January 17, 2018 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the ground lease to AutoZone in Zebulon, North Carolina. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the property for a sale price of $1,545,000.
The free standing AutoZone is situated along W Gannon Street on a 0.7 acre parcel. The corporate guaranteed ground lease has over eleven years remaining plus three, five year option periods. In addition, there are 10.0% rent escalations every five years throughout both the initial term and the option periods, providing for fixed, predictable increases in income.
The highly visible and easily accessible Property is located adjacent to a Walgreens on Gannon Avenue near the signalized intersection at Arendell Avenue. Zebulon is located 22 miles east of Downtown Raleigh and is part of the Research Triangle Metropolitan Area. Immediate adjacent retailers in the area include Walgreens, Rite Aid, Mobil and PNC Bank.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.