Ocala, FL - Northern Tool + Equipment

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NN leased, Northern Tools + Equipment investment property located in Ocala, Florida. The tenant, Northern Tool & Equipment Company, Inc has approximately 7 years remaining on their lease with 2 (5-year) options to extend, demonstrating commitment to the site. The lease features 5% rental increases every 5 years throughout the remainder of the term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low management investment opportunity for an out of state investor.

The Northern Tool + Equipment is located at the interchange of Interstate 75 (State Highway 93) and W. Silver Springs Boulevard (State Highway 40), with a combined 131,500 VPD. W. Silver Springs Boulevard is the primary east-west thoroughfare serving the city of Ocala, connecting downtown Ocala to the I-75 corridor, and the asset benefits from two dedicated access points along SW 3rd Street (7,000 VPD) with pylon panel signage oriented to the interchange. The interchange is anchored by national/credit tenants including RaceTrac, Wawa, Circle K, Culver’s, McDonald’s, KFC, Burger King, Taco Bell, Zaxby’s, Dunkin’ and Popeyes, along with hospitality users Red Roof Inn, Candlewood Suites, Super 8 and Motel 6, further increasing consumer traffic to the site. The property sits within Ocala’s I-75 commercial and industrial corridor, surrounded by the contractor and trades customer base Northern Tool serves, including U-Haul, Penske, Freightliner, R+L Carriers, FedEx, McLane, Sherwin-Williams, Airgas and UniFirst. Minutes south, the SW College Road retail node features Gaitway Plaza, a T.J. Maxx, Ross, Michaels, Office Depot and Rooms To Go anchored center, as well as Shady Oaks Shopping Center (Best Buy, Burlington, CVS), Ocala West (Hobby Lobby), Target and the Ocala auto mall (Toyota, Honda, Mazda, Kia, Nissan). The subject property is in close proximity to AdventHealth Ocala (385 beds) and HCA Florida Ocala Hospital (323 beds), as well as the College of Central Florida’s Ocala campus (5,936 students). The 5-mile trade area is supported by a population of more than 77,200 with an average household income of approximately $95,700.

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Listing ID: a28TP0000034vKXYAY