10100 E WT Harris Blvd Charlotte NC 28212images2.loopnet.com/d2/C6R5l6EgcG58sOIJEREj_VAK6... ·...

AutoZone1 0 1 0 0 E W . T . H a r r i s B l v d | C h a r l o t t e , N C

O F F E R I N G M E M O R A N D U M

™

2 | O f f e r i n g M e m o r a n d u m

™

K y l e M at t h e w sBROKER OF RECORD

LIC # C27092

e x c l u s i v e ly l i s t e d b y

B r u c e E v e r s o l [email protected] (214) 692-2102MOB (409) 256-3370LIC # 686482 (TX)

J O S H B I S H O PVP & [email protected] (214) 692-2289MOB (315) 730-6228LIC # 688810 (TX)

c h a d k u r zSVP & National [email protected] (214) 692-2927MOB (562) 480-2937LIC # 01911198 (CA)

™

C O N T E N T S

4 P R O P E R T YO V E R V I E W

5 F I N A N C I A LO V E R V I E W

12 A R E AO V E R V I E W

7 T E N A N TO V E R V I E W


e x e c u t i v e s u m m a r y

Representative Photo

i n v e s t m e n th i g h l i g h t s

P r o p e r t y H i g h l i g h t s

• Charlotte, NC is the 15th largest city in the United States

• 12% Increase in Base Term

• Extremely Rare Fee Simple AutoZone Deal – subject property offers depreciable fee simple interest

• Ideal 1031 Exchange Candidate – paying below $15 a square foot

• High Quality – All Brick Construction

l o c at i o n H i g h l i g h t s

• Dense infill location, more than 100,000 residents in 3-mile radius

• 5-mile radius of 223,605 residents and growing

• Booming Demographics – Population expected to rise nearly 10% by 2022

• Traffic counts exceed 55,000 vehicles per day on East W.T. Harris Blvd and Idlewild Rd combined

• Close proximity to car dealerships indicates exceptional location performance – such as Porsche, BMW, Land Rover, Jaguar, Nissan, Mazda, and Honda

t e n a n t H i g h l i g h t s

• Top Sales Producer – AutoZone concluded 2016 with ±$10.64 Billion in revenue compared to Advance Auto Parts and O’Reilly Auto Parts closing with $9.57 Billion and $8.6 Billion respectively

• INCREASING sales - AutoZone reported net sales of $3.5 billion for its fourth quarter (16 weeks) ended August 26, 2017, an increase of 3.3% from the fourth quarter of fiscal 2016

• Company Expansion - As of August 26, 2017, the Company had 5,465 stores in 50 states in the U.S., the District of Columbia and Puerto Rico, 524 stores in Mexico, 26 IMC branches, and 14 stores in Brazil for a total count of 6,029

• Excellent Investment Grade Credit – AutoZone holds an investment grade credit rating of BBB (S&P)

