agreement of confidentiality) without prior written
The Seller and Listing Broker each expressly reserve the authorization of the Seller or Listing Broker, and that
right at, at their sole discretion, to reject any or all you will not use the Offering memorandum or any of
expressions of interest or offers regarding the Property the contents in any fashion or manner detrimental to
and/or to terminate discussions with any entity at any the interest of the Seller or Listing Broker.
time with or without notice. The Seller shall have no
legal commitment or obligations to any entity
Partnership. Performance..
Executive Summary
AUTOZONE
23 YOST BOULEVARD
PITTSBURGH, PA 15221
FINANCIAL SUMMARY LEASE SUMMARY
Price $2,595,000 Lease Type NNN
Building SF 10,908 SF Tenant AutoZone
Year Built 2003 Lease Guarantor Rite Aid/ AutoZone, Inc.
Lot Size 0.99 Acres Original Commencement Date June 1, 2003
Rite Aid Sublet: November 24, 2023
Lease Expiration Date
AutoZone: October 24, 2028
Rite Aid Sublet: 5 years, 5 months
Lease Term Remaining
AutoZone: 10 years, 4 months
Rite Aid Sublet:
$25,914.00 ------- November 24, 2023
Cash Flows
Rite Aid has subleased the Demised Premise to AutoZone AutoZone:
throughout the remainder of the term of the Lease
$8,635.00 ------- November 24, 2028
Agreement which term will expire on November 24, 2023.
(3) Five Year Options:
1st: $113,998.00 annually
Renewal Options
2nd: $125,448.00 annually
3rd: $137,880.00 annually
*Discounted cash flows assume 1st option has been exercised and a cap
rate of 7.5% used to attain a price of $1,520,000 at the end of year 10
3. Partnership. Performance..
Property Description
Property Overview
Property: Auto Zone
Property Address: 23 Yost Boulevard
Pittsburgh, PA 15221
Allegheny County
Property Type: Retail
Parcel Number: 0373-N-00240-0000-00
Parcel Size: 0.99 Acres
Zoning: C-I Heavy Industrial
Rentable Area: ±10,908 SF
On-site parking: 50 spaces
Year Built/Renov: 2003
Foundation: Concrete
Framing: Masonry
Number of Floors: 1
Exterior: Block
Parking Surface: Asphalt
Walls: Block
Floors: Concrete
Utilities: All public paid by Tenant
4. Partnership. Performance..
Property Description
Executive Summary Investment Highlights
Avison Young has been retained as the exclusive agent to ❖ NNN Lease
market AutoZone, Inc. (the “Property”) for sale. The offering ❖ Located near a high traffic commercial thoroughfare
consists of a 10,908 SF single tenant space located in ❖ Surrounded by major retailers including Rite Aid, Giant
Pittsburgh, Pennsylvania. The building was originally Eagle, Aldi, Pizza Hut, and First Commonwealth Bank
constructed for Eckerd Drug Stores, later acquired by Rite ❖ Subsidiary access to Ardmore Boulevard
Aid. The primary term runs until November 24, 2023 with
Rite Aid as the guarantor. AutoZone is sub-leasing from Rite
Aid and has extended its term beyond the Rite Aid
termination date for a full 10 years of rent. The cashflows are
uneven with the initial term paying $25,914.25/month. Upon
commencement of the AutoZone lease the rent goes to
$8,635.00/month. Our pricing is based on the discounted
cashflows of the lease at 5.75% and the presumed residual
value of the building at the end of the term. There is upside
potential regarding that valuation should AutoZone renew its
lease at that time. This location is a good one for AutoZone
with the nearest competitor over 3.7 miles from this
site. Grocery stores bookend the location and a brand-new
Rite Aid store is across the street. Access from Route 30
(Ardmore Boulevard) is signalized and provides excellent
access to the subject property
5. Partnership. Performance..Property Description
Location Map Demographics
AutoZone is located in the East of Pittsburgh. The Population 1-Mile 3-Mile 5-Mile
Property is adjacent to Ardmore Boulevard in the Forest 2023 Projection 10,304 90,072 240,797
Hills corridors.
2018 Estimate 10,459 90,873 242,672
Growth 2018 - 2023 -1.48% -0.88% -0.77%
Households 1-Mile 3-Mile 5-Mile
2023 Projection 5,090 42,582 110,069
2018 Estimate 5,162 42,948 110,940
Growth 2018 - 2023 -1.39% -0.85% -0.79%
Income 1-Mile 3-Mile 5-Mile
2018 Avg. HH Income $58,192 $59,815 $64,787
2018 Med. HH Income $43,694 $42,363 $44,671
6. Partnership. Performance..Aerial Map
Partnership. Performance..
7.Regional AutoZone Locations
Nearest AutoZone Locations
Partnership. Performance..
8.Competition Map
3.7 miles
O’Reilly Auto Parts
Partnership. Performance..
9.Tenant Profile
Tenant Information
AutoZone
AutoZone is the leading retailer and a leading distributor of
automotive replacement parts and accessories in the United
States. Each AutoZone store carries an extensive product line for
cars, sport utility vehicles, vans and light trucks, including new
and remanufactured automotive hard parts, maintenance items,
accessories, and non-automotive products. Many stores also have
a commercial sales program that provides commercial credit and
delivery of parts and other products to repair garages, dealers
and public sector accounts. As of August 26, 2017 AutoZone sells
auto and light truck parts, chemicals and accessories through
5,465 AutoZone stores in 50 states plus the District of Columbia
and Puerto Rico in the U.S., 524 stores in Mexico, 14 stores in
Brazil, and 26 IMC branches for a total count of 6,029.
www.autozone.com
10. Partnership. Performance..Avison Young | Exclusive Agent
❖ David Auel, CCIM
Vice President
412.944.2136
david.auel@avisonyoung.com
❖ Brad Totten, CCIM
Principal & Managing Director
412.944.2132
brad.totten@avisonyoung.com
Partnership. Performance.You can also read
