December 7, 2023 – Patrick Gray and Steven Schiavello of Horvath & Tremblay have successfully completed the sale of a two-tenant building leased to Dunkin’ and T-Mobile in Jacksonville, Alabama. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $2,842,500.
The property is located at 510 Pelham Road South in Jacksonville, Alabama. The new construction two-tenant plaza is improved by Dunkin’ and T-Mobile and contains 4,480 square feet on 1.08-acres of land. Dunkin’ (franchisee) has 19+ years remaining on the double net lease with four (4), 5-Year renewal options. T-Mobile (corporate) has 6+ years remaining on their double net lease with three (3), 5-year renewal options. Dunkin’s lease calls for attractive annual rent increases throughout the primary term and renewal options, and T-Mobile has 10% increases at the start of each renewal option providing the investor with an attractive increase in revenue and a hedge against inflation. Both tenants have Double-Net leases and reimburse the real estate taxes, insurance and common area maintenance costs providing an ideal, low-management investment opportunity for a passive investor. The Property is well located along Pelham Road S, the area’s primary commercial corridor. The area is home to countless national retailers that drive traffic to the area and enjoys convenient access to AL Route 204. Additionally, the Property is just 1-mile from Jacksonville State University (+/-10,000 students & 500 Faculty & Staff). Jacksonville is 75 miles east of Birmingham, AL and 90 miles west of Atlanta, GA.
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.