A u t o Z o n e , C h a r l o t t e , N C | 5

Annualized Operating DataMonthly Rent Annual Rent Rent/SF Cap Rate

Current - Years 1-15 $7,665 $91,980 $13.21 5.70%

Years 16-20 $8,585 $103,020 $14.80 6.38%

Option 1 $9,615 $115,380 $16.57 7.15%

Option 2 $10,769 $129,228 $18.56 8.01%

Option 3 $12,061 $144,732 $20.79 8.97%

Option 4 $13,508 $162,096 $23.28 10.05%

Tenant Summary

Tenant Trade Name AutoZone

Type of Ownership Fee Simple

Lease Guarantor Corporate

Roof and Structure Landlord Responsibility

Original Lease Term 20 Years

Lease Commencement Date 6/1/2005

Lease Expiration Date 6/30/2025

Increases 12% Increase in Base Term and Options

Options Four, 4-Year Options

f i n a n c i a lo v e r v i e w

List Price

LEase type

$1,600,000

NN

Cap Rate

5.70%

term remaining

± 7.75 Years

year built

2005

Square Footage

± 6,962

property name

location

AutoZone

Charlotte, NC

address

10100 E W.T. Harris Blvd

zip code

28212

6 | O f f e r i n g M e m o r a n d u mE W.T. HARRIS BLVD ± 34,000 VPD

IDLEWILD RD ± 25,400 VPD

FUTURE

RETAIL

REDEVELOPMENT

DOWNTOWN CHARLOTTE


Te n a n t O v e r v i e wFor more than 30 years, AutoZone has been committed to providing the best parts, prices and customer service in the automotive aftermarket industry. To stay out of the no-driving zone, DIY car repairers with auto problems often enter the AutoZone. With more than 5,465 stores in the US and Puerto Rico, AutoZone is the nation’s #1 auto parts chain. The company also operates 24 Interamerican Motor Corporation (parts distribution) branches in the US. AutoZone stores sell hard parts (alternators, engines, batteries), maintenance items (oil, antifreeze), accessories (car stereos, floor mats), and non-automotive merchandise under brand names, as well as under private labels. AutoZone’s commercial sales program distributes parts and other products to garages, dealerships, and other businesses.

OPERATIONS

As part of its business, AutoZone operates through one reportable segment: Auto Parts Stores. Besides being a retailer and distributor of auto parts and accessories, AutoZone produces, sells, and maintains diagnostic and repair information software used in the auto repair industry through its ALLDATA business and sells directly to customers through its e-commerce site, autozone.com.

SALES AND MARKETING

AutoZone relies on targeted advertising and promotions to build its brand, offer advice about the overall importance of vehicle maintenance, and position its business as a great value. To drive traffic to its stores, the retailer advertises on broadcast and Internet media. It works to educate consumers about which products they need through the use of in-store signage and circulars, as well as creative product placement and promotions.

STRATEGY

AutoZone has grown quickly through a series of acquisitions over the past several years but now is focused on internal growth and development. Among the factors AutoZone considers when opening new stores is how many cars in an area are OKVs or “our kind of vehicles,” that is, cars older than seven years and no longer under their manufacturers’ warranty. The company’s core strategy includes expanding its stores network with a focus on new-store development and enhancement of existing stores.

GEOGRAPHIC REACH

Based in Tennessee, AutoZone sells auto and light truck parts, chemicals, and accessories through more than 5,814 AutoZone stores in 50 US, the District of Columbia, and Puerto Rico. Texas, California, Florida, Ohio, and Illinois represent the company’s largest markets and together account for more than a third of locations. AutoZone has distribution centers in more than half a dozen US states and Mexico, and has store support centers in California and Tennessee, as well as in Mexico and Brazil. The company’s fast-growing subsidiary in Mexico, AutoZone de México, operates more than 450 stores.

Company Name AutoZone

Ownership Public

No. of Locations ± 5,465

No. of Employees ± 84,000

Headquartered Memphis, Tennessee

Website www.autozone.com

Year Founded 1979

T e n a n to v e r v i e w


Site Description

Number of Stories One

Year Built 2005

Type of Ownership Fee Simple

Gross Leasable Area (GLA) ± 6,962 SF

Lot Size ± 0.78 (33,977 SF)

