July 24, 2020 – Rob DiFranco of Horvath & Tremblay has successfully completed the sale of AutoZone in Philadelphia, Pennsylvania. Horvath & Tremblay exclusively represented the buyer in the transaction at a sale price of $2,232,000 which translates to a 5.38% Cap Rate.
AutoZone is located at 9990 Bustleton Avenue in Philadelphia, Pennsylvania. The single-tenant building was constructed in 2017 and contains 4,000 square feet on a 0.73-acre lot. The absolute NNN ground lease has 12.5 years of base term remaining with three (3), 5-Year renewal options. The ground lease provides for a 5% rent increase in 2024 and 10% rent increases at the start of each option period. The property is strategically located at the signalized intersection of Bustleton Avenue and Red Lion Road which sees more than 41,000 vehicles per day. The property is surrounded by national retailers including Walgreens, Acme, BJ’s and McDonald’s, and benefits from strong demographics with more than 138,199 people with an average household income in excess of $79,000 living within a three-mile radius.
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.