Parking ± 36 Surface Spaces

Parking Ratio 5.17 : 1,000 SF

Landscaping Professional

Topography Generally Level

Property Name AutoZone

Property Address 10100 E W.T. Harris BlvdCharlotte, NC 28212

Assessor’s Parcel Number 165-033-19

THE OFFERING PARCEL MAP

ZEBULO

N RD

Construction

Exterior Brick

Foundation Concrete Slab

Framing Steel

Roof Flat

p r o p e r t yo v e r v i e w

1 0 | O f f e r i n g M e m o r a n d u m

r e g i o n a lm a p

A u t o Z o n e , C h a r l o t t e , N C | 1 1


a r e ao v e r v i e w

d e m o g r a p h i c s

POPULATION 1 Mile 3 Mile 5 Mile

2022 Projection 13,865 107,803 237,605

2017 Estimate 13,329 101,920 223,927

2010 Census 12,676 94,207 204,558

Percent Change: 2017 - 2022 4.02% 5.77% 6.11%

Percent Change: 2010 - 2017 5.15% 8.19% 9.47%

HOUSEHOLDS 1 Mile 3 Mile 5 Mile

2022 Projection 4,714 42,330 95,112

2017 Estimate 4,519 39,928 89,302

2010 Census 4,277 36,711 80,915

Percent Change: 2017 - 2022 4.32% 6.02% 10.37%

Percent Change: 2010 - 2017 5.66% 8.76% 6.51%

INCOME 1 Mile 3 Mile 5 Mile

2017 Estimated Average Household Income $52,328 $56,823 $72,280

ESTIMATED POPULATION IN 2017

2,489,4792,819,076

PROJECTED POPULATION IN 2025

13.24%CHANGE IN

POPULATION

c h a r l o t t e d e m o g r a p h i c s

C H A R L O T T E , N C

Charlotte is the largest city in North Carolina and the second largest Banking Center in the country. It is known for being a world-class city through a variety of art, science, and historical attractions, all while retaining its small-town charm. Referred to as the Queen City, Charlotte is the home of NASCAR and the Charlotte Motor Speedway. 90 percent of the NASCAR Sprint Cup Series teams are headquartered within 50 miles of Charlotte.

The quality of life enjoyed by residents of Metropolitan Charlotte is an important factor in the tremendous growth of the city and surrounding rural acreage. An undisputed hub for entertainment and culture, the city draws regional audiences to performances and events at the North Carolina Blumenthal Performing Arts Center and other venues.

Recreational opportunities are abundant from Atlantic Ocean water and whitewater rafting at the U.S. National Whitewater Center to roller coasters at Carowinds and hiking in one of the many surrounding national parks and reserves.



4.3%Unemployment Rate

$53,274Median Household Income

2,431,300Total Population

e c o n o m y

Charlotte has become a major U.S. financial center with the third most banking assets after New York City and San Francisco. The nation’s second largest financial institution by total assets, Bank of America, calls the city home. Charlotte has become the regional headquarters for East Coast operations of Wells Fargo, which is headquartered in San Francisco, California. Charlotte also serves as the headquarters for Wells Fargo’s capital markets activities including sales and trading, equity research, and investment banking. Bank of America’s headquarters, along with other regional banking and financial services companies, are located primarily in the Uptown central business district. Microsoft’s East Coast headquarters are in Charlotte as well.

Charlotte has six Fortune 500 companies in its metropolitan area. Listed in order of their rank, they are Bank of America, Lowe’s in suburban Mooresville, Duke Energy, Nucor (steel producer), Sonic Automotive and Sealed Air Corp. The Charlotte area includes a diverse range of businesses, such as Chiquita Brands International, Harris Teeter, Snyder’s-Lance, Carolina Foods Inc, Bojangles’, Food Lion, Compass Group USA, and Coca-Cola Bottling Co. Consolidated (Charlotte being the nation’s second-largest Coca-Cola bottler); motor and transportation companies such as RSC Brands, Continental Tire the Americas, LLC., Meineke Car Care Centers, Carlisle Companies (along with several other services), along with a wide array of other businesses.

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of AutoZone located at 10100 E W.T. Harris Blvd, Charlotte, NC 28212 (“Property”) . I t has been prepared by Matthews Real Estate Investment Services. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Real Estate Investment Services. The mater ia l is based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto. Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion ormanner detr imental to the interest of the Sel ler.

Owner and Matthews Real Estate Investment Services expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims against Sel ler or Matthews Real Estate Investment Services or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of the Property s ince the date this Offer ing Memorandum.

C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T


BROKER OF RECORD

AutoZone1 0 1 0 0 E W . T . H a r r i s B l v d | C h a r l o t t e , N C

™

K y l e M at t h e w sBROKER OF RECORD

LIC # C27092

e x c l u s i v e ly l i s t e d b y

B r u c e E v e r s o l [email protected] (214) 692-2102MOB (409) 256-3370LIC # 686482 (TX)

J O S H B I S H O PVP & [email protected] (214) 692-2289MOB (315) 730-6228LIC # 688810 (TX)

c h a d k u r zSVP & National [email protected] (214) 692-2927MOB (562) 480-2937LIC # 01911198 (CA)

10100 E WT Harris Blvd Charlotte NC 28212images2.loopnet.com/d2/C6R5l6EgcG58sOIJEREj_VAK6... ·...

Documents

Transcript of 10100 E WT Harris Blvd Charlotte NC 28212images2.loopnet.com/d2/C6R5l6EgcG58sOIJEREj_VAK6... ·...